Presentation to shareholders sept 2015

Presentation to shareholders September 25, 2015
BOURBON

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 MeetingSeptember 25, 2015

BOURBON IS INFLUENCED BY OIL PRICES
Oil price is above all a policy price
Oil revenues are keyfor balancing budgets of the largest producers
The decline in output from existing fields will make a recoveryin investment
unavoidable
Shale oil production is here to staybut has little influence on the rise in prices
The forecasts are unreliable given the verystrong differences observed
MeetingSeptember 25, 20153

_Oil price is above all a policy price
0
20
40
60
80
100
120
140
1987 1992 1996 2000 2004 2008 2012 2015
Iraqi invasion of
Kuwait
Reducing quotas
OPEC
OPEC production
cuts
Financial crisis
Attack 09/11
Source : IEA

_Oil revenues are key for balancing budgets of the largest producers
Source : IMF, Deutsche Bank
Breakeven point for producing countries ($/bbl)
Source : Rydstad Energy
Breakeven point for production ($/bbl)
Onshore
Middle East
Onshore
Row
Offshore
Shelf
Deepwater
Onshore
Russia
Extra
Heavy oil
NAM
Shale
Artic
Oil
Sands
Bra Ultra
Deepwater

_The decline in output from existing fields will make a recovery in investment unavoidable : Shale oil
production is here to stay but has little influence on the rise in prices
Source: Les Echos, AIESource: Présentation Schlumberger
US shale oil production
In millions of barrels/day
IEA predicts
production to
decline 400,000
barrels/day next
year

_ The forecasts are unreliable given the very strong differences observed
Source: Douglas Westwood

BOURBON IN A BOTTOM OF CYCLE
BOURBON has the greatest resistance capacityto adverse market conditions
in relation to its competitors
BOURBON continue to focus on what he can control: operational excellence
and costs reduction
 The relative change of BOURBON’s share price remains favorable, despite a
drop of 50% in one year
BOURBON maintains its objectives:
› a stable and growing dividend
› debt ratios maintained at satisfactory levels

BOURBON RESILIENCE FACTORS
Operational resilience
factors
Local partners
and
Diversified client base
Operational
excellence
Relative
utilization rate
Diversification
by business
segment

_Safety performance
OPERATIONAL RESILIENCE FACTORS
TRIR Objective per year
TRIR: total recordable incidents per one million hours worked, based on 24h/day
LTIR: total recordable accidents with work stoppage per one million hours worked, based on 24h/day
10
0,69
0,76
2,21
2,28
1,12
0,65 0,64 0,68 0,69
0,48
0,76
0,69
0,6
1,14
0,22
0,07 0,05 0,1 0,1 0,07 0,1
0
0
0,5
1
1,5
2
2,5
2006 2007 2008 2009 2010 2011 2012 2013 2014 30/06/2015
0,48
2,00
0,64
0,64
0,68
0,69
0,76
0,69
0,60
1,00
0,75
0,70 0,67

11
93%
94.3%
94.5%
95.5%
96.4%
93.5%
95%
90%
91%
92%
93%
94%
95%
96%
97%
2011 2012 2013 2014 H1 2015
Technical availabilityrate for BOURBON fleet
Technical
availability
rate
objective

_Diversification of types of business
59%
4%
23%
14%
30%
32%
21%
17%
20142006
Marine
services (83%)
Marine
services (86%)
Deep water vessels Shallow water vessels Crewboarts IMR

_Relative supply vessel utilization rates/ focus on BOURBON

_BOURBON client portfolio diversification
33,6%
13,3%
6,6%
4,6%
4,4%
3,9%
2,9%
2,6%
2,5%
2,4%
23,2%
OTHERS
ENI
CHEVRON
MARINE NATIONALE
STATOIL
PETROBRAS
BP
NORSK HYDRO
SHELL
EXXON
TOTAL
19,0%
8,0%
7,0%
6,0%
6,0%
4,0%
4,0%
3,0%
2,0%
2,0%
39,0%
OTHERS
MARINE NATIONALE
MAERSK
SAIPEM
PETROBRAS
PERENCO
PEMEX
BP
EXXON
CHEVRON
TOTAL
20142006

JV
Project JV
Affiliates
15
_A unique partner network

Financial resilience
factors
« a stable family
shareholder base»
Value of $ and
low interest rate
Maturity of
business model and
free cash flow
Amount of
net debt
Financial
discipline

_Maturity of business model
FINANCIAL RESILIENCE FACTORS
-800
-400
0
400
800
* Free Cash flow : Cash flows linked to operating activities – outflows linked to purchases of property, plant and equipment and intangible assets +
inflows linked to disposals of property, plant and equipment and intangible assets
M€
-800
-400
0
400
800
2007 2008 2009 2010 2011 2012 2013 2014 E 2015 E 2016
vessel investments
cash received sale & leaseback
net investments
Asset smart Strategy
Net investment (vessels only)
Free cash flow*
M€
JACCAR estimate January 2015

_Net Debt
0
500
1000
1500
2000
2500
june 06 dec 06 june 07 dec 07 june 08 dec 08 june 09 dec 09 june 10 dec 10 june 11 dec 11 june 12 dec 12 june 13 dec 13 june 14 dec 14 e 2015 e 2016
M€
JACCAR estimate January 2015

_Financial discipline
BOURBON ratios
2006 June 2013 2014 Objective
Net Debt / Equity 0.89 1.56 0.8 < 0.5
Net Debt / adjusted
EBITDA
1.83 4.96 3.0 < 2
Rent / adjusted
EBITDAR
- - 22 % 30 %

_External factors : exchange rates & interest rates
0
1
2
3
4
5
6
1
1,2
1,4
1,6
2006 2007 2008 2009 2010 2011 2012 2013 2014 e 2015 e 2016
EUR/US$ Euribor 3M
JACCAR estimate, January 2015

21 MeetingSeptember 25, 2015
Safety
Utilization rate
Balanced revenues
from market
segments
Diversified customer
base
Net Debt/FCF
generation
Debt
Orderbook
/EBITDA
External Factors -
USD
BOURBON BOURBON vs competitors
Tidewater
Gulfmark
Farstad
Source: public data, BOURBON estimates

BOURBONVS THE MARKET ENVIRONMENT
Source : Pareto, IHSPetrodata, Farstad
Drop in OSV utilization rate Number of stacked vessels increasing
Utilization rate
Supply vessels
(average June 2015)
BOURBON Tidewater GulfMark Hornbeck
81.9% 68.8% 65-70% 60.5%
AHTS+PSV
(July 2015)
BOURBON Tidewater GulfMark Hornbeck Farstad
# stacked
vessels
23 54 16 18 6
% of fleet 10% 21% 22% 36% 11%
Source : IHSPetrodata, Bourbon, Sec filings

_One year Stock performance - BOURBON vs competitors
BOURBON’S RESILIENCE RECOGNIZED BY THE MARKET
0
20
40
60
80
100
120
sept.-14 oct.-14 nov.-14 déc.-14 janv.-15 févr.-15 mars-15 avr.-15 mai-15 juin-15 juil.-15 août-15 sept.-15
Bourbon Tidewater Gulfmark Farstad
Base 100

_The ability of a company to pay a dividend based on:
BOURBON: OUTLOOK ?
-Corporate accounts. Those of BOURBON have a distributable balance of €615 million at the
beginning of 2015, nearly nine years of dividends
- The projected cash flow, excluding sales of vessels in future years. The generation of free cash
flow shows that BOURBON has the necessary cash after taking into account its commitments
(investments, loan repayments, financial expenses, taxes, ...)
-A good level of activity: the breakeven of BOURBON is well below the values required for the
cash breakeven even at low part of cycle
 The objective of a stable or slightly increasing dividend is verymuch within reach of BOURBON

BOURBON:THE DIVIDEND POLICY HAS ALWAYS BEEN
RESPECTED
0
10
20
30
40
50
60
70
80
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
+ exceptional
dividend
M€
Annual amount of dividends paid
X 5.2
+ 18 % per year
13.8
71.6

BOURBON: OUTLOOK ?
BOURBON confirms its debt reduction policyand free cash flow generation due
to :
 From a high level of EBITDA after rent payments, which reflects customer confidence
(utilization rate) and cost control (proactive stacking of vessels, reduction of G&A)
 A strong reduction in vessel investment, an average of 450 million for the last 8 years,
to:
o 85 million in 2016
o 50 million in 2017
 Opportunity for vessel sales, with or without long term bareboat charter, to achieve the
debt objectives as soon as possible:
o 0.5 debt ratio (Net debt/Equity)
o 2 x EBITDA

_ BOURBON shareholders want a regular dividend growth, and when they have to sell, a price that
reflects the economic value of the company: can the stock market playthis role?
BOURBON : GROWTH &YIELD GO TOGETHER?
-
500
1 000
1 500
2 000
2 500
3 000M€ Market capitalization of BOURBON

CONCLUSION
 BOURBON is well equipped to get through this low cycle of offshore markets
and will continue to strengthen its resilience capacity
In the short term, BOURBON
- confirms its dividend policy
- confirms its debt reduction objectives and financial structure for the future
Beyond this, BOURBON will have to choose between various possible
solutions to:
- Strengthen the capacity of constant and significant growth of its dividend
- Seek a valuation of the company inline, as much as possible, with its long-term
economic value, and a form of liquidity at that price

Presentation to shareholders sept 2015

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Presentation to shareholders sept 2015