BOURBON I n v e s t o r P r e s e n t a t i o n M a y 2014 BUILDING - PowerPoint PPT Presentation

BOURBON I n v e s t o r P r e s e n t a t i o n M a y 2014 BUILDING TOGETHER A SEA OF TRUST

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 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 Building together a sea of trust May 2014

SUMMARY  Introduction to BOURBON 4 ‐ 13  Strengthening our position further 14 ‐ 29  Outlook 30 ‐ 36  Appendices 37 ‐ 43 3 Building together a sea of trust May 2014 3

Introduction to BOURBON 4 Building together a sea of trust May 2014

Servicing offshore oil & gas industry MARINE SERVICES MARINE SERVICES Assistance and salvage tugs – dedicated MARINE SERVICES Terminal tugs – dedicated to assistance to preventing wrecks, assisting and AHTS (Anchor Handling Tug Supply and operations on offshore oil and gas salvaging vessels in distress, and fighting vessels) – ensure the implementation and terminals pollution risks. maintenance of oil and gas platforms. SUBSEA SERVICES IMR Vessels – support for subsea operations and surface interventions, and Inspection, Maintenance and Repair operations in ultra ‐ deepwater oil fields. MARINE SERVICES Crewboats – FSVIV (Fast Support SUBSEA SERVICES and Intervention Vessels) for emergency supplies and the ROV (undersea robots) – conduct MARINE SERVICES transport of emergency service a broad range of Inspection, teams, and surfers for the PSV (platform supply vessels) – supply Maintenance and Repair operations transport of staff to oil & gas equipment and special products to offshore on Subsea structures. platforms . platforms. 5 Building together a sea of trust May 2014 5

A unique investment strategy– BOURBON 2003 ‐ 2013 484 offshore vessels * 112 offshore vessels (end 2013) (end 2002) 1 000 employees > 11 100 employees (end 2002) (end 2013) 3 customers = 5 customers = 76% 2002 revenues 49 % 2013 revenues Afrique revenues breakdown Afrique revenues breakdown 57% in 2013 85% in 2002 Σ offshore capex: €4.8 bln Revenues (in €m) 1 312 Number of vessels 500 Number deliveries 450 400 Total Crew + FSIV 350 Total Supply 300 TOTAL FLEET 250 200 150 145 100 50 0 200220032004200520062007200820092010 2011 2012 2013 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6 * Vessels operated by BOURBON (including vessels owned or on bareboat charter) Building together a sea of trust May 2014

A modern and standardized fleet in line with market needs, ▌ Modern fleet 484 vessels in operation 6.2 years average age 52 vessels on order ▌ Investment strategy: Standardization High manoeuvrability: DP 2 Energy savings: Diesel Electric Construction in series BE 502 on sea trials 81% of the fleet* fully aligned with the BOURBON investment strategy * Figures as at 12/31/2013, excluding Crewboats 7 Building together a sea of trust May 2014

Benefits of standardization SUBSEA DEEPWATER SHALLOW WATER CREWBOATS 18 GPA 670 37 B Liberty PSV 40 Surfer 140 FLEET 10 BE 800 20 B Explorer 500 74 B Liberty AHTS 142 Surfer 1800 KW662 KW1235 KW1825 KW2000 COMMON EQUIPMENT 8 Surfer simulators TRAINING 2 offshore simulators B. Black Sea REPAIR & B. Docking 6 Repair Centers 15 Shipmanagers MAINTENANCE B. Sourcing & Trading SPARE PARTS PLUG & PLAY / SHOW STOPPERS 8 Building together a sea of trust May 2014

BOURBON: key drivers to master growth Innovation ‐ Determination ‐ Implementation 10 12 54 + 20 22 + 15 18 + 20 9 Building together a sea of trust May 2014

A list of demanding customers throughout the world Bourbon Liberty Series Contractors 7% Others Mediterranean/ 8% West Africa Middle East 36 25 National Oil 28% Major Mexico/ 37% Brazil 14 Asia 25 Independents 19% Number of vessels Dec 2013 Dec 2013 A global presence A performance recognized by customers Bourbon Kaimook (BL 301) in Asia Bourbon Liberty 203 in the UAE 10 Building together a sea of trust May 2014

OSV Market bifurcates at fast pace OSV global utilisation by build age compared to Bourbon fleet 100 90 80 70 60 Utilisation % 50 40 30 Built in 1991 and earlier 20 Built in 2005 and later BOURBON 10 0 Source : IHS Petrodata – August 2013 11 Building together a sea of trust May 2014 11

A diversified list of demanding customers SUPER MAJORS NOCs 21% 46% 16% 17% Other International Oil Cos, Independents Contractors 12 Building together a sea of trust May 2014 12

Safety results among the best in the industry 45.3 million hours worked in 2013 1.12 0.69 2.28 0.75 0.64 0.70 0.67 0.48 0.69 0.68 0.64 0.65 0.48 0.22 0.10 0.10 0.10 0.07 0.05 0.07 2008 2009 2010 2011 2012 2013 TRIR target by year TRIR: total recorded incidents rate per million hours worked on a 24/7 basis LTIR: lost time incidents rate per million hours worked on a 24/7 basis 13 Building together a sea of trust May 2014 13

Strengthening our position further 14 Building together a sea of trust May 2014

A leader in offshore maritime services: a global presence North Sea: 7 Supply vessels France: 8 Supply vessels and tugs +9 Mediterranean Middle East – India 39 Supply & Subsea vessels 4 Crewboats +1 Americas 31 Supply & Subsea vessels 23 Crewboats West Africa South East Asia 95 Supply & Subsea vessels 225 Crewboats 32 Supply & Subsea vessels +9 20 Crewboats +10 Changes vs 12/31/2012 (in number of vessels) TOTAL 212 Supply & Subsea vessels 272 Crewboats 15 Building together a sea of trust May 2014

Committed teams with strong local ties in Latin America, Africa and Asia ▌ Local content* reached 70% in 2013 ▌ 167,000 hours of professional training delivered in 2013 Europe BOURBON Mediterranean Middle East 24% Asia & Pacific 21% Europe 76% 35% Americas 2,257 Africa 31% 12% Africa America 13% Asia 88% 42% 11,149 people 58% 17% 1,538 83% 5,862 1,492 * Proportion of employees working in their region of origin Employees 16 Building together a sea of trust May 2014

94.5% fleet technical availability rate Operational downtime Statutory maintenance Nr. of days / DD In % 3 40 2.9 38 2.7 35 36 30 31 2 2.1 25 27 20 1.6 15 1 10 5 0 0 2010 2011 2012 2013 2010 2011 2012 2013 Average for the BOURBON fleet, excluding Crewboats An ever more reliable fleet, in line with our objectives to reach 95% technical availability in 2015 17 Building together a sea of trust May 2014

Solid indicators in a growing market In % Stable utilization rates and rising prices In US $ % 100 $20,000 $19,000 92% 90 $18,000 87% $17,000 80 $16,000 70 $15,000 $14,000 60 $13,000 50 $12,000 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 2011 2012 2013 Average daily rate in US $ Utilization rate in % Data for the Deepwater offshore and Shallow water offshore segments and for the Subsea business 18 Building together a sea of trust May 2014

Discipline in managing costs Operating costs Investment costs Crew Construction in series 2012 2013 2015 Total Standardization of equipment 106.5 104 96 Maintenance fleet Dockings Optimization of order timing Operating cost index Others Reduce our costs to reduce our customers' costs 19 Building together a sea of trust May 2014

Key factors– Fleet as of December 31, 2013 Average Vessels on TOTAL Operating vessels age order wholly ‐ on bareboat TOTAL owned charter Total Marine Services 439 27 466 6.3 45 511 Deepwater offshore 65 7 72 8.5 19 91 vessels Shallow water 102 20 122 4.7 15 137 offshore vessels Crewboats 272 ‐ 272 6.3 11 283 Total Subsea Services 16 2 18 5.7 7 25 Fleet TOTAL 455 29 484 6.2 52 536 ROV 12 4.9 0 12 20 Building together a sea of trust May 2014

Expected deliveries Number of vessels (including vessels under construction as Deliveries Deliveries Deliveries Deliveries part of the agreement TOTAL signed with ICBCL) H1 2014 H2 2014 H1 2015 H2 2015 Valeur in €m (excluding financial costs) 3 6 6 4 19 Deepwater offshore vessels €61m €123m €127m €85m €396m 11 4 15 Shallow water offshore vessels €146m €46m ‐ ‐ €192m 8 3 11 Crewboats ‐ ‐ €23m €17m €40m 3 2 2 7 IMR vessels €135m €90m 90 M€ ‐ €315m 25 15 8 4 52 €365m €276m €217m €85m €943m 21 Building together a sea of trust May 2014

Active fleet management: Transforming for beyond ▌ Fleet concerned: recent supply vessels, with a well ‐ established standard ▌ Double operation Sale of vessels at market price of US$2.5 billion Bareboat chartering of the same vessels for 10 years ▌ For these customers, fleet availability ensured and operating standards maintained for 10 years ▌ Sales made gradually, at the rate of delivery from the shipyard 22 Building together a sea of trust May 2014