First half 2013 results

• EBIT increased 44.4% versus first half 2012; EBITDA up 22.2% over the same period, benefiting from an increase in average daily rates, cost reduction efforts and a change in consolidation scope
• Net income (Group share) decreased €2.6 million year on year
• All regions realized increases in revenues compared with the first half 2012, notably in Asia
• Average daily rates increased in all segments year on year Utilization rates stable year on year despite high level of classification drydocks in the period
• The final agreement of the sale of 51 vessels for up to US$1.5 billion to ICBC Financial Leasing (“ICBCL”) has been signed and the transfer of the first 9 vessels of this agreement for US$144 million is expected to take place in the very near future

“In a steady market, BOURBON continues to deliver revenue growth,” says Christian Lefèvre, Chief Executive Officer of BOURBON. “During the first half of 2013, BOURBON maintained satisfactory utilization rates while managing a higher level of classification drydocks and higher pace of vessel deliveries than the same period in 2012. This performance reflects our clients’ trust in the unique service BOURBON provides with its fleet of latest generation vessels under the highest standards of safety.

BOURBON has signed the final agreement for the sale of 51 vessels for up to US$1.5 billion with ICBCL after the period closed, allowing the Group to begin the reduction in debt as per the Asset Smart portion of the “Transforming for beyond” action plan. The sale of the first 9 vessels, representing US$144 million has been signed. We expect to complete the execution of the remainder of the US$1.5 billion within 10 months. The Group’s rapid debt reduction in the coming months will be a major asset to build the future beyond 2015.”

Watch the conference

2013 First half results (duration : 1 min)

Financial performance (duration : 12 min)

Laurent Renard, Executive Vice President, Chief Financial Officer

• Solid results in the first half of 2013(5 min)
• Marine Services and Subsea Services Activities financial performance(4 min)
• « Transforming for beyond » : 1e stage of financial component(1 min)
• Conclusion(1 min)

Activities (duration : 16 min)

Gaël Bodénès, Executive Vice President, Chief Operating Officer

• Solid indicators in a favorable market(5 min)
• Good activity in Deepwater offshore(2 min)
• Shallow water offshore continues to grow(2 min)
• The Crewboats segment market remains active(2 min)
• Subsea Services : une Activité qui progresse(2 min)
• « Transforming for beyond » : operational perspective(1 min)
• Conclusion(1 min)

Outlook (duration : 13 min)

Christian Lefèvre, Chief Executive Officer

• Solid operating income and financial results(1 min)
• A favorable market with a real opportunity in shallow water offshore(3 min)
• Satisfying clients’ priorities : Operational excellence and 0-incident(1 min)
• My BOURBON : Transparency for our clients(1 min)
• Under the flag of excellence : Competence of the teams worldwide(1 min)
• BOURBON Way: Integrity of vessels(2 min)
• Implementing “Transforming for beyond” financial component(1 min)
• Conclusion: strong outlook(1 min)

Questions & Answers (duration : 36 min)