Howard Weil 2008 Energy Conference April 6 April 10, 2008

Transcription

1 Howard Weil 2008 Energy Conference April 6 April 10, 2008

2 Forward-looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Forward-looking statements include statements about our future business, operations, capital expenditures, fleet composition, capabilities and results; financial projections; plans, strategies and objectives of our management, including our plans and strategies to grow earnings and our business, our general strategy going forward and our business model; expected actions by us and by third parties, including our customers, competitors and regulators; the valuation of our company and its valuation relative to relevant financial indices; assumptions underlying or relating to any of the foregoing, including assumptions regarding factors impacting our business, financial results and industry; and other matters. Our forward-looking statements reflect our views and assumptions on the date of this presentation regarding future events and operating performance. They involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include those discussed under the captions Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2007 and Form 10-Q for the quarter ended December 31, We do not undertake any obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2

3 Investment Highlights Industry Production Based Paid from offshore operating expenditures Not as volatile or as correlated to energy cycles and oil prices Aftermarket Total helicopter install base of ~ 37,000 (civil ~20,000; oil and gas ~ 1,500) 90% of civil install base is aftermarket Liquidity (bluebook) provides floor to BRS pricing Bristow Group Inc. Turnaround in 2005 Managed using Return on Capital Employed (ROCE) Substantial investment program in progress to drive growth Strategic five-year financial goals $1.5 billion in revenues 20% ROCE 3

4 Agenda Bristow Group overview Financial highlights Strategy going forward 4

5 Bristow At A Glance NYSE: BRS Leader in helicopter transportation services for the global offshore oil and gas industry Number of aircraft: Consolidated (1) Commercial 341 Training 67 Unconsolidated 146 Total 554 (1) Countries Served: 21 (1) Employees: ~ 3,500 (2) Market cap: ~ $ 1.6 billion FY 2008 Nine Months December 31, 2007: Revenue: $752 million Net Income: $77 million EBITDA: $174 million (3) (1) At December 31, 2007 (2) At March 19, 2008 (3) Excludes Grasso Production Management, which was sold November

6 Our Mission Our mission is to provide the safest and most efficient helicopter services and aviation support worldwide. We will achieve this by focusing on and committing to: Working in innovative partnerships with our customers Further developing our highly professional workforce Expanding our business and extending our horizons Through these commitments, we will provide industryleading value to our customers, employees and shareholders while remaining true to our core values 6

7 Key Milestones 1955 Bristow Helicopters Founded 1969 Offshore Logistics Founded 1996 Acquired Bristow Helicopters 2004 & 2005 Internal Review and Senior Management Changes 2006 Integrated the company and changed name to Bristow Group (NYSE:BRS) 2007 Formed Global Training Division, acquired Bristow Academy and sold Grasso Production Management Services 7

8 Core Values Bristow s values represent core beliefs about how to conduct business Safety Safety first, with a Target Zero goal of no accidents Quality and Excellence Set and achieve high standards in everything we do Integrity Do the right thing Fulfillment Develop our talents and enjoy our work Teamwork Communicate openly and respect each other Profitability Make wise decisions and help grow the business 8

9 What We Do Production Platforms and Rigs We fly crew changes Fly crews and light cargo to production platforms and drilling rigs offshore 9

10 Where We Fit in the Offshore Energy Service Industry Seismic Construction Drilling Production Abandonment Helicopter Transportation Services Fundamentals which make our business less volatile: Primarily production based Aircraft aftermarket for excess capacity 10

11 Stable and Growing Business through Energy Cycles Demand for services strongly dependent upon production activity and operating expenditures (OPEX) Production activity (~8,800 platforms globally; ~4,000 in the U.S. Gulf of Mexico) Drilling activity (~660 rigs globally, ~130 in the U.S. Gulf of Mexico) OPEX is much less volatile than oil prices and E&D spending BRS revenue 90% + correlated to offshore OPEX Relative Volatility: OPEX & Commodity Prices 2.0 BRS Peer Group Revenue Volatility $60 $85 $50 $ Crude Oil $/bbl $40 $30 $20 $65 $55 $45 Offshore OPEX $bn 1.0 $10 $ $ $25 Offshore OPEX ($ bn) Fiscal Year US Crude Oil Price ($/bbl) 0.0 BRS Deepwater Drillers Shallow Water Drillers Supply Boat 11

12 Helicopter Dayrates Less Volatile than Rig/Boat Dayrates Gulf of Mexico Rates Supply Vessels Semis Supply Vessel Day Rate (000's) $18 $12 $15 $10 $12 $8 $9 $6 $6 $4 $3 $2 $0 $ Helicopter Day Rate (000's) Semi Day Rate (000's) $420 $36 $350 $30 $280 $24 $210 $18 $140 $12 $70 $6 $0 $ Helicopter Day Rate (000's) Jackups Jackup Day Rate (000's) $150 $30 $125 $25 $100 $20 $75 $15 $50 $10 $25 $5 $0 $ Helicopter Day Rate (000's) Rig / Boat Dayrates Bristow Helicopter Rates Bell 206L-4 Bell 214ST Sikorsky S-76A Sikorsky S-76C/C++ Source: Bristow Business Development 12

13 Other Factors Impacting the Business Helicopters can be sold into the aftermarket: Air Medical Corporate Transportation Electronic News Gathering Fire Fighting Police and Military Tourism Other Civilian Uses Strong demand increases aftermarket pricing significantly Cyclical, but generally less so than other oilfield service sectors Weather and seasonal factors can affect operations Global Helicopter Fleet (January 2008) Oil & Gas: 1,537 Military: 16,990 Non Oil & Gas: 19,056 Source: HeliCAS Helicopter Summary Civilian Total: 20,593 13

14 Global Footprint Provides Diversity of Cash Flow Across Multiple Geographic Regions Current operations in almost every major producing region in the world Operating in 21 countries (as of December 31, 2007) Region % of Helicopter Service Total Revenue Europe 36% Gulf of Mexico 22% West Africa 17% Southeast Asia 10% Latin America 7% Other International 5% EH Centralized Operation 1% Bristow Academy 1% Arctic 1% 14

15 Aircraft Fleet As of December 31, 2007 Aircraft Operated Type Capacity Engine Consolidated Unconsolidated Total Aircraft Ordered Small Helicopters EC Turbine Bell 206B 4 Turbine AS350BB 4 Turbine BO Tw in Turbine Bell 206L-1 6 Turbine Bell 206L-3 6 Turbine Bell 206L-4 6 Turbine Bell Turbine EC Tw in Turbine BK Tw in Turbine Augusta Tw in Turbine Medium Helicopters AW Tw in Turbine Bell Tw in Turbine Bell Tw in Turbine EC Tw in Turbine Sikorsky S-76 A 12 Tw in Turbine Sikorsky S-76 C 12 Tw in Turbine EC SA 365N 14 Tw in Turbine EC Tw in Turbine Next Generation Aircraft Mature Aircraft Models Large Helicopters ASS332L Super Puma 18 Tw in Turbine Bell 214ST 18 Tw in Turbine Sikorsky S Tw in Turbine Sikorsky S Tw in Turbine Mil 8 20 Tw in Turbine EC Tw in Turbine Training Helicopters Robinson 22 2 Piston Schw eizer 300 CB/Cbi 2 Piston Bell 206B 6 Tw in Turbine Fixed Wing Fixed Wing Total

16 Our Customers are World Leaders Grasso Contracts are a monthly retainer plus per-hour flight fee virtually no fuel risk limited ad hoc work Customer dedicated aircraft Some pooled aircraft Corporate relationship and supply chain integration Result Bristow visibility to demand 16

17 The Bristow Safety Vision: Target Zero Bristow Safety Record Better Than Industry Safety is our first core value and our global Target Zero safety vision is: Zero accidents Zero harm to people Zero harm to the environment Air Accident Rate Accident Rate per 100,000 Flight Hours All Types Multi Engine Single Engine Bristow OGP Oil & Gas Helicopters HAI US Civil Turbine Helicopters Bristow data is the average for the period OGP data is the global oil and gas industry helicopter average for the period (the most recent available data) HAI data is US civil turbine engined helicopter average for the period (the most recent available data) 25% of Management s incentive compensation is safety based 17

18 Strong Macro Outlook Global demand for oil continues to rise; Chinese and Indian economies contributing incremental growing demand Continued strength in the long-term commodity market has encouraged increased investments in future exploration and production programs Declining shallow water opportunities continue to drive oil exploration into deeper water and to emerging markets Trend to more remote locations further offshore, increasing the demand for medium and large helicopters $90 NYMEX Futures Curves Oil & Natural Gas¹ $ Worldwide Capacity / Production 2 $75 $ $/BBL $60 $45 $30 $9.00 $6.00 $/MMCF MMbbl/d $15 $ $0 $0.00 May-2002 Feb-2004 Nov-2005 Aug-2007 May-2009 Feb-2011 Nov-2012 Oil Gas Capacity Production (1) Source: FactSet. Dotted line represents NYMEX future curves as of June 1, 2007 (2) Source: International Energy Agency 18

19 Agenda Bristow Group overview Financial highlights Strategy going forward 19

20 Growth from Continuing Operations Fiscal Year ended March 31 ($in millions) Net Income EBITDA 10% CAGR (3) $164 $174 (2) $30 $19 $7 $27 14% CAGR $41 $39 (3) (1) $48 $49 $54 $71 $81 (2) $93 $79 $62 $91 $110 $108 (1) $123 $126 $ (1) Includes $16 million pension curtailment gain (2) Nine months ended December 31, 2008 (3) Estimated based on annualizing the nine months ended December 31,

21 Bristow is Well Capitalized ($ in millions) Recent Financings: December 2005 Sale/Leaseback $ 70 August 2006 Revolver 100 September 2006 Preferred Stock 230 June 2007 Senior Notes 300 November 2007 Senior Notes 50 $ 750 Key Credit Statistics at December 31, 2007: Adjusted Debt (inc. leases/pension) to Total Capital 44% Adjusted Debt (inc. leases/pension) to EBITDA 3.35 : 1 EBITDA/Gross Interest Expense : 1 Rating - Moody's and S&P Ba2/BB 21

22 Funding Plan for Expansion Program Sources for Capital Expansion Program: (1) ($ in millions) Cash on hand (2) $ 315 Undrawn borrowing capacity: revolving credit facility 100 CFFO (estimated five years) (3) 500 Aircraft sales in normal course of business -- $ 915 Uses for Capital Expansion Program: (4) Aircraft Capital Expenditure Program Orders FY $ 345 Options FY Infrastructure -- Acquisitions and investments -- $ 818 (1) Sources of capital does not include estimates for future aircraft sales in normal course of business. (2) As of December 31, (3) TTM EBITDA: $227 million (as of December 31, 2007). (4) Uses of capital does not include spending on infrastructure ($50 million budgeted for fiscal year 2008) or future acquisitions and investments. 22

23 Agenda Bristow Group overview Financial highlights Strategy going forward 23

24 (1) Integration One global organization Common global standards for quality and safety Global customer relationship management Centralized financial reporting structure New management team in place Global fleet management, based on ROCE (country specific hurdle rates) Purchasing, maintenance, quality controls Western North America South and Central America Bristow Academy Florida Louisiana California U.K. Eastern Europe West Africa S.E. Asia Other Int l Central Operations 24

25 (2) Growth Leverage existing market strength in all regions Invest in fleet and position Bristow in growth markets Evaluate acquisition opportunities that strategically fit Bristow s business model Opportunities for Growth Southeast Asia South America Africa Arctic 25

26 BRS Total Aircraft Capital Expenditures Fiscal Year ended March 31 (Updated as of December 31, 2007) $350 $300 $294 $344 $1 $64 $276 $264 Options Ordered Actual $250 $58 Millions $200 $150 $141 $279 $201 $132 $100 $86 $218 $81 $50 $63 $132 $81 $0 Includes Bristow training aircraft expenditures

27 BRS Fleet Additions Incremental Capacity Fiscal Year ended March 31 (Updated as of December 31, 2007) Options - 34 Ordered - 28 Actual - 99 Aircraft Includes Bristow training aircraft 27

28 Estimated Global New Helicopter Supply and Demand Offshore Oil & Gas Market (a) Number of Aircrafts Small-Light Twins Medium Large/Heavy Total Supply (b) Demand (c) (a) Long-term estimates are that demand will exceed supply by a greater margin than over the next three years (b) Supply is the number of helicopters expected to enter the Oil & Gas market and is based upon discussions with Original Equipment Manufacturers, publicly available competitor information and excludes additional supply expected to go into other markets (c) Demand is based on known Bristow customer requirements for new helicopters and our consultants (PFC Energy) worldwide Offshore Oil & Gas new helicopter demand study which assumes a 25 year retirement timetable 28

29 Investment Highlights Industry Production Based Paid from offshore operating expenditures Not as volatile or as correlated to energy cycles and oil prices Aftermarket Total helicopter install base of ~ 37,000 (civil ~20,000; oil and gas ~ 1,500) 90% of civil install base is aftermarket Liquidity (bluebook) provides floor to BRS pricing Bristow Group Inc. Turnaround in 2005 Managed using Return on Capital Employed (ROCE) Substantial investment program in progress to drive growth Strategic five-year financial goals $1.5 billion in revenues 20% ROCE 29

30 Appendix April 2008

31 Organizational Chart Corporate Division Business Unit Country Joint Venture (No. of Bases/Aircraft) Operated Aircraft Percent of Total Helicopter Service Revenue as of December 31, 2007 Affiliated Aircraft 31

32 Senior Management Team Bill Bill Chiles Chiles President President and and Chief Chief Executive Executive Officer Officer July July * 34* Perry Perry Elders Elders Executive Executive Vice Vice President President & Chief Chief Financial Financial Officer Officer November November * 24* Mark Mark Duncan Senior Senior Vice Vice President President Western Western Hemisphere Hemisphere January January * 23* Richard Burman Senior Senior Vice Vice President President Eastern Eastern Hemisphere Hemisphere October October * 32* Patrick Patrick Corr Corr Senior Senior Vice Vice President President Safety, Safety, Training Training and and Standards Standards April April * 24* Randy Randy Stafford Vice Vice President President General General Counsel Counsel & Corporate Corporate Secretary Secretary May May * 33* Hilary Hilary Ware Ware Vice Vice President President Global Global Human Human Resources Resources August August * 30* TBD TBD Vice Vice President President Global Global Business Business Development Development * Represents years of relevant experience. 32

33 Management s Stake in Bristow (as of December 31, 2007) Equity Ownership* % of Outstanding Common Stock Owned/ Vested Unvested Total Board of Directors 0.5% 0.2% 0.7% Senior Management Team * 0.8% 1.7% 2.5% Other Management 0.4% 1.4% 1.8% Total 1.7% 3.3% 5.0% * SMT restricted stock vests based on time and stock price growth. Incentive Compensation KPI s Corporate Division Financial Performance 50% 55% Safety 25% 25% Individual Targets 25% 20% 100% 100% 33

34 Centralized Operations Hub Maintenance of aircraft Field bases and central maintenance Major and routine maintenance of rotating equipment and hull Turbine engine overhaul outsourced (Power by the Hour PBH) Intercompany and joint venture aircraft leases Technical Services Engineering design of aircraft modifications Rotating equipment repair Intercompany and limited third-party work Division Headquarters Division Head Finance & Administration / IT & Supply chain Facilities 34

35 Resolving Regulatory Issues Security and Exchange Commission (SEC) Self-reported to SEC in early 2005 September SEC final settlement (no monetary sanctions) Department of Justice (DOJ) DOJ subpoena to Bristow and two competitors in U.S. Gulf of Mexico in mid 2005 DOJ requested information related to Internal Review in 2007 Fully complying with all requests No assurances as to what or when the outcome will be finalized 35

36 Leverage Reconciliation Reconciliation of Adjusted Leverage Calculation to Leverage as Disclosed at December 31, 2007 in $ thousands Total Minority Stockholders' Total Debt Interest Investment Capital Leverage (a) (b) (c) (d) = (a) + (b) + (c) (a) / (d) As of December 31, 2007 $ 607,820 $ 5,099 $ 959,334 $ 1,572, % Adjust for: Unfunded Pension Liability 107,005 $ 107,005 NPV of GE Lease Obligation 46,461 $ 46, ,466 $ 153,466 Adjusted $ 761,286 (e) $ 5,099 $ 959,334 $ 1,725, % Calculation of debt to EBITDA multiple Calculation of Interest Coverage 12-month trailing EBITDA: EBITDA $ 226,958 (f) Q4 fiscal year 2007 $ 53,182 Nine months ended December 31, ,776 Interest Expense 226,958 (f) Q4 Fiscal Year ,539 Nine Months ended December 31, ,135 = (e)/(f) 3.35 : 1 $ 18,674 (g) = (f)/(g) 12.2 : 1 36

37 EBITDA Reconciliation Continuing Operations ($ in millions) Net Income $29,609 $19,270 $7,379 $26,515 $40,938 $38,523 $48,214 $49,021 Income Tax Expense 12,218 8,621 3,772 13,297 19,060 17,493 18,476 20,407 Interest Expense 20,536 19,811 18,527 18,385 15,825 14,904 16,829 15,665 Depreciation and Amortization 30,876 31,408 31,968 33,112 33,944 37,506 39,377 40,499 EBITDA $93,239 $79,110 $61,646 $91,309 $109,767 $108,426 $122,896 $125, Q1 FY2008 Q2 FY2008 Q3 FY2008 Net Income $54,310 $71,348 $21,910 $33,335 $26,234 Income Tax Expense 14,668 38,781 9,439 18,294 12,302 Interest Expense 14,689 10,940 2,928 6,523 6,684 Depreciation and Amortization 42,060 42,459 11,331 12,351 12,445 EBITDA $125,727 $163,528 $45,608 $70,503 $57,665 9 Months End 31-Dec-07 Q4 FY2007 TTM Net Income $81,479 $26,980 $108,459 Income Tax Expense 40,035 13,391 $53,426 Interest Expense 16,135 2,294 $18,429 Depreciation and Amortization 36,127 10,517 $46,644 EBITDA $173,776 $53,182 $226,958 37

38 Growth Update The following information is being provided by Bristow Group Inc. to give an update of the key drivers behind our growth strategy. Overall Growth Strategy and Objectives 1. As part of our five-year growth strategy, we have financial goals to double the size of the company in terms of revenues to $1.5 billion in FY11 and to improve return on capital employed (ROCE) to around 20%. 2. This growth is expected to be accomplished principally through organic growth by purchasing new aircraft and then deploying them in our existing infrastructure of bases in 21 countries. New aircraft also are expected to be deployed in all our business units through strategic entry into new countries. 3. We may also grow through the acquisition of other helicopter service operators, which may occur by increasing our ownership interest in existing unconsolidated affiliates, by making investments in countries in which we have a foothold, but not a dominant position, and by expanding into new markets. 4. We expect a substantial portion of our growth strategy to gradually take effect over the next several years, reflecting integration of new aircraft into our fleet; although seasonality, and operational and macroeconomic events may cause the results of individual quarters to vary. 5. Development of qualified pilots and engineers is a key element of our growth strategy and the reason we formed our Global Training division and acquired Bristow Academy in April 2007 and a flight school in Louisiana in November 2007 which was renamed Bristow Academy, New Iberia Campus. 38

39 Growth Update Key Financial Performance Measures 6. We manage our aircraft fleet using ROCE, which is computed as EBITDA (income from continuing operations plus interest expense, income taxes, depreciation and amortization) divided by the sum of the fair value of our consolidated aircraft and related working capital (estimated at 10% of the aircraft value plus 30 days of revenue) plus our investment in unconsolidated affiliates. When estimating the fair market value of our aircraft for this purpose, we use a variety of sources including previously announced aircraft sales and values published by independent valuation sources such as helivalues.com. 7. Country specific ROCE hurdle rates have been established by applying factors related to political, economic and credit risks to our weighted average cost of capital. These ROCE hurdle rates allow us to apply a portfolio approach to our fleet management with rates ranging from slightly below our strategic goal of 20% in our most mature and stable markets to the upper 20% s in markets with the greatest risks. 8. Business unit operating margins are explained in detail for historical periods in the MD&A section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 39

40 Growth Update Fleet Expansion Plans 9. At December 31, 2007, we had 28 aircraft on order and 34 aircraft under option with remaining capital expenditures of $345 million and $473 million, respectively. The estimated timing of delivery of these aircraft is disclosed on slide We also periodically purchase aircraft from manufacturers for which we previously did not have an aircraft purchase option. 11. New aircraft cost approximately $0.3 million, $2 to $4 million, $7 to $9 million and $22 to $26 million for training, small, medium and large sized aircraft, respectively. 12. We expense aircraft maintenance costs as incurred. Therefore, non-aircraft capital expenditures are limited to infrastructure related improvements (e.g. aircraft facilities, training centers and technology, including flight simulators). 40

41 Growth Update Fleet Rationalization 13. When an aircraft comes off contract with a customer, an economic evaluation is made of available alternatives, including consideration of customer needs, maintenance requirements, new and renewal contract opportunities and aircraft sales opportunities (entire aircraft or parts) opportunities. We operate over 100 aircraft that are older than 25 years, which although well maintained, safely operated and in high demand, have been and are expected to continue to be the most likely candidates for future sales. 14. Accordingly, over the next five years, Bristow may add close to 100 new aircraft to our consolidated fleet, but may also sell a similar number. The expected growth in the company is through improved pricing and an increase in fleet capacity, measured in revenue and profit generating ability of the fleet due to a higher mix of large and medium sized aircraft, and not necessarily as a result of a higher fleet count. 15. In the near term, we expect to continue to be able to realize gains on aircraft sales due to the current tightness in the market for used aircraft. 41

42 Growth Update Capital Structure, Uses of Cash 16. The capital structure as of December 31, 2007 was approximately 44% adjusted leverage (calculated as the sum of debt, aircraft leases and the U.K. unfunded pension obligation divided by book capitalization, which is the total of the previous amounts plus minority interest and stockholders investment). See slide 36 for a reconciliation of leverage, as calculated from our December 31, 2007 balance sheet, to adjusted leverage. Our leverage is expected to decline over time as higher earnings are generated from aircraft for which we have raised capital and made progress payments, but have not yet deployed into our fleet. We plan to maintain no more than 50% adjusted leverage. 17. If market demand continues to support it, we expect to continue exercising aircraft purchase options and also may acquire additional aircraft purchase options in the future. 18. Cash on hand, cash flow from operations and available borrowing capacity under the $100 million revolving credit facility are estimated to provide sufficient capital to exercise all of the current aircraft purchase options over the next five years without the need for additional capital. 19. However, if the company elects to make any significant acquisitions or purchase substantially more aircraft than currently available under the aircraft purchase options, then additional capital may be necessary. Tax Rate 20. The effective tax rate for FY08, which ends March 31, 2008, is anticipated to be approximately 33%. The anticipated effective tax rate for FY09 is expected to be between 32% and 33%. 42

43 Growth Update Bristow Group - Aircraft Purchase Orders as of December 31, 2007 Aircraft Class Delivery Quarter Expected Division Contracted 2 Training March 2008 Global Training Division N/A 2 Large March 2008 Eastern Hemisphere 2 of 2 2 Medium June 2008 Western Hemisphere 1 of 2 1 Large June 2008 Western Hemisphere 1 of 1 1 Medium June 2008 Eastern Hemisphere 0 of 1 1 Large June 2008 Eastern Hemisphere 1 of 1 1 Large September 2008 Eastern Hemisphere 0 of 1 1 Large December 2008 Western Hemisphere 0 of 1 3 Medium December 2008 Eastern Hemisphere 0 of 3 6 Large December 2008 Eastern Hemisphere 3 of 6 1 Large March 2009 Eastern Hemisphere 0 of 1 2 Medium June 2009 Eastern Hemisphere 0 of 2 3 Large June 2009 Eastern Hemisphere 0 of 3 1 Large September 2009 Eastern Hemisphere 0 of 1 1 Medium December 2009 Eastern Hemisphere 0 of 1 28 Note: Time from delivery to first operation is in general 30 to 60 days. Total Contracted = 8 of 26 non-training aircraft Bristow Group - Aircraft Purchase Options as of December 31, 2007 Aircraft Class Delivery Quarter Expected Division 1 Medium September 2009 Eastern Hemisphere 1 Large September 2009 Eastern Hemisphere 4 Large December 2009 Eastern Hemisphere 1 Medium March 2010 Western Hemisphere 1 Medium March 2010 Eastern Hemisphere 1 Large March 2010 Eastern Hemisphere 2 Medium June 2010 Western Hemisphere 1 Medium June 2010 Eastern Hemisphere 3 Large June 2010 Eastern Hemisphere 1 Medium September 2010 Western Hemisphere 1 Medium September 2010 Eastern Hemisphere 1 Large September 2010 Eastern Hemisphere 1 Medium December 2010 Western Hemisphere 1 Medium December 2010 Eastern Hemisphere 2 Large December 2010 Eastern Hemisphere 1 Medium March 2011 Western Hemisphere 1 Medium June 2011 Western Hemisphere 1 Medium June 2011 Eastern Hemisphere 1 Medium September 2011 Western Hemisphere 1 Medium September 2011 Eastern Hemisphere 1 Medium December 2011 Western Hemisphere 1 Medium March 2012 Western Hemisphere 1 Medium June 2012 Western Hemisphere 1 Medium June 2012 Eastern Hemisphere 1 Medium September 2012 Western Hemisphere 1 Medium September 2012 Eastern Hemisphere 1 Medium December 2012 Western Hemisphere 34 Note: Time from delivery to first operation is in general 30 to 60 days. 43