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Q1 2013 EARNINGS CALL – Bourbon

Bourbon · Aug 28, 2013 · 58 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. Q1 2013 EARNINGS CALL – Bourbon – slide 1
    First half 2013 results August 28, 2013 BUILDING TOGETHER A SEA OF TRUST
  2. Q1 2013 EARNINGS CALL – Bourbon – slide 2
    Safety moment Meeting point Rue George V Main exits Emergency exits 2 8/28/2013 Presentation of 1st half 2013 results Building together a sea of trust
  3. Q1 2013 EARNINGS CALL – Bourbon – slide 3
    Financial performance Laurent RENARD Executive Vice President and Chief Financial Officer 3 3/6/2013 Presentation of 1st half 2013 results Building together a sea of trust
  4. Q1 2013 EARNINGS CALL – Bourbon – slide 4
    Solid results in the first half of 2013 In a favorable market, BOURBON continues to grow: Growth of the fleet Increase in daily rates High utilization rates Improved profitability 4 8/28/2013 Presentation of 1st half…
  5. Q1 2013 EARNINGS CALL – Bourbon – slide 5
    A stable and still favorable environment Oil price per barrel (US) Oil & Gas investments /US rate 140 1,4 120 1.31 113 107 1,3 110 1.30 100 1.27 80 1,2 H1 2012 H2 2012 H1 2013 H1 2012 H2 2012 H1 2013 Source: Inflied…
  6. Q1 2013 EARNINGS CALL – Bourbon – slide 6
    Solid results Change H1 2013 H2 2012 H1 2012 H1 2013 / H1 2012 Number of vessels * (end of period) 472 458 446 +6% In millions of euros Revenues 647.9 618.9 568.0 +14.1% EBITDAR excluding capital gains 223.0 202.3 180.8…
  7. Q1 2013 EARNINGS CALL – Bourbon – slide 7
    Solid results Change In millions of euros H1 2013 H2 2012 H1 2012 H1 2013 / H1 2012 Operating income (EBIT) 92.1 97.8 63.8 +44.4% Financial income (44.1) (54.7) (32.3) +36.6% Cost of net debt (36.1) (38.2) (33.7) Other…
  8. Q1 2013 EARNINGS CALL – Bourbon – slide 8
    Solid results EBITDAR (excluding capital gains) Sequential and year-on-year growth in both activities Continued growth of the fleet and increase in daily rates Continued high level of utilization rates Slight reduction in unit…
  9. Q1 2013 EARNINGS CALL – Bourbon – slide 9
    Marine Services Activity Sequential and year-on-year progress in all 3 segments Continued growth of the fleet and increase in daily rates year-on-year Continued high level of utilization rates Favorable impact of…
  10. Q1 2013 EARNINGS CALL – Bourbon – slide 10
    Marine Services Activity Change H1 2013 H2 2012 H1 2012 H1 2013 / H1 2012 Number of vessels* (end of period) 452 439 428 +5.6% Utilization rate 83.2% 84.7% 83.2% - In millions of euros Revenues 527.3 511.8 460.4 +14.5% Direct…
  11. Q1 2013 EARNINGS CALL – Bourbon – slide 11
    Subsea Services Activity Continued improvement in profitability 2 new Bourbon Evolution vessels in the fleet Continued increase in daily rates High utilization rates 11 8/28/2013 Presentation of 1st half 2013 results…
  12. Q1 2013 EARNINGS CALL – Bourbon – slide 12
    Subsea Services Activity Change H1 2013 H2 2012 H1 2012 H1 2013 / H1 2012 Number of vessels (end of period) 19 18 17 +12% Utilization rate 89.2% 88.5% 87.7% +1.5 pt In millions of euros Revenues 109.0 97.9 92.1 +18.2% Direct…
  13. Q1 2013 EARNINGS CALL – Bourbon – slide 13
    Transforming for Beyond: 1st stage of financial component March 2013: transformation plan announced April 2013: agreement signed with ICBCL for the sale of 51 vessels August 2013: signed sale of the first 9 vessels for US144m…
  14. Q1 2013 EARNINGS CALL – Bourbon – slide 14
    Solid results In a favorable market, continued growth of the fleet and increase in daily rates; high utilization rates maintained Reduction in unit costs Implementation of plan to sell 51 vessels underway; this will help…
  15. Q1 2013 EARNINGS CALL – Bourbon – slide 15
    Activities Gal BODENES Executive Vice-President and Chief Operating Officer 15 8/28/2013 Presentation of 1st half 2013 results Building together a sea of trust
  16. Q1 2013 EARNINGS CALL – Bourbon – slide 16
    Solid indicators in a favorable market BOURBON MARKET Controlled growth Shallow water strengthening High and improving safety 36 drilling rigs ordered in shallow water performances (TRIR = 0.54) offshore Average daily rates…
  17. Q1 2013 EARNINGS CALL – Bourbon – slide 17
    confirmed by improving safety results, 22 million hours worked in H1 2013 1.00 1.12 0.75 0.70 0.67 1.36 0.68 0.69 0.65 0.64 0.54 0.68 0.22 0.07 0.10 0.10 0.05 0.09 2008 2009 2010 2011 2012 H1 2013 TRIR objective…
  18. Q1 2013 EARNINGS CALL – Bourbon – slide 18
    ...a modern and reliable fleet, 471 vessels in operation Average age 6.1 years The Bourbon Petrel, a seismic support vessel, on sea trial Technical availability rate 2012 H1 2013 64 vessels on order Fleet total 94.3%…
  19. Q1 2013 EARNINGS CALL – Bourbon – slide 19
    new growth areas, North Sea: 11 vessels France: 8 vessels Americas Mediterranean 59 vessels Middle East - India +6 40 vessels +6 West Africa 307 vessels South East Asia 46 vessels +4 A worldwide presence Growth…
  20. Q1 2013 EARNINGS CALL – Bourbon – slide 20
    higher rates and high utilization rates In % Higher rates In US/d 100 High utilization rates 21,000 92% 87% 2011 2012 2013 19,500 + 5% 75 18,000 50 16,500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Average daily rate Average…
  21. Q1 2013 EARNINGS CALL – Bourbon – slide 21
    Good activity in Deepwater offshore Market: Africa: strong demand for medium-sized PSVs, daily rates increasing Asia: increase in construction and drilling activities, strong demand for medium- sized PSVs North Sea: award of…
  22. Q1 2013 EARNINGS CALL – Bourbon – slide 22
    with rates continuing to improve High utilization rates Improving average daily rates 100% In US/d 22,000 21,000 92% 90% 20,000 87% 19,000 18,000 80% 17,000 16,000 70% 15,000 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2…
  23. Q1 2013 EARNINGS CALL – Bourbon – slide 23
    Shallow water offshore continues to grow Drilling rigs ordered H2 2011 H1 2012 H2 2012 H1 2013 13 14 12 36 Market: Increased demand for AHTS in Asia and the Middle East Active spot market in Africa Development of exploration…
  24. Q1 2013 EARNINGS CALL – Bourbon – slide 24
    with higher daily rates in all regions High utilization rates Higher average daily rates in all regions In US/d 100% 14,500 92% 14,000 90% * 87% 13,500 13,000 80% 12,500 70% 12,000 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013…
  25. Q1 2013 EARNINGS CALL – Bourbon – slide 25
    The Crewboats segment market remains active Market: Sustained activity in West Africa, mainly Nigeria and Cameroon Commercial successes in Malaysia for large Surfers Stronger FSIV market in Africa, and also with new regions…
  26. Q1 2013 EARNINGS CALL – Bourbon – slide 26
    with rates increasing for large crewboats Utilization rates lower Higher average daily rates for small crewboats 100% In US/d 5,200 90% 4,900 85% 4,600 80% 80% 4,300 70% 4,000 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2…
  27. Q1 2013 EARNINGS CALL – Bourbon – slide 27
    Subsea Services: a growing activity Market: In USm Total worldwide Subsea capex Estimate of Subsea equipment CAPEX up 36.5% by 2016 Africa and South America are becoming the most important Subsea regions Strong increase in share…
  28. Q1 2013 EARNINGS CALL – Bourbon – slide 28
    impacted by classification drydocks High utilization rates Steady average daily rates In US/d 100% 42,000 92% 40,000 90% 38,000 87% 36,000 80% 34,000 32,000 70% 30,000 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q1…
  29. Q1 2013 EARNINGS CALL – Bourbon – slide 29
    Transforming for Beyond : a unique and personalized client relationship Test version with three clients Strengthening of fuel consumption reduction plans : dedicated means for the success of BOURBON and our teams Engagement…
  30. Q1 2013 EARNINGS CALL – Bourbon – slide 30
    Conclusion: a strategy in line with the market Market Investments increasing in shallow water offshore, particularly in Asia and the Middle East Average daily rates increasing in all Regions Global supply of vessels In shallow…
  31. Q1 2013 EARNINGS CALL – Bourbon – slide 31
    Outlook Christian LEFEVRE Chief Executive Officer 31 8/28/2013 Presentation of 1st half 2013 results Building together a sea of trust
  32. Q1 2013 EARNINGS CALL – Bourbon – slide 32
    1. Positive operating income and financial results 2. A favorable market with an opportunity in shallow water offshore 3. Satisfying client priorities : Operational excellence : transparency for our clients : competence of our…
  33. Q1 2013 EARNINGS CALL – Bourbon – slide 33
    Solid operating income and financial results H1 2013 Change H2 2012 Number of vessels 472 +14 458 Positive market trend with progressive daily rate Utilization rate 83.4% - 1.5 pts 84.9% increases ACTIVITY Average daily rate…
  34. Q1 2013 EARNINGS CALL – Bourbon – slide 34
    A favorable market with a real opportunity in shallow water offshore Ultra deepwater Offshore Capex 2012 - 2018 Global CAPEX: Deepwater US 706bn Shallow water 11% 20% 18% 84% 62% Europe: US 135bn 56% 21% 10% 89% North…
  35. Q1 2013 EARNINGS CALL – Bourbon – slide 35
    Demand supported by drilling rigs on order in shallow water offshore The number of jack-ups, the principal driver of demand for shallow water offshore vessels, is increasing significantly Utilization rate of the jack-ups Q2 2013: 86%…
  36. Q1 2013 EARNINGS CALL – Bourbon – slide 36
    but a limited offer of modern vessels Shallow water 7% of the fleet in operation is under construction offshore 34% of the fleet in operation is over 20 years old (obsolete) 329 shallow water PSV 1429 shallow water AHTS (1, 000 to…
  37. Q1 2013 EARNINGS CALL – Bourbon – slide 37
    Satisfying clients priorities: Operational excellence O incident Transforming for beyond Transparency Competence Integrity / technical for our clients of our teams availability of vessels 37 8/28/2013 Presentation of 1st…
  38. Q1 2013 EARNINGS CALL – Bourbon – slide 38
    My BOURBON: transparency for our clients Operational data TRANSPARENCY Online / real time Monitoring KPIs Shared EVALUATION Carrying out action plans Use of vessel time PLAN joint actions Energy consumption Optimization…
  39. Q1 2013 EARNINGS CALL – Bourbon – slide 39
    Under the flag of Excellence : competence of the teams worldwide Regulatory maritime STCW diploma, DP qualification (dynamic positioning), qualification Acquiring BOURBON standards: Internal training Induction Simulators…
  40. Q1 2013 EARNINGS CALL – Bourbon – slide 40
    BOURBON Way: integrity of vessels An organization adapted to the fleet technical availability objective Bourbon Sourcing and Trading Dubai Bourbon Black Sea Centralized purchasing and Bucharest logistics Maintenance engineering 22…
  41. Q1 2013 EARNINGS CALL – Bourbon – slide 41
    BOURBON Way: integrity of vessels 2015 objective: technical availability rate of 95% 2010 2011 2012 H1 2013 2015 Technical availability rate (%) 92.8% 93% 94.3% 93.5% Objective: 95% Total fleet Unplanned drydock rate (%) 2.9% 2.7%…
  42. Q1 2013 EARNINGS CALL – Bourbon – slide 42
    Implementing Transforming for beyond financial component An Asset smart strategy Sale of a fleet of recent or under construction vessels by phases in 2013 and 2014 for a total amount of US2.5 billion and retained on bareboat charter…
  43. Q1 2013 EARNINGS CALL – Bourbon – slide 43
    Strong outlook Demand for offshore vessels boosted by investment in the Oil & Gas sector A favorable shallow water offshore environment, a segment in which BOURBON has invested in innovative vessels in series Focusing teams on…
  44. Q1 2013 EARNINGS CALL – Bourbon – slide 44
    Appendices 44 3/6/2013 Presentation of 1st half 2013 results Building together a sea of trust
  45. Q1 2013 EARNINGS CALL – Bourbon – slide 45
    Consolidated balance sheet June 30, Dec. 31, June 30, Dec. 31, ASSETS (in millions of euros) LIABILITIES (in millions of euros) 2013 2012 2013 2012 Shareholders' equity 1,407 1,412 Net properties and equipment 2,673 3,327 Financial…
  46. Q1 2013 EARNINGS CALL – Bourbon – slide 46
    Cash Flow In millions of euros June 30, 2013 Net cash as of December 31, 2012 37.5 Net cash flow from operating activities 188.8 Net cash flow from investing activities (198.9) of which property, plants and equipment (217.1)…
  47. Q1 2013 EARNINGS CALL – Bourbon – slide 47
    Marine Services Deepwater offshore vessels High average utilization rates (policy of long-term contractualization) Cost control Sale of one 18-year old vessel Change H1 2013 H2 2012 H1 2012 H1 2013 / H1 2012 Number of vessels* (end…
  48. Q1 2013 EARNINGS CALL – Bourbon – slide 48
    Marine Services Shallow water offshore vessels 12 new vessels in 12 months, including the first Bourbon Liberty 150 series vessel Higher daily rates year-on-year, virtually stable sequentially High utilization rates in a mainly spot…
  49. Q1 2013 EARNINGS CALL – Bourbon – slide 49
    Marine Services Crewboats 21 new vessels joined the fleet in 12 months Increase in average daily rates, thanks in particular to new FSIVs Better cost control than in the previous half-year period Change H1 2013 H2 2012 H1 2012 H1…
  50. Q1 2013 EARNINGS CALL – Bourbon – slide 50
    Key factors Workforce Over 10,500 employees at June 30, 2013 Breakdown of workforce 17% Europe Africa 35% 33% 83 nationalities 83% America Asia and Oceania 14% Seamen (including on-board personnel) Onshore personnel…
  51. Q1 2013 EARNINGS CALL – Bourbon – slide 51
    Key factors Client portfolio as of June 30, 2013 June 30,2013 Change vs 2012 DIVERS 39.6% SAIPEM 2.0% 2.4% PERENCO MARINE NATIONALE 2.6% SUBSEA 7 3.3% 4.1% SHELL Surfer 19002 in operation in Qatar 5.0% CHEVRON The…
  52. Q1 2013 EARNINGS CALL – Bourbon – slide 52
    Key factors Fleet* as of June 30, 2013 Operating Vessels on Average age TOTAL vessels order Total Marine Services 452 6.1 57 509 Deepwater offshore vessels 73 8.3 21 94 Shallow water offshore 109 4.7 28 137 vessels…
  53. Q1 2013 EARNINGS CALL – Bourbon – slide 53
    Activity Key data 1st half 2013 Marine Services Subsea Services Deepwater Shallow water Crewboats offshore offshore Number of vessels 73 109 270 19 Average utilization 88.4% 89.4% 79.3% 89.2% rate Average daily rate…
  54. Q1 2013 EARNINGS CALL – Bourbon – slide 54
    BOURBON Contractualization as of June 30, 2013 Contractualization Average residual term Average residual term rate of firm contracts including options Deepwater offshore vessels 78.1% 11.7 months 22.2 months Shallow water…
  55. Q1 2013 EARNINGS CALL – Bourbon – slide 55
    Expected deliveries Number of vessels (including vessels under construction as part of the agreement signed Deliveries Deliveries Deliveries Deliveries with ICBCL) TOTAL H2 2013 H1 2014 H2 2014 2015 Value in m (excluding…
  56. Q1 2013 EARNINGS CALL – Bourbon – slide 56
    A fleet of vessels built in series IMR Bourbon Evolution 800 10 Deepwater Large PSV 12 offshore GPA 670 Medium PSV 18 Standardization to Bourbon Explorer 500 20 achieve operational 171 efficiency Bourbon Liberty 100 22 Shallow…
  57. Q1 2013 EARNINGS CALL – Bourbon – slide 57
    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 Medium PSV Crewboats…
  58. Q1 2013 EARNINGS CALL – Bourbon – slide 58
    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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