Shipbuilding market in France. Property of Belon Trade Consulting 1

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1 Shipbuilding market in France Property of Belon Trade Consulting 1

2 Exporting in the World France? Risk of non payment from the company from A1= very low to D= very high Low risk for both Finland and France Source: COFACE 2017 French government agency Property of Belon Trade Consulting 2

3 Shipbuilding Industry in France Shipbuilding industry: 10,5 billon persons oil & gas industry: about persons Shipbuilding/ship repair passenger/cruise ships and ferries: STX France, PIRIOU, SOCARENAM, CMN, Chantiers Navals de Marseille. Shipbuilding - Leasure boats: Jeanneau- Beneteau Shipbuilding -military defense : Naval Group 5th strongest world power (US, China, Japan and Germany) 5th strongestmilitarypower (US, China, India, ex æquo withuk) France is the 2nd largest maritime domain in the world after USA 80% cruise ships areexported! (Source: baromètre LCL, June2017) Very strategic because STX yard is also building for the French Navy Property of Belon Trade Consulting 3

4 Shipbuilding industry in France Direct employment Number of companies working in the industry Property of Belon Trade Consulting 4

5 Maritime business in France Shipowners Carnival, RCCL, MSC, French Navy, French shipowner -Bourbon off-shore -CMA CGM Marseille Head Office -Louis Drefus armateurs- Ponant SA - Setaf-Saget Unishipping-EVERGAS/JACCAR Shipbuilders STX St Nazaire DCNS PIRIOU Groupe Naval + PIROU : KERSHIP SOCARENAM CMN : Constructions mécaniques de Normandie Ship repair yards Chantiersnavalsde Marseille DAMEN Brest & Dunkirk Institutions State, region, department, research institutes etc Oil & Gas TOTAL SA MAUREL et PROM PERENCO Clusters Cluster maritime Français Néopolia GICAN Bretagne pole naval Pôle naval de Méditerranéen Designer & engineering STX Solutions AD Industrie Segola Technologies SHIP-ST ALPHA TECHNIQUES Arco Marine Marine consultants AMERALYS : Designer and interior EUROTECHNIA : technical assistance Emobilia: assistance to settle down in France Big Turn Key Contractors Leroy VINCI CONSTRUCTION SOFRESID Eiffel Industrie Marine GESTAL AD Industrie SNEF NAVTIS Property of Belon Trade Consulting 5

6 STX France, the new configuration, requirements and warnings Property of Belon Trade Consulting 6

7 Soonto beownedby Fincantieri Specialist in Cruise ships or big sized ship for the French Navy (working as subcontractor for Groupe Naval ex DCNS). Customers: MSC, RCCL-RCI Staff: employees and rising all the time Subcontractors: over companies Turn over 2016: Million Order book full till 2026 CEO of the company: Laurent Casting Property of Belon Trade Consulting 12/3/2017 7

8 Fincantieri St Nazaire Fincantieri +1 % French State Naval Group Ex DCNS French group of compagnies Employees 50 % 33,3 % 10 % 3 % 2 % Fincantieri France? Sister companies Orders of big sized cruise ships till 2026 St Nazaire Shipyard Shipbuilding site - Big size ships MRE- Electrical sub station & jackets Design for STX France but not only France Solutions Engineering and design Maintenance of the French Mistral ships France Services Maintenance Property of Belon Trade Consulting 8 8

9 St Nazaire Order book for Cruise ships Types of ship Owner Code name Confirmed/options Characteristics Delivery dates Oasis series RCCL/RCI B, C34 confirmed 360 m 6360 passengers 2700 PAX cabins Meraviglia/ plus series MSC cruises E,F+ G,H options (+17 m +200 cabins) 315,83 m 5714 passengers 2244 PAX cabins Edgeclass RCCL/RCI J,K+L,H options 300 m 2900 passengers 1450 cabins - World class MSC cruises WC(no code yet) options 335 m 5400 passengers 2750 cabins April2018-mid 2021 Summer Autumn Mid Property of Belon Trade Consulting 9

10 Oasis Series Harmony of the Seas, A34 delivered in May 2016 Symphony of the Seas, B34 delivery due in March 2018 Oasis of the Seas V, C34 work starting in 2019 Value of the ship 900 M What is in it for the Finns! Balconies Floorings Engines Energy saving systems Lifts Service lifts Outfitting High fog systems Electrician Interior fitting Exhaust pipes Automation systems Windows Doors, fire doors, sliding doors More than 130 Million Euros of turnover About 30 to 40 Finnish companies Opportunities can still arose for the third ship C 34, delivery in ,4 % is Finnish! Order for Oasis V is confirmed. Request for quotation will be released in Property of Belon Trade Consulting 10

11 2 Meraviglia cruise ships for MSC + 2 Meraviglia Plus (+17m +200 cabins) Value of the ship About 700 millions Euros (each) Description 315m Grt 2250 cabins passagers 2 EDGE Cruise Ships for Celebrity Cruises + 2 options 2 World Class for MSC Cruises + 2 options Value of the ship About 600 to 700 millions Euros (each) Description 300 m Grt cabins passagers Value of the ship About 800 millions Euros (each) Description 335 m Grt cabins passagers Property of Belon Trade Consulting 11

12 St Nazaire Order book for other projects Period of time Order in July 2015 to be delivered in 2016 Type of project Confirmed order for 2 offs-shore electrical substations P34 type Customer: unknown but from Northern Europe Future expected projects:more than 20off-shoremaritime renewable energy project are quoted per year : either jackets or entire substation. Delays are caused by late decisions of the government to implement offshore wind farms Maintenance contract with DCNS: 3 BPC military ships (helicopter carriers builtin St Nazaire) 10/02/2016 Property of Belon Trade Consulting 12

13 What are the purchasers like at St Nazaire yard? They are looking at the best quality for the cheapest price Valuing the know-how Payment conditions are reasonable: down payment at the order, regular invoicing possible along the project, at 45 days end of the month (max 60 days) They might consider to work with Turn-key project due to the lack of resources and time! Not buying from Asia anymore : too much risk and delay They have the experience of the Oasis and know better how to work with Finns. They expect you to read all specifications and terms: a lot of information is not on the drawings The purchasers rely on their technical specialists There are many purchasers Property of Belon Trade Consulting 13

14 What impact will the new configuration have? Till the end of the year not much In January and February the negotiations will take place between the partners in order to set the new values and new process. No important decision concerning purchasing will occure, everything is going to be very slow. Fincantierihas promised not to change much and still does not hold the majority for now. The French states still hold 33% of the shares and will keep the VETO right if needed forbidding Fincantieri to eliminate a competitor or delocalize the production in Italy or China. Property of Belon Trade Consulting 14

15 Other things that have changed Property of Belon Trade Consulting 15

16 Fincantieri and Naval Group Naval Group (Ex.DCNS) is the military shipyard the famous BPC (Russian helicopter ships ) were under their order book but have been build in St Nazaire because of their big size Fincantieriand Naval Group already have a common agenda and range of product such as the Horizon frigates. They are becoming partners on 2 sites one for the military and St Nazaire Cruise ship. CEO Fincantieri,Giuseppe Bono(left) HervéGuillou, Naval Group Chairman(right) MER ET MARINE -VINCENT GROIZELEAU 12/3/2017 Property of Belon Trade Consulting 16

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18 MILITARY SHIP YARD Web site: Main activities: shipbuilding for defense and military Owners: state 64% -Thalès: 34% Services for naval shipyards and bases. Civil nuclear engineering Marine renewable energy Where: all over France and worldwide presence. Staff: persons Annual revenues: 2,6 billon Property of Belon Trade Consulting 18

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21 Marie-Zoé Belon-Laitinen Pyydyskalliontie Littoinen Finland Tel: Tel: marie@belontradeconsulting.fi Property of Belon Trade Consulting 21