TRANSFORMING FOR BEYOND A N D 2 0 1 2 A N N UA L R E S U LT S March 6, 2013 BUILDING TOGETHER A SEA OF TRUST
Transforming for beyond Jacques de Chateauvieux Chairman of the Board
TRANSFORMING FOR BEYOND BUILDING TOGETHER A SEA OF TRUST
TRANSFORMING FOR BEYOND TRANSFORMING FOR BEYOND is an action plan wich lays the foundations for BOURBON future growth beyond In 10 years, BOURBON has become a leader in offshore oil and gas marine services The growth for is…
Three ways to create value 1981 2010 (30 years) Market capitalisation In millions of euros 2500 2136 +22% per year 300 Logarithmic scale Portfolio total Focus +26% per year 50 Acquisition Growth +13% per year 30…
Strong growth for BOURBON from 2002 to 2012 Competitive landscape 2002 - 2012 2012 Revenues (M) 1800 2002 1600 1400 1200 1000 800 600 400 200 Number of vessels 0 0 100 200 300 400 500 600 Sources : sec filings, annual…
Growth of EBITDA and capital employed are similar Competitive landscape 2002 - 2012 2012 EBITDA (M) 600 2002 500 400 300 200 100 Capital employed (M) 0 0 1000 2000 3000 4000 5000 Sources : sec filings, annual…
From the position of challenger Fleet expansion: supply, crewboats and vessels under consruction 600 500 2002 400 300 200 100 0 2002 2002 2002 2002 2002 2002 BOURBON TDW CKH GLF FAR SOL AHTS PSV IMR CREWBOATS…
...to a full range of young and innovative vessels Fleet expansion: supply, crewboats and vessels under consruction 600 500 2012 400 300 200 100 0 2012 2012 2012 2012 2012 2012 BOURBON TDW CKH GLF FAR SOL AHTS PSV…
in a competitive landscape still fragmented Fleet expansion: supply, crewboats and vessels under consruction 600 500 2012 2002 400 300 200 100 0 2002 2012 2002 2012 2002 2012 2002 2012 2002 2012 2002 2012 BOURBON…
From a location mainly in Africa 2002 Cameroon Gabon Brasil Congo Angola 12 06/03/2013 Transforming for beyond
BOURBON has developed partnerships and geographical reach. 2003-2007 Norway Switzerland Italia Egypt Qatar Mexico U.A.E Philippines Nigeria Malaysia Singapour Indonesia 13 06/03/2013 Transforming for beyond
everywhere offshore oil and gas activities are developing 2008-2012 Russia Ukraine China Dubai India Trinidad Australia 14 06/03/2013 Transforming for beyond
and is now present worldwide 2012 27 operating affiliates worldwide 15 06/03/2013 Transforming for beyond
Local presence of BOURBON workforce and strong growth 2002 2012 Europe 83% Mediteranean Middle East 1 300 employees 32% 65% Americas 1 850 2012 Africa 16% 18% 82% Asia 12% 38% 58% 1 630 54% 84% 5 620 1 200 10 300…
Significant debt to finance the growth of BOURBON M Market capitalisation and net debt 3000 (12.31.2012) 2 720 2500 2 200 2000 1 920 1500 1000 880 500 0 TDW CKH GLF SOL FAR BOURBON Market capitalisation Net…
Growth targets for are confirmed will make of BOURBON the market leader, providing top quality assets, and operational efficiency to the most demanding customers worldwide More than 550 vessels with average age of less than 6 years…
An action plan is being implemented from 2013 to prepare the future growth The management action plan TRANSFORMING FOR BEYOND has been decided upon to prepare strategic growth beyond 2015 and focuses on: Our clients : Our teams…
An implementation framework approved by the Board The main characteristics of the financial action plan authorized by the Board of BOURBON are as follows: ASSET SMART strategy: Own when innovating, rent after successful innovation…
Transforming for a new phase of growth The financial aspect of TRANSFORMING FOR BEYOND is paving the way, starting in 2013 for future growth beyond : BOURBON keeps the operational control of its fleet by bareboat chartering modern…
Transforming for a new phase of growth The offshore business benefits from a favorable outlook driven by oil companies' investments to meet the expected market demand By implementing TRANSFORMING FOR BEYOND, BOURBON aims to be…
2012 Annual Results BUILDING TOGETHER A SEA OF TRUST
Profitable growth in 2012 A favorable context: Brent price per barrel above US110 Continued increase in investments by oil companies Stronger dollar during the year Net increase in profitability Operating income (EBIT) up 89%, due…
Operating income up sharply 2012 2011 Change Number of owned vessels (end of period) 458 437 +4.8% In millions of euros Revenues 1,186.9 1,008.0 +17.7% Gross Operating income excluding capital gains 382.4 299.4 +27.7% Gross…
Net income up sharply at 53.2m In millions of euros 2012 2011 Change Operating income (EBIT) 161.6 85.3 +89.4% Financial income (87.0) (71.7) Cost of net debt (71.9) (64.4) Other financial income and expenses (15.1) (7.3)…
Net income up sharply at 53.2m EBIT Improvement in daily rates Dollar strengthening Slower fleet expansion and sustained average utilization rates Increase in costs greater than fleet growth Gains on disposal of vessels…
Marine Services Activity: strong increase in profit of the 3 segments Consistent increase in average daily rates Fleet expansion, especially in Shallow water Offshore Strengthening dollar and capital gain on disposal 2012 2011…
Subsea Services Activity A number of planned classification dry-docks, reducing average utilization rate Profitability maintained nonetheless 2012 2011 Change Number of owned vessels (end of period) 18 18 - Average utilization…
Strategy on track, preparing for beyond As part of its growth, BOURBON is putting in place a transformation plan to prepare for its future beyond 2015 The Transforming for beyond finance plan provides for: The sale of vessels, at…
Preparing for future growth What wouldnt change Revenues Spending of planned drydocks (still at Bourbon's expense) What would change Decreasing of EBITDA by the amount of bareboat costs and increasing by the amount of capital…
Preparing for future growth BOURBONs objectives for 2015 would therefore be: Bourbon 2015 Objectives Annual average growth in revenues 17% unchanged EBITDA/revenues (in 2015) 30% Adjusted EBITDA/average capital employed…
Strategy on track, preparing for beyond Net increase in profitability in 2012 17.7% growth in revenues to nearly 1.2 billion euros 35.3% growth in EBITDA to 406 million euros Net income of 53.2 million euros Strengthening the…
Controlled growth in a strong market BOURBON MARKET A controlled growth Solid Fundamentals Safety TRIR = 0.69 High and stable price per barrel 10,000 dedicated employees Strong activity in deepwater and shallow water offshore High…
Safety as a key factor for operational excellence Objectives 2013 2.28 2.21 2.00 LTIR 0.00 TRIR 0.67 1.14 1.36 42 million hours 1.00 worked in 2012 1.12 0.75 0.70 1.06 0.65 0.64 0.68 0.69 0.22 0.07 0.05 0.10 0.10 2007…
A modern and reliable fleet 457 vessels in Delivery Delivery of 6the of the first firstLiberty Bourbon six Liberty 300 300 operation average age Figures as of 6 yrs December 31, 2012 81 vessels on order Operating cost…
Sustained demand across all segments Marine services: increasing daily rates Deepwater offshore segment Shallow water offshore segment Crewboats segment The Bourbon Sirocco, delivered in October 2012 Subsea services:…
A favorable market and a strong contractualization in Deepwater Offshore Market Mexico: commencement of deepwater exploration Africa: sustained demand for PSVs, low demand for deepwater AHTS Asia: exploration and development…
Deepwater Offshore remained strong throughout the year High average utilization rate Improvement in average daily rates over the year: 91.6% 100% In US/d +4.2 % 21 000 20 000 92% 19 000 90% 18 000 87% 17 000 16 000 80% 15…
Growth of the fleet and daily rates in Shallow water offshore Market Asia: sustained demand throughout the year The Bourbon Liberty 115 in cargo operation West Africa: market buoyed by contractors activity Mediterranean Middle…
The replacement of old vessels continues in Shallow water Offshore Improving annual utilization rates: Increase in average daily rates 89.9% (+2.4 pts) In US/d 100% 14 500 92% 14 000 +12.4 % 90% 87% 13 500 13 000 80% 12…
Crewboats, a real client service benefiting from the market growth Market Sustained demand in West Africa over the half year Continued demand in Asia, particularly in Indonesia and Myanmar Increase in long term daily rates for…
A necessary yield management for high standard service Improving utilization rates Increasing average daily rates In US/d 100% 5 000 +14.7 % 90% 85% 4 500 80% 70% 4 000 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q3…
Subsea services, confirmed growing activity.... Market Increase of well-head installation of 69% over 2013-2017 period compared with the 5 +35% previous years Contractor backlog at very high levels, with a 35% increase in the…
...and will benefit from a regular increase in new vessel delivery Recovery of utilization rates Stable average daily rates In US/d 100% 40 000 +13.2 % 92% 38 000 90% 87% 36 000 80% 34 000 32 000 70% 30 000 Q3 2011 Q4…
TRANSFORMING FOR BEYOND: to be ready for future growth A unique approach to develop client relations Personalized means to enhance the success of the company and each employee Operational excellence at Towing operation for…
The strength of an information system backbone for the service Backbone information system Interactive Reliable-Comprehensive-Credible and client personalized Customer Relation Platform COMMERCIAL Client FLEET ACTIVITIES…
of our clients Backbone Customer Relations Platform information system interactive and personalized Reliable-Comprehensive-Credible By client Performance appraisal - Operational safety (OSM) - Vessel availability - Crew…
of our teams Backbone Commitment information system Professionnalism Reliable-Comprehensive-Credible Career prospects Improving skills - Skills standards - Training - Simulators - Dedicated intranet portal My commitment to…
and operational efficiency Backbone Standardization information system Procedures Reliability Reliable-Comprehensive-Credible Controlled costs GLOBAL - Life cycle - Maintenance plan - Central purchasing - Bourbon Docking…
OUTLOOK: deliver and be ready for future growth MARKET DEMAND Solid fundamentals and sustained demand in exploration and development Continued investments in deepwater and shallow water GLOBAL SUPPLY OF VESSELS Success of highly…
Outlook Christian LEFEVRE Chief Executive Officer BUILDING TOGETHER A SEA OF TRUST
1. is set in the context of a favorable market 2. A fleet of vessels built in series 3. Commitment of the remainder of the investment plan 4. TRANSFORMING FOR BEYOND 5. Deliver BUILDING TOGETHER A SEA OF TRUST
Oil price per barrel is evolving favorably for investments in offshore Exploration-Production Oil price per Forecast for 2013 barrel 140 125 Barclays 120 111 112 120 Pareto 114 Standard Chartered 110 Merrill Lynch 104…
Oil companies investments increasing by over 10% per year Investissements Exploration-Production offshore Source : IHS May 2012 / ODS Petrodata / Estin 59 06/03/2013 2012 results presentation
The number of drilling rigs, a prime driver of demand for vessels, is increasing sharply Semi-submersible rigs / deepwater Shallow water offshore Jack-ups offshore drilling vessels 88 under construction. 569 95 under…
Growth in the number of floating production units and in Subsea Activity Floating production units Subsea expenditure rising 119 under construction. 466 347 End 2012 Fin 2012 En Construction 2015 Source : ODS Petrodata /…
A fleet of vessels built in series IMR Bourbon Evolution 800 10 Deepwater PSV large 12 offore GPA 670 PSV medium 18 Standardization to Bourbon Explorer 500 20 better serve 171 operational efficiency Bourbon Liberty 100 22 Shallow…
common propulsion systems for optimized maintenance Engines/ generators KW1825 KW1235 KW 2000 KW1360 KW662 Units in service 216 289 84 96 510 Bourbon Liberty 200 Bourbon Liberty 100 Bourbon Liberty 300 PSV medium Crewboats…
18 medium PSV GPA670 reflect the success of a series in Deepwater offshore Utilization rate(%) BOURBON 100 Medium PSV 92% 90 87% n.s. Medium PSV 80 industry 70 32 2005 2006 2007 2008 2009 2010 2011 2012 Source :…
performance recognized by clients all over the world Number of GPA670 vessels by region, Nov. 2102 Breakdown by client type, Nov. 2012 West Africa Contractors 16,6% Asia 5 8 Majors 16,6% NOC Mexico 61,1% 3 5,0% Mediterranean-…
Commitment of the remainder of the planned investments 500 million In line with our investment and fleet standardization strategy 41 new vessels within the existing series Expansion of Subsea Services and Marine Services fleets…
raising the number of vessels to more than 550 for 2015 Operating Vessels on Vessels to be TOTAL vessels order ordered Total Marine Services 439 73 40 552 Deepwater Offshore vessels 72 23 6 101 Shallow water Offshore vessels…
TRANSFORMING FOR BEYOND A transformation plan to pave the way for future growth based on 4 directions Greater transparency for greater client trust The skills and commitment of our employees Operational excellence and cost…
Master the true key success factors because.... Engineering Construction Ownership Crew management Product definition supervision supervision of vessel Maintenance Operational efficiency / technical availability rate…
....the operational responsibility for the bareboat charter vessels rests entirely with BOURBON Fleet strategy AND Client relationship Command of choice of type of vessel Command of operations Technical definition Crews…
Delivering and implementing TRANSFORMING FOR BEYOND BOURBON 2015 Objectives Annual average revenue growth 17% Unchanged EBITDA / Revenues (in 2015) 30% Adjusted EBITDA / Average capital employed (in 2015) 24% Adjusted Fleet…
Robust outlook in a favorable environment Investments in the Oil & Gas sector supported by a stable oil price Market for offshore vessels improving in 2013 Increasing demand for vessels as well as a decrease in the number of…
Consolidated balance sheet Dec. 31, Dec. 31, Dec. 31, Dec. 31, ASSETS (in millions of euros) LIABILITIES (in millions of euros) 2012 2011 2012 2011 Shareholders' equity 1,412 1,417 Net properties and equipment 3,327 3,244 Financial…
Cash Flow In millions of euros 2012 Net cash as of December 31, 2011 (44.0) Net cash flow from operating activities 346.7 Net cash flow from investing activities (324.6) of which property, plants and equipment (372.6) Net…
Marine Services Deepwater offshore vessels Year-on-year increase in average daily rates High average utilization rates (policy of long-term contractualization) 22.5m capital gain on the sale of 3 vessels 2012 2011 Change Number of…
Marine Services Shallow water offshore vessels 11 new vessels delivered in 2012 Higher average daily rates 2 point improvement in average utilization rates 2012 2011 Change Number of owned vessels (end of period) 102 91 +12.1%…
Marine Services Crewboats Better Cost control Increase in average daily rates Growth of the fleet 2012 2011 Change Number of owned vessels (end of period) 265 257 +3.1% Average utilization rate 79.6% 80.9% -1.3 pt In millions of…
BOURBON shareholder structure Shareholder structure* Geographic breakdown* 4% 3% 1% 5% 26% 56% 47% 8% 40% 5% 4% 1% Jaccar Holdings Mach Invest International France Benelux UK Monnoyeur SAS Treasury stock Employees…
Key factors Position of the fleet as of December 31, 2012 North Sea: 9 vessels France : 8 vessels Americas Mditerranean 53 vessels Middle East- India 34 vessels West Africa 311 vessels South East Asia 42 vessels A…
Key factors Workforce More than 10 000 employees as of December 31, 2012 Breakdown of workforce 2% Europe Africa 17% 35% 33% 85 nationalities 81% Americas Asia and Oceania 14% Seamen Onshore personnel Other personnel…
KEY FACTORS Operating cost index Operating costs + structural costs of Marine and Subsea vessels (excluding taxes and duties on revenues) for 2012 Breakdown of operating costs Number of full-time equivalent vessels for 2012 Unit…
Key factors Client portfolio as of December 31, 2012 2012 Change vs 2011 OTHERS 41,8% SAIPEM 2,5% BP 2,8% MARINE NATIONALE 3,0% 3,0% PEMEX SHELL 3,6% The Bourbon Trieste in Nigeria, under contract with TUPNI 4,4%…
Key elements fleet as of December 31, 2012 Operating Vessels on Average age TOTAL vessels order Total Marine Services 439 6.0 73 512 Deepwater Offshore vessels 72 8.2 23 95 Shallow water Offshore 102 4.5 35 137 vessels…
Activity Key data for 2012 Marine Services Subsea Services Deepwater Shallow water Crewboats offshore offshore Per Half Year Per Half Year H1 2012 H2 2012 H1 2012 H2 2012 H1 2012 H2 2012 H1 2012 H2 2012 Number of vessels 71 72…
Key factors technical availability rate Sharp increase in technical availability rate Availability rate 2012 Fleet total 94.3 % 100 Maintenance operation on the Bourbon Thmis and Bourbon Ox at the Abidjan Repair Center 98…
BOURBON Contractualisation as of December 31, 2012 Contractualization Average residual term Average residual term rate of firm contracts including options Deepwater offshore fleet 84.7 % 13.8 months 26.6 months Shallow water…
Expected deliveries Number of vessels Deliveries Deliveries Deliveries Deliveries Value m TOTAL (excl. Financial expense) H1 2013 H2 2013 2014 2015 2 3 12 6 23 Deepwater 48m 62m 245m 128m 483m offshore vessels 10 12 13 - 35…
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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