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2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon

Bourbon · Mar 7, 2012 · 66 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 1
    www.bourbon-online.com 2011 Annual Results Information Meeting March 7, 2012 B EFFICIENT
  2. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 2
    Safety Instructions Meeting Point Exit Georges V street Main Exits Emergency Exits 2
  3. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 3
    Financial Results Laurent RENARD Executive Vice President Chief Financial Officer 3
  4. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 4
    BOURBON Context Oil price per barrel / rate (/d) 140 1.6 111 120 1.39 100 1.4 1.4 1.33 79 80 60 1.2 1.2 2010 2011 2010 2011 4
  5. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 5
    BOURBON Income statement Change In millions of euros 2011 2010 2011/ 2010 Number of owned vessels (end of period) 437 408 +7.1% Revenues 1,008.0 849.9 +18.6% EBITDA 300.2 240.9 +24.6% EBIT 85.3 53.5 +59.4% Capital…
  6. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 6
    BOURBON Income statement Change % In millions of euros 2011 2010 2011/ 2010 EBIT 85.3 53.5 +59.4% Financial income (71.7) (32.4) Cost of net debt (64.4) (54.5) Other financial income and expenses (7.3) 22.1 Discontinued…
  7. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 7
    BOURBON Income statement EBITDA: o Higher due to the Shallow water offshore segment and Subsea Services o Increase significantly higher than the increase in revenues EBIT: o Growth of the fleet and increase in utilization…
  8. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 8
    Income statement Financial income 2009-2011 Foreign exchange differences Foreign exchange differences realized 40 In millions of euros 40 In millions of euros 30 30 20 20,4 20 10 18,2 14,3 10 20,4 14,3 8,9 0 3 2,6 2,2 0 3…
  9. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 9
    BOURBON Key data Revenues + 18.6 % / / + 20.7% at constant exchange rates In millions of euros +18 +2 +23 +133 1 ,008 1 ,026 850 o Growth in line with BOURBON 2015 objectives o Growth of the fleet o Improvement in shallow…
  10. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 10
    BOURBON Net Income, Group Share Net Income, Group Share - 2011 vs 2010 In millions of euros 59 (29) Depreciation (10) (31) Foreign (10) 39 exchange differences Cost of net debt (11) 18 Discontinued EBITDA 7 Others 7…
  11. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 11
    Marine Services Titre Income statement Sous-titre Change 2011 2010 2011 2010 Number of owned vessels (end of period) 418 390 +7.2% Utilization rate 83.8% 79.5% +4.3 pts In millions of euros Revenues 792.9 660.3 +20.1% Direct…
  12. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 12
    Marine Services Deepwater offshore vessels Change 2011 2010 2011 2010 Number of owned vessels (end of period) 70 69 +1.4% Utilization rate 89.8% 90.3% -0.5 pts In millions of euros Revenues 318.4 308.7 +3.2% Direct costs (174.4)…
  13. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 13
    Marine Services Shallow water offshore vessels Change 2011 2010 2011 2010 Number of owned vessels (end of period) 91 78 +16.7% Utilization rate 87.5% 73.2% +14.3 pts In millions of euros Revenues 241.5 151.7 +59.1% Direct costs…
  14. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 14
    Marine Services Crewboats Change 2011 2010 2011 2010 Number of owned vessels (end of period) 257 243 +5.8% Utilization rate 80.9% 78.2% +2.7 pts In millions of euros Revenues 233.0 199.9 +16.6% Direct costs (158.2) (132.3)…
  15. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 15
    Subsea Services Income statement Change 2011 2010 2011 2010 Number of owned vessels (end of period) 18 16 +5.9% Utilization rate 93.2% 88.5% +4.7 pts In millions of euros Revenues 172.8 149.6 +15.5% Direct costs (87.5) (80.6)…
  16. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 16
    Balance sheet December 31, 2011 Growth of the operating fleet In millions of euros Dec 31, 2011 Dec 31, 2010 Fleet in operation 2,493 2,340 Fleet under construction 711 700 Discontinued operations - 15 Other 21 40 WCR 172 160…
  17. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 17
    Net debt December 31, 2011 In millions of euros + 66 1 ,955 +365 1 ,765 - 62 -232 + 53 Cash Net debt Disposals generated by Dividends Capital Others Net debt year-end operations expenditure year-end 2010 2011 17
  18. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 18
    Financial covenants Removal of NOD*/EBITDA covenant from the three Club deals in 2011 This ratio only appears in the bi-lateral agreements (112m outstanding at end of 2011), mainly leasing type Threshold of 5.0 in 2011 and 2012…
  19. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 19
    Composition of banking debt End of 2011 Geographic diversification 9% France 13% China 400m loan from Scandinavia China Exim Bank not yet drawn down 14% 64% Others Average maturity: 6 years 747m of unmortgaged vessels…
  20. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 20
    Net operating debt December 31, 2011 In millions of euros 1 ,955 711 1, 417 1 ,244 Installments on vessels under construction Shareholders equity Net debt Net operating debt as of December 31, 2011 as of December…
  21. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 21
    Cash flow statement 2011 In millions of euros Net cash as of December 31, 2010 (61.1) Net cash flow from operating activities 231.6 Net cash flow from investing activities (300.6) of which property, plants and equipment…
  22. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 22
    Conclusion Revenues top the billion mark EBITDA up 24.8% in line with the BOURBON 2015 targets EBIT up 59% Unrealized capital gains of nearly 1 billion euros on operating vessels Hedging of 2012 EBITDA in US at an exchange rate…
  23. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 23
    Operations overview Gal BODENES Executive Vice-President and Chief Operating Officer 23
  24. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 24
    Key factors 2011 BOURBON MARKET Strong operations records Positive indicators High and stable price per barrel Safety TRIR = 0.68 Increase in our clients E&P budgets A high utilization rate by segment Increase in orders for…
  25. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 25
    Key data Safety TRIR : TRIR: total recordable incident rate per one million hours worked, based on 24 hours/day 3.42 3.19 Objectives 2011 2.92 BOURBON IMCA OGP ISOA LTIR 0.00 2.68 TRIR 0.70 2.28 2.21 2.02 2.03 2.01 1.93…
  26. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 26
    Key data as of December 31, 2011 Skills More than 1,000 new employees incorporated in 2011 Seamen Brazil Mexico 9% Onshore personnel 6% Europe 83% (other Africa countries) 36% 17% 12% 78 Norway nationalities 4%…
  27. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 27
    Key factors Vessels 436 operating vessels Average age 5.6 years Figures as of December 31, 2011 107 vessels on order 39 vessels delivered in 2011 2011 deliveries in number of vessels Deepwater offshore 1 Shallow…
  28. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 28
    Key factors Position of the fleet as of December 31, 2011 North Sea: 9 vessels France: 8 vessels American Continent 55 vessels Mediterranean Middle-East - India 27 vessels West Africa 306 vessels South East Asia 31…
  29. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 29
    Key factors Technical availability rate 2011 Improvement in technical availability rate Availability rate 2011 Fleet total 93% 100 98 96.7 96.7 Maintenance operation on the Astyanax 96 95.7 2015 Target .94.4 95% 93.8…
  30. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 30
    Key factors Operating cost index Operating costs + structural costs of Marine and Subsea vessels (excluding taxes and duties on revenues) Breakdown of operating costs Number of full-time equivalent vessels Crews Unit cost for…
  31. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 31
    Activity Commercial development Greater geographic and client diversification Marine Services - Egypt: 5 AHTS on long-term contracts (Burullus and Petrobel) - Qatar: 1 Bourbon Liberty on long-term contract (Maersk Oil) - Brunei: 1…
  32. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 32
    Key data Deepwater offshore segment Sustained activity Utilization rate Average daily rates in % in US 100 22,000 22000 90 70 20,000 vessels 20000 (12/31/2011) 80 70 18,000 18000 85.7% Contractualization 60 rate…
  33. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 33
    Key data Shallow water offshore segment Utilization rates up Utilization rate Average daily rates in % in US 100 15,000 15000 90 14,000 14000 91 vessels 80 13,000 13000 (12/31/2011) 70 12,000 12000 60 11,000 11000…
  34. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 34
    Key data Crewboats segment Recovery of the Activity Utilization rate Average daily rates in % in US 100 4500 4,500 90 257 vessels (12/31/2011) 80 4,000 4000 70 68.1% Contractualization 60 rate (12/31//11) 50 3,500…
  35. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 35
    Key data Subsea Services Good increase in rates during the year Utilization rate Average daily rates in % in US 100 36,000 36000 18 90 vessels 34,000 34000 (12/31/2011) 80 70 32,000 32000 77.2% Contractualization 60…
  36. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 36
    Market and developments in 2011 North Sea Significant discoveries of new Mediterranean / oil and gas fields in the Barents Middle-East/ India Sea Numerous vessel deliveries in the large PSV segment Mediterranean:discoveries…
  37. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 37
    Deepwater offshore demand Growth factors Steady growth in production activities FPSO in operation 600 500 400 Number of units 300 200 Surface units 12/31/2011 100 Existing 334 Under construction 150 0 2012…
  38. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 38
    Deepwater offshore demand Growth factors Deepwater drilling rigs 2010 2011 2012 300 250 Number of rigs under contract 200 Drilling rigs 12/31/2011 150 Existing 279 Under contract 252 100 Under construction 63 50…
  39. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 39
    Shallow water offshore demand Growth factors Shallow water drilling rigs under contract 2010 2011 2012 450 400 - 0.4% / quarter 350 Number of rigs under contract 300 Drilling rigs 12/31/2011 250 Existing 485 200…
  40. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 40
    Subsea demand Growth factors Pipelines Subsea wells Accumulated pipelines in target regions Accumulated subsea wells in target regions 140 000 4 000 Middle-East Middle-East 3 500 Brazil 120 000 Brazil + 30% West Africa + 40%…
  41. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 41
    Deepwater offshore supply Global fleet Global fleet: 180 Future deliveries 1,561 vessels 160 Deliveries in number of vessels 140 120 342 321on en 100 commande order 80 Dont Of 126 128 which 60 25 25years ans…
  42. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 42
    Shallow water offshore supply Global fleet Global fleet: 140 Future deliveries 1,839 vessels 120 Deliveries in number of vessels 106 on 100 order 80 60 Of which 683 25 years old Current fleet 40 1,733 20 0 2011…
  43. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 43
    Vessels under construction Deepwater offshore - Shallow water PSV AHTS offshore Deepwater offshore Deepwater offshore Deepwater offshore 200 180 Competitors Competitors BOURBON BOURBON is investing mainly for 160 140…
  44. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 44
    Outlook MARKET Increasing investment by oil exploration and production companies in 2012 Increasing deliveries of new-generation drilling rigs for deepwater and shallow water offshore GLOBAL SUPPLY OF VESSELS Reduction in…
  45. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 45
    .. Strategy & Outlook Christian LEFVRE Chief Executive Officer 45
  46. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 46
    BOURBON 2015 Leadership Strategy 2010 Growth 2011 Q4 2011 Number of 408 7% 437 vessels Positive market Utilization rate 79.9% 4.3 pts 84.2% 85.7% upturn ACTIVITY Average daily rate 8,580 2.4% 8,790 8,923 Marine Services…
  47. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 47
    BOURBON 2015 leadership strategy Various sources for financing quality assets BOURBON series of vessels at the fitting out dock Geographic diversification of the banking Continuing diversification using the consortium already…
  48. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 48
    The offshore oil sector is buoyant Outlook for energy demand by type of energy 18, 000 7% 4% 16,000 3% 3% 3% 7% Other Otherrenewables renewables 2% 7% 3% 14,000 1% 6% Millions of tons of oil equivalent 2% 11% Hydro…
  49. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 49
    The offshore oil sector is buoyant Stable price per barrel above US100 Discipline of producing countries through OPEC /b Average 111/b over 2011 Brent price Source: FT 49
  50. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 50
    The offshore oil sector is buoyant Decline in production on existing fields Relative diminution of production reserves End of easy barrel Oil Capacity of OPEC reserves relative to world demand In millions of barrels/day 25%…
  51. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 51
    The offshore oil sector is buoyant Planned expenses on Exploration & Production rising sharply Source: Douglas Westwood. April 2011 51
  52. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 52
    Risk management The priority for our clients Risk control Do it safely or not at all Operational integrity Operational excellence Operational excellence is our commitment Effective risk management Best practice No…
  53. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 53
    A strategy of growth and anticipation since 2002 On order at 2002 2007 2011 Dec. 31, 2011 AHTS + PSV 27 54 70 26 Deepwater Shallow water 28 23 91 44 IMR Subsea 0 10 18 9 Crewboats 77 141 257 28 TOTAL 543 14…
  54. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 54
    Main series of vessels Shallow water offshore Deepwater offshore P105 - PX105 Bourbon Liberty 200 10 PSV 4000 DWT 54 AHTS 80T GPA670 18 PSV 3200 DWT Bourbon Liberty 100 22 PSV 1500 DWT CW AHTS 120T 10 of which 2 vessels are…
  55. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 55
    Standardization for operational excellence Training by simulators Speed up seamen expertise Flexibility in personnel management Series of vessels + Standardization of equipment Speed up technical expertise…
  56. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 56
    To succeed in BOURBON 2015 leadership strategy BOURBON is dedicated to serving its clients needs, especially by managing risk with them and by optimizing their costs An industrial strategy for the composition of the fleet,…
  57. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 57
    APPENDICES 57
  58. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 58
    Simplified balance sheet December 31, 2011 Dec. 31, Dec. 31,, Dec. 31, Dec. 31, In millions of euros 2011 2010 2011 2010 ASSETS LIABILITIES Shareholders equity 1,417 1,468 Net property, plant and equipment 3,244 3,077 Financial…
  59. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 59
    BOURBON Key data2011 Subsea Marine Services Services Deepwater Shallow water Crewboats IMR Number of vessels 70 91 257 78 18 (end of period ) Utilization rate 89.8% 87.5% 80.9% 73,2% 93.2% Revenues (m) 318.4 241.5 233.0…
  60. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 60
    Key factors Client portfolio as of December 31, 2011 OTHERS 43,0% 37,0% 43,1% FRENCH NAVY 3,0% 5,0% SAIPEM SHELL 4,0% 20,4% 7,0% PETROBRAS CHEVRON 4,0% BP 5,0% Super Major 9,0% EXXON National Oil Companies (NOCs) Others…
  61. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 61
    Key factors Fleet as of December 31, 2011 Operating Vessels on Average age TOTAL vessels order Total Marine Services 418 5.7 98 516 Deepwater offshore vessels 70 7.5 26 96 Shallow water offshore 91 3.9 44 135 vessels…
  62. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 62
    Activity Key data 2011 Ungundja Subsea Marine Services Services Deepwater Shallow water Crewboats offshore offshore Per half year Per half year H1 2011 H2 2011 H1 2011 H2 2011 H1 2011 H2 2011 H1 2011 H2 2011 Number of…
  63. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 63
    BOURBON Contractualization as of 12/31/2011 Average residual Average residual Contractualization term of firm term including rate contracts options Deepwater offshore fleet 85.7% 19.8 months 32.6 months Shallow water…
  64. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 64
    Expected deliveries Number of vessels Deliveries Deliveries Deliveries Deliveries Value m (excl. TOTAL financial expense) H1 2012 H2 2012 2013 2014 2015 Deepwater 2 2 5 17 26 offshore vessels 66m 68m 94m 335m 563m Shallow…
  65. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 65
    BOURBON Option basse = Dividende propos au Approximately 45,000 shareholders (TPI of January 2012) Shareholder structure Geographic breakdown as of March 1, 2012 56% Jaccar Holdings 26% Mach Invest International Monnoyeur…
  66. 2011 ANNUAL RESULTS INFORMATION MEETING – Bourbon – slide 66
    Disclaimer This document may contain information other than historical information, which constitutes estimated, provisional data concerning the financial position, results and strategy of BOURBON. These projections are based on…

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