BOUR BOURBON BON CORP CORPORA ORATE TE PRE PRESENT SENTATIO TION Oc October 2014 2014
DISCLA DISCLAIM IMER ER 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 assumptions that may prove to be incorrect and depend on risk factors including, but not limited to: foreign exchange fluctuations, fluctuations in oil and natural gas prices, changes in oil companies investment policies in the exploration and production sector, the growth in competing fleets, which saturates the market, the impossibility of predicting specific client demands, political instability in certain activity zones, ecological considerations and general economic conditions. BOURBON assumes no liability for updating the provisional information based on new information in light of future events or any other reason. 2 BOURBON Corporate Presentation October, 2014
1. A WORLD LEADER IN OFFSHORE MARINE SERVICES Introduction to BOURBON Market dynamics Main activities Strategy Financial Highlights 2. SUMMARY 3. APPENDIX CONTENTS CONTENTS
A A GL GLOB OBAL AL LEAD LEADER ER IN IN OFFSHOR OFFSHORE E MA MARINE RINE SER SERVIC VICES ES A modern fleet of 500 offshore vessels Servicing oil & gas majors Global presence, local expertise 74% of long-term contracts Highest safety & quality standards € 1.3 billion revenue in 2013 Re Reven venue e br brea eakd kdow own by by Fleet et alloc ocation on (6/30 /30/20 /2014 14) Reven Re venue e br brea eakd kdow own by by act ctivi vity (201 013) 3) geo eograph phical area rea (201 013) 3) North No th Sea 10 vessels 10 2% 11% 17% 29% 14% Franc nce 8 8 vessels Marin rine e 58% ser ervic ices (81 81%) 23% 17% South th We West t Asia 29% 53 vessels 53 Ame meri ricas Mediterra Me rrane nean 56 vessels 56 We West t Afric rica Africa Mi Middl dle East Deepwater offshore vessels Shallow water offshore vessels 332 332 vessels India dia Europe/Med/Middle-East Crewboats Subsea Services 41 41 vessels Americas Others Asia 6 BOURBON Corporate Presentation October, 2014
65 65 YEA YEARS RS OF OF FAM AMIL ILY HIST HISTOR ORY From om a co cong nglom omer erate to a pur pure e A worl orldwide e leader er in n the he “Transforming for beyond” Suga ugar ca cane ne in n Re Reuni union on Island Diver versification on Succ ucces essful bi bid d by by JACC CCAR pl playe yer in n mari rine e ser ervi vices es offshor ore e maritime sector 1948-1989 1989-1999 2000-2006 2007-2012 2013-2014 Established in 1948 1992 : Acquisition of the 2001 : The Group steadily 2007 : sale of portage towage 2013 : “ Transforming for 48, BOURBON (then known as Compagnie Chambon and its disengaged from its historic Activity beyond” plan to prepare for Sucreries de Bourbon) was a subsidiary Surf, dedicated to activities and began to future growth. BOURBON 2008 : Launch of the Subsea sugar company based in offshore oil and gas marine concentrate on marine announced its intention to Reunion Island services services Services Activity sell supply vessels for up to US$ 2.5 billion, while 2003-2007 : New strategic 2010 : “BOURBON 2015 1979 : Jacques d’Armand de continuing to operate them plan with marine services as Leadership Strategy”, new for 10 years under a Chateauvieux was appointed sole business US$ 2 bn investment program bareboat chartering contract Chairman 2004 : BOURBON was (growth of the deepwater 1980-1989 : Industrial offshore business and classified by Euronext in the 2014: Tender offer on renewal of the shallow water restructuring of the sugar “Oil Services” sector offshore fleet) BOURBON by JACCAR 1998 : Initial Public Offering activity. Diversification of 2006 : BOURBON added to Holdings, the investment activities into food- 2010 : sale of Bulk transport on Paris secondary market the SBF 120 index. New company of Jacques de processing, distribution and Activity Chateauvieux strategic plan : “Horizon marine services 2010” 2011 : Change in governance (separation of Chairman and CEO roles) 7 BOURBON Corporate Presentation October, 2014
A A LONG ONG-ST STAN ANDING DING MA MAJOR JOR SHAR SHAREHOLD EHOLDER ER Shareholders as of September 4th, 2014 Jaccar Holdings JACCAR Holdings has been supporting the strategy followed by BOURBON for over 30 years Based in Luxembourg, it is the private investment company of Jacques de Public Chateauvieux 36,2% BOURBON is JACCAR Holdings’ main asset, representing 45% of its portfolio Jaccar Holdings (other assets, all in maritime sector, include Greenship Bulk, Greenship Gas and SAPMER Holdings) 49.8% Success of the tender offer Monnoyeur 5.7% Mach-Invest* JACCAR Holdings now owns 55.8% of the capital and 58.1% of effective voting 8.3% rights of BOURBON in concert with Mach-Invest International (vs 26.03% prior to July 2014 tender offer) (in voting rights) BOURBON is listed on Euronext Paris, with 36.2% in the public and a market capitalization of € 1.6 billion (as at October 6, 2014) *Concert Jaccar and Mach Invest: 58.1% 8 BOURBON Corporate Presentation October, 2014
SOLID SOLID INDIC INDICATOR ORS IN IN A A GR GROWING WING MA MARK RKET ET … Demand for oil and gas is expected to grow 1.4% per annum over the 2013-2020 period Investment & operations expenditures (in $bn) Main market drivers Demand for offshore oil and gas services is dependent on Forecasts oil companies’ capacity to invest in: 400 - Expl plor orat ation on : long oil investments cycles (10 to 20 years 350 on average between construction and production phases) 300 - Pr Prod oduction : supported by an energy demand expected 250 to increase by 41% over the period 2012-2015 200 Favorable forecasts Total exploration and production expenditures (E&P) by 150 oil companies are expected to continue increasing (+8% in 100 2014) E&P expected average growth on mid and deepwater 50 offshore : 10% per annum over 2013 ‐ 2018 period - E&P expected average growth on shallow offshore : 7% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 per annum over 2013 ‐ 2018 period Mid & deepwater E&P expenditure 2010-2020 Shallow water E&P expenditure 2010-2020 10 BOURBON Corporate Presentation October, 2014
… SUPP SUPPOR ORTING TING SUPP SUPPLY OF OF OFFSHOR OFFSHORE E VESSELS VESSELS Replacement of old vessels to partly absorb new deliveries Supply of shallow water offshore vessels 12 133 On order Bourbon 133 total vessels on order (8% of total fleet in service) Competition 529 > 25 years 23% of the current fleet is over 25 years old and can old 1 688 84 no longer compete with modern vessels Current fleet 30 7 Current worldwide fleet 2014 2015 2016 Future deliveries of AHTS and PSV (in number of vessels) Supply of deepwater offshore vessels 396 vessels on order (27% of total fleet in service) 13 On order Bourbon 7% of the current fleet is over 25 years old and can no 396 Competition > 25 years 113 longer compete with modern vessels old 1 447 256 6 Current A large number of PSV vessels under construction, fleet 93 5 potentially affecting segment prices in 2014 Current worldwide fleet 2014 2015 2016 Future deliveries of AHTS and PSV (in number of vessels) Sources : BOURBON (December 2013) 11 BOURBON Corporate Presentation October, 2014
CO COMPETIT MPETITIVE IVE ENVIR ENVIRONM ONMEN ENT MARINE SERVICES SUBSEA SERVICES International competitors Ship-owners Local competitors Integrated service operators 400 local operators International companies represent around 27% of the total fleet (including BOURBON) Over 400 local operators, each with a fleet made up of a limited number of vessels 12 BOURBON Corporate Presentation October, 2014
MAIN ACTIVITIES
CLIE CLIENT NT SA SATI TISF SFACT CTION V ION VIA IA OPE OPERA RATI TION ONAL AL EX EXCE CELLENCE LLENCE BOURBON’s “Client Satisfaction Chain” focuses on lasting relationship based on trust and service quality A single point of contact : the Contracts Manager Focus on operational excellence with high safety standards in a risky environment Innovative fleet at competitive prices by controlling the design, engineering and construction of vessels “Reduce our costs to reduce our customers' costs” 14 BOURBON Corporate Presentation October, 2014
A A MOD MODERN ERN AN AND D ST STAN ANDAR ARDIZED DIZED FLEET FLEET 96.4% of vessels outside Europe Evolution of BOURBON’s fleet 2014 mid-year situation 500 vessels in operation 6.3 years average age 29 3 34 vessels on order 457 455 436 23 new deliveries 407 367 Innovation – Determination – Implementation 297 2003-2013 : 160 102 Σ offshore capex : € 4.8 billion 107 88 81 2013-2015 : 112 52 “Transforming for beyond – Asset smart” … 47 vessels sold and operated through bareboat leases as of 2003 2008 2009 2010 2011 2012 2013 June 30, 2014 Bareboat lease Owned Under construction 15 BOURBON Corporate Presentation October, 2014
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