Jefferies Shipping, Logistics and Offshore Services ... - Bourbon
Jefferies Shipping, Logistics and Offshore Services ... - Bourbon
Jefferies Shipping, Logistics and Offshore Services ... - Bourbon
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<strong>Jefferies</strong> <strong>Shipping</strong>, <strong>Logistics</strong> <strong>and</strong> <strong>Offshore</strong> <strong>Services</strong> ConferenceJacques de Chateauvieux, CEOSeptember 16, 20081
BOURBON• Priority to Safety: a successful campaign• Fast growing <strong>Offshore</strong> Marine <strong>Services</strong> supplier• A proforma fleet of 200 supply vessels <strong>and</strong> 230 crewboats by2011• A unique strategy towards <strong>Offshore</strong> Supply Vessel leadership• Delivering 2,5 billions euros of investments, already booked inshipyards <strong>and</strong> largely self financed2
BOURBON AT A GLANCE• Offering worldwide a full line of new generation, innovative <strong>and</strong> cost efficientvessels to dem<strong>and</strong>ing oil <strong>and</strong> gas offshore customers• Dry bulk owner <strong>and</strong> operator• Listing: GBB NYSE-EURONEXT• Recent stock price : € 37.82*• Market cap: € 2,1 billions• Current fleet size: - 90 supply- 165 crewboats- 5 salvage tugs- 6 bulk carriers• Employees: 5.000 people€M €mBOURBON including discontinued activities €m350250030020002502001500150100010050050002003 2004 2005 2006 2007EBITDAEBITDA Capital EmployedCapital employed* At September 9, 20083
BOURBON AT A GLANCEIn millions of eurosCreating value for shareholdersShareholder return = 36% per yearEnterprise valueNet debtMarket capitalization3,450950X3.6950X5.22 500Increase inmarket cap475475DividendsEnd 2002 End 20072003-200720074
BOURBON TODAYDivision <strong>Offshore</strong><strong>Offshore</strong> DivisionDivision BulkDivision VracMarine <strong>Services</strong>• <strong>Offshore</strong> Support Vessels• Crewboats• Salvage TugsSubsea <strong>Services</strong>• Engineering & Management• IMR vessels• ROV <strong>Services</strong>5
BOURBON: PRIORITY TO SAFETYBOURBON objective: TRIR less than 2(Rate of incidents recorded per million hours worked)6,00TRIRLTIR4,20TRIR KPI Target = 2.002,212,280,900,340,261,140,970,242004 2005 2006 2007 2008 YTDSAFETY MINDED COMPANY AND COMMITTED PERSONNEL6
BOURBON FAST GROWING OSV PROVIDER35030%300250+ 31% per yearEBITDA20015070%100502007Bulk Division<strong>Offshore</strong> Division02003 2004 2005 2006 200725002000+ 37% per year95%5%CapitalEmployed150010005002007*Bulk Division<strong>Offshore</strong> Division02003 2004 2005 2006 2007* Excluding installments7
BOURBON: OFFSHORE GLOBAL FLEETSupplyNorth SeaIMRCrewboats71-SupplyAmericasIMRCrewboats17210SupplyIMRCrewboatsSupplyMed/M.EastIMRCrewboatsAfrica348138815SupplyAsiaIMRCrewboats12-128
A UNIQUE STRATEGY TOWARDS LEADERSHIPLowComplexityof of activityHigh1200220072012Exploration/DevelopmentGrowth in deepwateroffshoreSupplyDeep274973StageStageininlife cyclelife cycleAHTS <strong>and</strong> PSVAs of 2000Production/Maintenance9
A UNIQUE STRATEGY TOWARDS LEADERSHIPLowComplexityof of activityHigh1200220072012Exploration/DevelopmentGrowth in deepwateroffshoreAHTS <strong>and</strong> PSVSupplyDeep274973Stage inStage inlifelifecyclecycle2SupplyShallow2821100Production/MaintenanceFleet replacement incontinental offshoreINNOVATIVECOST EFFICIENTAs of 2007• Inspection /Maintenance /Réparation10
A UNIQUE STRATEGY TOWARDS LEADERSHIPLowComplexityof of activityHigh1200220072012Exploration/DevelopmentGrowth in deepwateroffshoreAHTS <strong>and</strong> PSVSupplyDeep274973Stage inStage inlifelifecyclecycle23SupplyShallow2821100Production/MaintenanceFleet replacement incontinental offshoreINNOVATIVECOST EFFICIENTSubsea Activity• Inspection /IMR VESSELSMaintenance /ROV OPERATORRéparationMANAGEMENTIMR0112711
A UNIQUE STRATEGY TOWARDS LEADERSHIPShallow waterDeepwater21 yearsaverage age10 yearsaverage ageData at 06/30/2008 source: BOURBONExisting fleet on the market 1 190 790Under construction 287 484BOURBON orders 76 3412
A UNIQUE STRATEGY TOWARDS LEADERSHIPInnovative <strong>and</strong> cost efficient vessel<strong>Bourbon</strong> Liberty VesselTraditional Vessel• Diesel Electric savings in fuel consumption• Deck Propulsion more cargo capacity• Dynamic positioning class II manoeuvrability• MACS systems multi-use tanks• Series Construction increased availability13
A UNIQUE STRATEGY TOWARDS LEADERSHIP<strong>Bourbon</strong> Liberty:a series of replacement vesselsunique in the world (22 PSV <strong>and</strong> 54 AHTS)Ninth <strong>Bourbon</strong> LibertyDelivery to come on September 19, 200814
A UNIQUE STRATEGY TOWARDS LEADERSHIPJune2008AverageageVesselson orderTOTALSupply DeepSupply ShallowIMR5226124.68.32.72174157310027Subtotal90110200Crewboats1656.366231TOTAL25517643115
BOURBON: NEWBUILDINGS IN SERIESCOMPETITIVE SHIPYARDS• Order in series•PSV 4500 – Ulstein P 105 12•PSV 3000 – GPA 670 18•PSV 1600 – GPA 654 22•AHTS 120 T – Conan Wu 10•AHTS 80 T – GPA 254 L 54•IMR – GPA 696 1016
BOURBON: NEWBUILDINGS IN SERIESCOMPETITIVE SHIPYARDSCompetitive YardsChinaIndiaOthersExcluding crewboats17
BOURBON: DELIVERED ON TIME – FIXED PRICES45Number of vessels delivered during the year85% under LT contracts40435302511273320151081491811507645571 12 22003 2004 2005 2006 2007 2008 2009 2010 2011SupplyIMR Shallow Deep IMR18
KEY SUCCESS FACTOR: HUMAN RESOURCESGrowth of offshore seamen workforce by operating area (from 2008 to 2012)EUROPE+ 2 100MMO+ 600 + 1 800AMERICAAFRICAASIA* MMO : Mediterranean / Middle East19
KEY SUCCESS FACTOR: HUMAN RESOURCESHuman Resources managementORIENTATION,FAMILIARISATION,HANDOVERREFERRING OFFICERSKILLS ASSESSMENTWORKSHOPS, SEMINARTRAINING DEDICATED VESSELSTO OFFSHORESPECIFIC OPERATIONSDP AND AHTSSIMULATORSTRAINING MODULESON BOARD VESSELS20
KEY SUCCESS FACTOR: HUMAN RESOURCES« BOURBON Training centers »• DP (IMCA) Training center inoperation in Manila, Marseilles,Norway, USA• The first training sessions on AHTSsimulator started on November 26 inMarseilles• Commissioning of the AHTS simulatorin Singapore in 2008• ROV Simulator in Ravenna21
BULK: A STRONG GROWTH IN EBITDAGENERATIONBreakdown of 2007-2012 revenues2007 Objective 2012EBITDA/TurnoverOwned fleet20%6 22 vessels60%50 to 70 %Chartered fleet80%40%5 to 15 %Brokerage22
A UNIQUE STRATEGY TOWARDS LEADERSHIPBOURBON « Horizon 2012 » Objectives• Revenues growth* + 17% per year, of which offshore +21%per year• More than doubling fleet size• EBITDA/Capital Employed at 18% in 2012• Recruting 4 500 people worldwide*Assuming 1 € = 1.40 €23
BOURBON: STRONG BALANCE SHEETAND HIGH RETURNObjective for EBITDA/ capital employed in 2012 = 18%In millions of euros3 560In millions of eurosCapital employedEBITDA2 1871 1991773106402003* 2007* 2012 objective2003* 2007* 2012 objective* BOURBON including discontinued activities24
BOURBON: STRONG BALANCE SHEETAND HIGH RETURN1 190 m€ 250 m€Operational net debtAnnualized EBITDA= 0.7940 m€Future disposalsInstallments forvessels underconstruction= 765 m€Net debtJune 30, 2008Residual net debtOperational net debt= 175 m€25
BOURBON: STRONG BALANCE SHEETAND HIGH RETURNEBITDA vs loan repaymentIn millions of euros80060040020002007 2008 2009 2010 2011 2012Repayment of loansEBITDA26
BOURBON INVESTOR’S OUTLOOK• A team focused on implementation of high safety<strong>and</strong> operating st<strong>and</strong>ards• BOURBON strategy is unique• Strong organic growth in Deep, Shallow, Subsea <strong>and</strong>crewboats• Customers validate new, innnovative <strong>and</strong> costefficient vessels for their long term contract• Strong balance sheet <strong>and</strong> high return on capitalemployed27
NoticeThis document may contain non-historical information whichconstitutes provisional estimated financial data concerning thefinancial position, results <strong>and</strong> strategy of BOURBON. Theseprojections are based on assumptions that may prove to be incorrect<strong>and</strong> depend on risk factors that include, without being limited to:foreign exchange fluctuations, fluctuations in oil <strong>and</strong> natural gasprices, changes in the investment policies of the oil companies in theexploration <strong>and</strong> production sector, the growth in competing fleets,which saturate the market, the impossibility of predicting specificclient dem<strong>and</strong>s, political instability in certain operating zones,ecological considerations <strong>and</strong> general economic conditions.BOURBON assumes no responsibility for updating provisional data onthe basis of new information in light of future events or for any otherreason.28
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