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© Copyright Bibby Offshore 1
28 November 2017
NOTEHOLDER CLEANSING INFORMATION
© Copyright Bibby Offshore 2
DISCLAIMERThis presentation and its contents have been prepared by Bibby Offshore Holdings Limited (“Bibby Offshore” or the “Company”). This presentation and its contents may not be redistributed,republished, reproduced (in whole or in part) by any medium or in any form. This presentation does not contain or constitute, and should not be construed as, an offer to sell or the solicitation ofan offer to buy securities of any person of whatsoever nature, in any jurisdiction. This presentation does not constitute financial, investment, tax, accounting or legal advice, a recommendation toinvest in any securities of any person, or an invitation or an inducement to engage in investment activity with any person and/or make decisions with respect to any existing investments anyrecipient may have. This presentation has been prepared without taking into account the objectives, financial situation or needs of any particular recipient of this presentation, and consequently,the information contained herein may not be sufficient or appropriate for the purpose for which a recipient might use it. Any such recipients should conduct their own due diligence, consider theappropriateness of the information herein having regard to their own objectives, financial situation and needs, and seek financial, legal, accounting and tax advice appropriate to their particularcircumstances. No part of this presentation should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.
The information contained in this presentation has not been independently verified and no independent evaluation or appraisal of the Company has been undertaken. Neither Bibby Line GroupLimited (“BLG”), nor the Company nor its affiliates, nor its or its affiliates’ respective officers, directors, employees, agents or advisers, make any representation or warranty, express or implied, asto (nor accept any liability whatsoever, whether in contract, in tort or otherwise, in relation to) the reasonableness, accuracy, reliability or completeness of this presentation or any statement,information, forecast or projection made herein, or any other written or oral communications transmitted to the recipients in connection herewith. The presentation has been prepared on thebasis of the position as at the time of the presentation, and the information provided in the presentation will not be updated or corrected after the date of the presentation. There can be noassurances that the forecasts or expectations are or will prove to be accurate.
Certain statements contained in this presentation that are not statements of historical fact, including, without limitation, any statements preceded by, followed by or including the words“targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative thereof, constitute forward-looking statements,notwithstanding that such statements are not specifically identified. Examples of forward-looking statements include, but are not limited to: (i) statements about the benefits of anycontemplated offering of securities, including future financial and operating results; (ii) statements of strategic objectives, business prospects, future financial condition, budgets, projectedlevels of production, projected costs and project levels of revenues and profits of the Company or its management or boards of directors; (iii) statements of future economic performance; and(iv) statements of assumptions underlying such statements.
By their nature, forward-looking statements involve risk and uncertainty and may, and often do, differ materially from actual results. Any forward-looking statement speaks only as of the date onwhich it is made and reflects the Company’s current view with respect to future events. Forward-looking statements are not guarantees of future performance, and the actual results,performance, achievements or industry results of the Company’s operations, results of operations, financial position and the development of the markets and the industry in which the Companyoperates, or is likely to operate, may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. New factors will emerge in thefuture, and it is not possible for the Company to predict which factors they will be. In addition, we cannot assess the impact of each factor on the Company’s business or the extent to which anyfactor, or combination of factors, may cause actual results to differ materially from those described in any forward-looking statements.
By accepting a copy of this presentation, you agree to be bound by the foregoing limitations and conditions. Failure to comply with the limitations and conditions set out in this Disclaimer mayconstitute a violation of applicable laws or may otherwise be actionable.
This presentation does not constitute an offer or invitation to purchase any securities of Bibby Offshore Services plc in the United States or any other jurisdiction. Securities may not be offeredor sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquireany securities of Bibby Offshore Services plc. This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly orindirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions.
© Copyright Bibby Offshore 3
CONTENTS
1. Business overview
2. Forecast business plan
3. Appendices
© Copyright Bibby Offshore 4
BUSINESS OVERVIEW
© Copyright Bibby Offshore 5
050
100150200250300
2012 2013 2014 2015 2016
Brownfield Greenfield
NEW MARKET SITUATIONTHE SUBSEA MARKET HAS UNDERGONE A SEISMIC SHIFT SINCE 2014
Source: Westwood Global Energy Group
Global E&P spending levels have fallen significantly since 2014 resulting in a drop in demand for North Sea DSVs
Global offshore E&P spending has also fallen by 19.2%($ bn)
0
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600
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2012 2013 2014 2015 2016
Global E&P spending has fallen by 26.5% since 2014($ bn)
North Sea SAT diving market demand has dropped while surplus capacityremains
0
500
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1,500
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2012 2013 2014 2015 2016IRM EPCI Decom Competitive Supply
Vessel days (SAT DSVs)
Surpluscapacity
The introduction of new capacity in 2014 coincided with a globaldownturn in demand, creating a significant surplus in capacity
Source: Westwood Global Energy Group ; based on North Sea SAT DSV supply landscape
© Copyright Bibby Offshore 6
RECENT FINANCIAL PERFORMANCE (FY12–FY16)MANAGEMENT HAS RESPONDED TO THE NEW MARKET ENVIRONMENT
£m FY12A FY13A FY14A FY15A FY16ARevenue 209.6 263.5 383.6 240.7 154.7YoY revenue growth 38.6% 26% 46% (37%) (56%)Overheads (13.9) (25.6) (30.4) (23.6) (18.1)EBITDA 25.5 55.1 75.2 34.2 (33.5)YoY EBITDA growth 130% 116% 37% (55%) -EBITDA margin % 12.2% 20.9% 19.6% 14.2% (21.7%)EBITDAR n/a n/a 118.2 66.6 8.5CFADS (46.0) 33.1 57.7 14.3 (41.6)Operational KPIsDSV working days 911 963 1,240 871 756Average DSV utilisation (%) 86% 98% 96% 93% 76%Total headcount (FTEs) 341 562 623 413 339Debt metricsTotal debt (89.1) (79.1) (182.9) (184.6) (180.4)Closing cash 7.3 18.2 116.3 97.2 36.8Net debt (81.8) (60.9) (66.6) (87.4) (143.6)Gross leverage 3.5x 1.4x 2.4x 5.4x -Net leverage 3.2x 1.1x 0.9x 2.6x -
Financial results and key KPIsFY12A to FY14A• Rapid growth in the platform, with an increase in the
number of vessels operated and DSV working days up to1,240 by FY14
• Four full time DSVs operating to service demand duringFY14 peak
• Average utilisation of 86% to 98% in the period• Revenue increased by 83% between FY12 and FY14
driven by increased day rates and market demand• Highly profitable and cash generative, with £75.2m of
EBITDA generated in FY14 and a cash conversion rate(CFADS/EBITDA) of 77%
FY15A to FY16A• Reduction in revenue driven by falling oil prices, resulting
in cancellations and customer project work deferrals• DSV days down to 756 by FY16, with 3 DSVs operational• Significant cost savings delivered in FY15 (£40.4m) and
FY16 (£14.9m) to preserve cash and improve profitabilityin a lower demand environment
• Business model flexibility improved with third partycharter costs negotiated from fixed to variable
The offshore oilfield services sector decline has had a material impact on Bibby Offshore’s recent financial position
Since FY14, Bibby Offshore has weathered the downturn with substantial cost cutting and de-risking of its business,adapting to the new market environment
© Copyright Bibby Offshore 7
LOOKING FORWARDBUILDING A PLATFORM FOR GROWTH AROUND FIVE KEY PILLARS
• Oil and gas market to remain strong, with global oil consumption to grow by 8%1 over the next decade• Offshore E&P spend to grow from 2017 onwards due to the lack of investment over the past few years• North Sea IRM market, c. 70% of total SAT DSV demand, expected to increase by 11%1 in 2018 as E&P
companies address deferred backlog• Favourable North Sea vessel supply dynamics in the medium term• Decommissioning and renewables offer long term growth potential on top of core IRM market
• Highly skilled engineers, project managers, logistics experts working with specialised, top tier assets• Recognised by top tier customers for its best-in-class services (FPAL survey)• Industry leader in delivering safe operations and driving change; a strong focus on operational excellence
by conducting all activities safely, reliably and efficiently with minimal impact on the environment
• The cost base has been significantly reduced with £55.3m of savings achieved in FY15 and FY16 and a largeproportion of fixed costs (third party charters) have been moved to variable costs
• Business model de-risked and more resilient• Platform well positioned to be scaled-up to serve client demands in short order and to continue to grow
• Highly experienced management team, including delivering spot market work seamlessly and efficiently• Long established relationships with clients• Track record of delivery and scaling up the business in a growing market• Strong corporate governance framework, working closely with its shareholder to appropriately evaluate all
key operational and commercial decisions
• Customers buy from contractors they trust who can assure them successful project delivery – BibbyOffshore has the experience and reputation for delivering a superior service to its customers with vessels,assets and a team they know well and a track record across more than 400 projects in the North Sea
• The North Sea is a highly regulated market• Customers have high operating standards and use contractors with a strong track record in driving
efficiencies and minimising risks – it is very difficult for new entrants to enter the North Sea market
1. As per Westwood Global Energy Group
Inflection point in theoffshore market1
High barriersto entry2
Business modeladapted to new
environment3
Differentiated best-in-class service
offering4
Highly experiencedmanagement team5
© Copyright Bibby Offshore 8
0
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022IRM EPCI Decom OWF
0
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300
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Brownfield Greenfield
2016-2021 CAGR: +3.1%CAGR Brownfield: +3.7%
INFLECTION POINT IN THE OFFSHORE MARKETEARLY SIGNS OF A MARKET RECOVERY
Source: Westwood Global Energy Group; bidding activity as per Credit Suisse research (08-2017)
Positive outlook for North Sea diving marketVessel days (air and saturation diving) 2016 -2022
CAGR: +6.7%IRM CAGR: +3.3%
2014-2016CAGR: (16.8)%IRM CAGR: (24.1)%
• Demand for North Sea diving services expected to increase from 2018• Primary driver is IRM work, which is expected to increase by 11% in
2018 as E&P companies address deferred backlog• Decommissioning and subsea well plug and abandonment (“P&A”)
becoming increasingly important for the North Sea SAT diving sector• Wave of turbine installations expected in 2017-2022 with the North
Sea contributing 31% of the 2,097 turbines to be installed globally
Over the next five years demand for North Sea DSVs is expected to grow as E&P companies address deferred backlog anddecommissioning and renewables market activity increases
Global offshore E&P spending also rising($ bn)
Source: Westwood Global Energy Group
0
200
400
600
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Global E&P spending expected to rise from 2017 onwards($ bn)
2016-2021 CAGR: +8.9%
Bidding activity in 2017 has already surpassed 2016 levels
0 20,000 40,000 60,000 80,000 100,000
2014
2015
2016
2017 YTD Europe AfricaAmericas Asia PacificMiddle East
($ bn)
1
© Copyright Bibby Offshore 9
INFLECTION POINT IN THE OFFSHORE MARKETCOMPETITIVE LANDSCAPE HAS CHANGED MATERIALLY
The last 24 months have seen a series of company consolidations, partnerships and exits in the subsea space, resulting in areduction in the competitive North Sea DSV fleet and fewer operating platforms
Source: Westwood Global Energy Group
1
© Copyright Bibby Offshore 10
0
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10
15
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North Sea SAT diving market demand is expected to grow and outpaceexisting competitive DSV supply by 2020
01,0002,0003,0004,0005,0006,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022IRM EPCI Decom Competitive Supply
INFLECTION POINT IN THE OFFSHORE MARKETPOSITIVE DSV SUPPLY DYNAMICS IN THE NORTH SEA
Supply of DSVs has fallen by 43% since 2014 and, with forecast demand growth expected to outpace supply growth, thesupply-demand dynamics for North Sea DSVs are expected to improve significantly
Source: Westwood Global Energy Group; Note 1 – excludes 6 potential global additions between Q2 2017 and Q4 2022
Vessel days (SAT DSVs)43% fall in competitive supplyfrom 2014 to 2017, versus a 38%drop in demand
• The Company’s current pipeline contains c. 2,000 days of work visibility forFY18; at the same point last year there was visibility of c. 1,000 days
• “With lay-ups improving DSV supply-demand dynamics in the North Sea,contractors are expected to get busier with demand growth outpacing existingcompetitive supply by 2020” (Westwood Global Energy Group, 2017)
• “The timing of any recovery and business activity is dependent on manyvariables, but analysts believe the market corrections necessary to addressoversupply are expected to occur over the next year” (TechnipFMC, 2017)
• “There is evidence of positive momentum on offshore projects” (Subsea 7, 2017)
• “So far, we’ve seen more Final Investment Decisions (“FIDs”) in 2017 than wesaw in the entirety of 2016, and it seems likely that we’ll hit our forecast of 20to 25 project sanctions for the year. Reserves approved in H1 2017 nearly matchthe entire of 2016” (Wood Mackenzie, 2017)
17
9 11 9 8 8 8
33
4 4 4 4
0
4
8
12
16
20
Q2 2014 Q2 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022
Laid-up fleet
Active fleet
No. of DSV in North Sea
DSV fleet by age (as of Q2 2017, based on active fleet as of Q2 2014)
Approx. 50%decrease in DSV fleet
Vessel lay-ups and exits have “right-sized” the North Sea DSV fleet
Source: Westwood Global Energy Group; based on North Sea SAT DSV supply landscape
North Sea DSV fleet has significantly reduced over the past 3 years
ScrappedMoved out of North SeaActive fleet (as of Q2 2017)Laid-up fleet (as of Q2 2017)
1
SeeNote 1
Early signs of a market recovery and client comments
(See Note 1)
© Copyright Bibby Offshore 11
HIGH BARRIERS TO ENTRYPLATFORM WITH ACCESS TO PEOPLE AND ASSETS IS ESSENTIAL
The specialist nature of services provided in the harsh environment of the North Sea for top tier customers requires aplatform with a strong track record able to access and operate complex dive support vessels and supporting assets
A scalable platform built over 14 years to serve the most demanding oil and gas customers
Experiencedteam
• Highly experienced team with an excellent reputation in the market• Specialised personnel consisting of project managers, engineers, diving specialists and offshore project crew• Excellent project execution track record• Flexible, responsive, customer focused
Access tostrategic
assets
• 3 sophisticated DSVs with complex and lengthy build process and high initial capex – 2 owned, 1 chartered on a long termbut flexible basis
• Access to all types of additional support vessels – years of experience chartering in additional vessels as required toservice client requirements
• Operates 12 Remotely Operated Vehicles (“ROVs”), 7 of which are leased, and mobile equipment• Track record of scaling up the business quickly as market conditions improve
Trustedclient
relationships
• Contracting directly with oil and gas operators – not a sub-contractor to Tier 1 contractors• Long-term relationships with major oil and gas operators translating into repeat business every year• Framework agreements / Master Services Agreements (“MSAs”) signed with many customers
Track recordand
reputation
• Only independent integrated subsea contractor, with 14 years of experience operating in the North Sea• Completed more than 400 projects globally since 2003• Track record of winning work during the downturn against large Tier 1 contractors• Consistently recognised by customers as outperforming its peer group
2
© Copyright Bibby Offshore 12
BUSINESS MODEL ADAPTED TO NEW ENVIRONMENTCOST BASE REALIGNED TO POSITION BUSINESS FOR THE RECOVERY
The Company’s cost base has been realigned in order to offer greater flexibility and to deliver improved profitability; it isnow well positioned for growth and for adding capacity as market activity increases
3
FY17F - £23.5mFY16A - £14.9mFY15A - £40.4m
Operating costsavings
Diversification
US & Trinidad Renewables
Air diving Decommissioningof Wells P&A
£’m £’m £’m
Gross Overheads (incl.project personnel)
2015 39.4 2016 31.3 2017 30.9
2014 49.0 2015 39.4 2016 31.3
Gross Overhead Saving 9.6 8.1 0.4
Supply Chain & Other 5.7 1.3 -
Vessel Charter & Opex 2.1 5.5 6.1
Total Cost Reduction 17.4 14.9 6.5
Vessel Charters 23.0 - 17.0
Total Cost Avoidance 23.0 - 17.0
COST BASE REALIGNED INRESPONSE TO MARKET CONDITIONS
OVER THE PERIOD FY14-FY16
Offshore project personnel movedto variable rate contracts, taking
£12m out of fixed costs
Vessel charters not renewed onBibby Spring, Mermaid Endurer, EDTJane, Olympic Ares, Olympic Bibby
Headcount reduction of 184onshore staff since Q4 2014
Topaz Charter renegotiated on more flexible terms removing £4m from fixed costswhilst maintaining control of strategic asset through to 2025
© Copyright Bibby Offshore 13
• Rated above peers by customers across a number of criteria (FPAL)1
• Strong engineering and project management teams supported byexperienced crew and specialised vessels consistently deliveringprojects to the highest standards
• Excellent track record of operations across more than 400 projects• Strong focus on operational excellence by conducting all activities
safely, reliably, efficiently and with minimal impact on theenvironment
• The 12-month rolling LTIF (to end Q2 FY17), for the UK & Singaporeoperations remains at zero
Bibby Offshore delivers a high quality service offering which is recognised by its customers with an excellent safety trackrecord allowing it to continue to win business in a highly competitive environment
Excellent safety track record
• FPAL1-generated client feedback remains high and continues tooutperform our peer group
• High scores achieved despite market conditions and efficiencieschange
• Benchmarked against Boskalis, Deepocean, DOF, Fugro, Technip,Subsea 7
Independent client feedback shows we outperform our competitors
7 8 9
Product QualityService Quality
Project ManagementDocumentation
Planning and deliverySupplier Management
Installation & CommissioningHealth & Safety
EnvironmentSkills, Competence and Training
Innovation & ImprovementOrganisation
FacilitiesCommercial Management
Customer Interfaces
Average for benchmark suppliers Bibby Offshore Score
AverageFPAL score:
8.1“VeryGood”
(12 month rollingto August 2017)
1. First Point Assessment (“FPAL”) is a feedback tool used to assess the quality of service and product suppliersprovided by an independent company, Achilles, with whom Bibby Offshore is accredited
LTIF: Lost Time Injury Frequency; TRCF: Total Recordable Case Frequency; IMCA statistics: Similar industry sector andsimilar sized organisations
QUALITY SAFETY EXCELLENT SERVICE
4 DIFFERENTIATED BEST-IN-CLASS SERVICE OFFERINGQUALITY PLATFORM WITH AN EXCELLENT SAFETY RECORD
© Copyright Bibby Offshore 14
Bibby Offshore is led by a very experienced senior leadership team with, on average, 24 years industry experience; it alsocontinues to be supported by its long term shareholder, Bibby Line Group
Experienced leadership team managing the business through the downturn Director biographies
Strong corporate governance framework
• Howard Woodcock, CEO – Chief Executive since 2005. Nine yearsas an officer in the Merchant Navy. Joined Bibby Line Group as anAssistant Ship Manager in 1993. Chartered Ship Broker andFellow of the Institute of Chartered Shipbrokers. LancasterUniversity (MBA, 2003)
• Stuart Jackson, CFO – Joined Bibby Offshore in 2014. 30 years ofindustry experience, including CFO of Ceona and Acergy. AlsoCFO of Colt Telecom, NRG Energy, Humber Power Limited.Loughborough University of Technology (BSc 1983). FellowChartered Management Accountant
• Neale Stewart, FD and Assets & Services – Joined Bibby Offshorein 2010. Previous experience includes Venture Production
• Fraser Moonie, MD Gulf of Mexico – Joined Bibby Offshore in2003. Previous experience includes Technip
• Barry Macleod, MD UK Continental Shelf – Joined BibbyOffshore in 2006. Previous experience includes Technip
• David Forsyth, Quality & Health and Safety Director – JoinedBibby Offshore in 2004. Previous experience includes Subsea 7
• Nicky Etherson, Commercial Director – Joined Bibby Offshore in2013. Previous experience includes Total E&P UK
Howard WoodcockChief Executive
• Joined Bibby Line Group in 1993• Industry experience: 30 years
StuartJackson
ChiefFinancialOfficer
30 yearsindustry
experience
NealeStewartFinance
Director andAssets &Services
26 yearsindustry
experience
FraserMoonie
President &ManagingDirectorGOM
24 yearsindustry
experience
DavidForsythGroupQHSE
Director
22 yearsindustry
experience
NickyEtherson
GroupCommercial
Director
19 yearsindustry
experience
18 yearsindustry
experience
BarryMacleodManagingDirectorUKCS
5 HIGHLY EXPERIENCED MANAGEMENT TEAMMANAGEMENT TEAM TRUSTED BY OUR CUSTOMERS AND STAFF
© Copyright Bibby Offshore 15
FORECAST BUSINESS PLAN
© Copyright Bibby Offshore 16
The Company’s financial forecasts assume a steady market recovery from late FY18 / early FY19 delivering increasingrevenue and EBITDA; the business plan assumptions are in line with consensus market expectations
KEY FORECAST ASSUMPTIONSFINANCING CASE
Vessel fleet
► Sapphire: Modelled as cold stacked duringFY18, returning to market at end of Q1FY19. Management to take final decision
► Polaris & Topaz: Continue operating in theNorth Sea throughout the plan
► Dry docks: Sapphire FY17 and FY20;Topaz FY17 and FY19; Polaris FY17 andFY20. No significant costs for 2 to 3 years
Day rates
Market
► Assumes market conditions remain challenging through FY17 and FY18, with rates initially improving in H2 FY18 and utilisation recoveringfrom FY19, delivering a steady recovery over the forecast period
► Early signs of increased tendering activity, however, committed contracted forward revenue is still low compared to historical levels withmajor oil companies deferring their spending and continued oversupply in the vessel market expected for the near term
► Assumes utilisation of Vessels OfConvenience (“VOCs”) for a three monthperiod each year in the summer
► Plan includes other third party supportvessels for limited periods to meet workscopes on certain projects
► Day rates also forecast to remain belowpeak FY14 levels
► Charter rates projected reflect currentmarket levels. Vessels only brought in todeliver work won; removes long termcharter cost risk
► Day rates forecast to remain below peakFY14 levels
► Charter rates projected reflect currentmarket levels. Vessels only brought in todeliver work won; removes long termcharter cost risk
Utilisation
► Flexible charters mean increased utilisationpercentage in FY18 through FY19
► Modest utilisation increases over thecourse of the plan as levels of IRM andcapex work increase
► VOCs to operate at almost 100%utilisation to deliver specific work on woncontracts
► Third party vessels on short termcontracts, where required, for specificproject delivery
Opex and othercosts
► Topaz charter rates reflect lower contracted rates for winter; rates increase in FY20 reflecting execution of charter extension option► Olympic Ares and Olympic Bibby (or replacement vessel) costs to reduce in FY18 due to vessels being available on flexible basis► Overhead savings in FY18 with growth driven predominantly by inflation from FY19 onwards
DSV CSV / ROVSV Other vessels (e.g. VOCs)► Olympic Ares: Renegotiated “pay as you
go” arrangement with charter party fromSeptember 2017
► Olympic Bibby: Existing charter ends April2018; options being considered
► Plan assumes existing CSV / ROVSVarrangements are replaced with short termflexible charters
► Day rates remain below historical peaklevels during entire forecast period
► Conservative, steady year-on-year growthassumed
► After low utilisation in FY17, expectedincrease is based on the North Sea
► Followed in FY19 and beyond with theSapphire
► Utilisation does not recover to peak FY14levels
© Copyright Bibby Offshore 17
The Company has developed a conservative set of financial forecasts, which provide a solid foundation for growth as theNorth Sea IRM market recovers
FORECAST FINANCIALS (FY16-FY21)FINANCING CASE
£m FY16A FY17F FY18F FY19F FY20F FY21F
Revenue 154.7 85.2 129.9 194.2 210.2 219.6
YoY revenue growth (56%) (45%) 52% 50% 8% 4%
Overheads (18.1) (18.3) (12.6) (12.9) (13.0) (13.2)
EBITDA (33.5) (47.8) 6.1 30.9 32.4 42.9
YoY EBITDA growth - (43%) - 407% 5% 32%
EBITDA margin % (21.7%) (56%) 5% 16% 15% 20%
EBITDAR 8.5 - 33.2 60.0 64.3 75.9
CFADS (41.6) (38.3) - 28.4 28.6 42.0
Operational KPIs
DSV working days 756 420 520 810 860 863
Average DSV utilisation (%) 76% 53% 74% 86% 85% 82%
Financial forecasts and key KPIs
The contemplated transaction has two primary objectives
Strengthening the balance sheet1 Addressing seasonal working capital andoverall liquidity requirements2
General• Access to vessels on flexible basis assumed for the core
fleet including CSVs and ROVSVs• Sapphire and Polaris dry docks assumed to happen in
FY20• Sapphire modelled to be cold stacked in FY18 in light of
ongoing challenging market conditions in the U.S. inorder to reduce cost base before market recovery inFY19. Management to take final decision based onexpected 2018 activity
Markets• UK and North West Europe to remain key market• Steady improvement in market assumed with no return
to past (FY14) highsFunding• No recapitalisation assumptions have been applied to
the forecast financials presented
Key assumptions
© Copyright Bibby Offshore 18
APPENDICES
© Copyright Bibby Offshore 19
WHAT DO WE DO?LEADING INTEGRATED SUBSEA SERVICE PLATFORM
• Leading integrated subsea services contractor,focused on installation, construction and decomactivities as well as project management, design,engineering and procurement
• Specialised subsea services delivered using divers,remote intervention technology and specialisedvessels and equipment
• Key services include:- Inspection, repair and maintenance of subsea
assets- Installation and commissioning of new subsea
infrastructure- Construction- Flex lay- Subsea decommissioning
• Proven ability to scale up business quickly byadding capacity to capture market share andexpand service offering as market conditionsimprove
• Primarily focused on the North Sea, a highlyregulated, harsh environment with high barriers toentry
• Presence in the US to capture market share andestablish a strong base outside of the North Sea
An offshore and subsea services specialist delivering a range of subsea services primarily in the Inspection, Repair andMaintenance and decommissioning markets, operating mainly in the North Sea
Operations / Maintenance /Modifications
Exploration Appraisal Development Production Decom
Oil pricesensitivity
Primaryactivities
Bibby Offshoreoffering
Illustrativespending &productionprofile
Seismic Drilling TestingDev.Dril-ling
EPC Instal-lation
Wellinterventio
n
Abandonmentservices
~2–3 years ~3–5 years ~20–40 years ~2–3 years
ü ü ü
E&P lifecycle
CAPEX phase OPEX phase
SpendingProduction
û û û û û û
Decom Phase
27%
55%
18% Capex
Opex
Decom 70%
30% ReimbursableLump sumRevenue split
(2016)
© Copyright Bibby Offshore 20
In the last 14 years the Company has grown into a leading integrated subsea services contractor, with a leading position inthe North Sea IRM and decommissioning market
5 DSVs + 4 CSVs/ROVSVs121 - 623 employees
3 DSVs + 2 CSVs/ROVSVs342 employees
• Acquired DSV Bibby Aquamarine• Contracted Remotely Operated Vehicle
(“ROV”) and diving services from ISS• Agreement to time charter Bibby
Sapphire from Volstad Maritime• Converted Bibby Sapphire to a Dive
Support Vessel (“DSV”)• Bibby Topaz committed and delivered
• Purchased Bibby Sapphire for £34m• Sold Bibby Aquamarine• Toisa Polaris chartered then
purchased and renamed Bibby Polaris• Brought full saturation diving
capability in-house• Ordered own ROVs and chartered
Bibby Spring, Toisa Warrior, EDT Jane,Mermaid Endurer, Olympic Ares andOlympic Bibby
• Opened Singapore office• Commenced North America
operations
3 DSVs6 - 84 employees
• Continued excellent project execution• Signed several Master Services
Agreements with key customers• Focused on cash preservation,
increasing flexibility and managing risk• Cost base re-aligned for more
profitable operations• Business in the process of being
recapitalised• Platform well positioned for future
growth
2003 – 2008Establishing and building marketpresenceStart-up phase to create local provider ofvessels with limited engineering andservice capabilities
2009 – 2015Becoming North Sea leaderBecoming a leading independent providerof subsea construction & IRM services inthe North Sea with some presence in GOM
2016 – 2017Consolidating positionConsolidation of market position, withoperational and financial restructuring toposition company for long term
WHAT HAVE WE ACHIEVED?EVOLUTION TOWARDS A LEADING NORTH SEA SUBSEA PLAYER
© Copyright Bibby Offshore 21
HOW DO WE DELIVER OUR SERVICES?HIGHLY SKILLED PERSONNEL WITH SPECIALISED ASSETS
Our specialised personnel are key to delivering projects and solutions to our clients and are supported by a highlyspecialised fleet to support saturation diving operations and remote intervention, installation and construction support
Highly skilled personnel driving project delivery Specialist offshore support vessels and equipment
Divi
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Bibby Sapphire Bibby Polaris Bibby Topaz
Olympic Ares1
Olympic Bibby2
Leadership team• Excellent leadership team with a strong reputation in the market,
deep client relationships and years of track record in the industry
Project management• Highly experienced Project Managers supported by substantial
in-house engineering resource, ensuring excellent project execution• Project Engineers provide technical expertise and solutions,
supported by additional specialists, such as:- Discipline Engineers- Draughtsmen- Additional support from contracts engineers, risk and business
continuity advisors, planners, document controllers andadministrational staff
Project and marine Crew• Work as a team to execute job safely, within set timeframe and
budget to client’s satisfaction
Health and safety• #1 priority – our commitment is non-negotiable and will not be
compromised• Fundamental to our core values and remains at the forefront of our
business focus
A strong foundation built over 14 years to offer commitment andunrivalled expertise to our clients
12RO
Vs3
Comanche
LynxQ
uasar
Quantum
Schilling
Owned by Bibby Offshore
1. Olympic Ares third party charter expired Aug-17; flexiblepay as you go arrangements recently agreed
2. Olympic Bibby third party charter expires in Apr-183. 5 of the ROVs are owned, with 7 leased as at Nov-17
© Copyright Bibby Offshore 22
WHO ARE OUR CLIENTS?LOYAL CLIENT BASE OF BLUE CHIP CUSTOMERS
Client Revenue, £m(FY14 – Q3 FY17)
Framework Agreement /MSA
Maj
ors
1 124.5 ü
2 48.7 ü
3 38.6 ü
4 35.4
IOCs
/Ind
epen
dent
s 5 156.1 ü
6 121.0
7 97.6
8 29.3 ü
9 28.6 ü
10 20.3 ü
Bibby Offshore delivers superior services to demanding customers in a highly regulated market and is recognised by itsloyal customers as a leading operator
Diversified and loyal client base
• Diversified client base consisting of all theMajors and Independent Oil & Gas Companies(“IOCs”)
• Able to meet very high operating standards ofits customers in a highly regulatedenvironment
• Loyal customer base with 75% of turnoverfrom repeat clients (FY16)
• Various Framework / Master ServicesAgreements have been signed with key clientsto deepen our relationship and speed up BibbyOffshore’s involvement in future projects
75%
25% Repeat clients
New clients
Revenue split(FY16)
© Copyright Bibby Offshore 23
EBITDA PERFORMANCEFY16-FY19 BRIDGING ITEMS
FY16-17 FY17-18 FY18-19
Year 1 EBITDA (33.5) (47.8) 6.1
DSVs (23.0) 11.5 24.4
Other vessels (4.6) 10.8 7.2
EMAS bad debt 9.6 - -
Vessel charter savings 4.5 10.3 1.6
Non-recurring VOC contribution (1.2) - -
Dry dock - 5.5 (0.5)
Vessel stacking - 6.7 (7.7)
Overheads - 5.7 (0.3)
Other 0.4 3.5 0.1
Total movement (14.3) 53.9 24.8
Year 2 EBITDA (47.8) 6.1 30.9
© Copyright Bibby Offshore 24
THANK YOU