Paris, February 3, 2016
BOURBON Annual & 4
th Quarter 2015
Revenues Adjusted annual revenues increased 1.1% to €1,437 million
at current rates, remained resilient during the prolonged oil
industry downturn
-
Regionally, adjusted revenues in 2015 in Africa
continued to be resilient, steady versus the prior year and in the
Americas, adjusted revenues increased almost 40% partly due to
additional vessels in the fleet, while adjusted revenues in Asia
continued to decline (-19%)
-
Adjusted revenues were positively impacted by
foreign exchange rates with an increase of 1.1% at current rates in
2015 compared with 2014, and decreased 8.6% at constant rates
-
Average daily rates declined for the year in all
segments of Marine Services, reflecting the impact of the difficult
market conditions throughout the year
-
Average utilization rates excluding crew boats
in the 4th quarter
declined more than 10 points versus the prior year period; average
utilization rates were steady versus the 3rd quarter
2015
2015 figures are unaudited
In € millions, unless otherwise noted |
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Operational indicators |
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
508.0 |
497.5 |
+2.1% |
502.8 |
503.0 |
492.2 |
+2.2% |
Number of
vessels (end of period)** |
511 |
505 |
+6
vessels |
507 |
511 |
505 |
+6
vessels |
Average
utilization rate (%) |
72.1% |
81.7% |
-9.6 pts |
73.7% |
75.5% |
81.0% |
-5.5 pts |
Average
daily rate (US$/day) |
10,781 |
12,429 |
-13.3% |
11,167 |
11,381 |
12,254 |
-7.1% |
(*) FTE: Full
Time Equivalent.
(**) Vessels operated by BOURBON (including
vessels owned or on bareboat charter).
Adjusted Revenues (a) |
|
|
|
|
|
|
|
Marine
Services |
275.7 |
314.3 |
-12.3% |
279.0 |
1,166.7 |
1,155.9 |
+0.9% |
Deepwater offshore vessels |
106.1 |
111.4 |
-4.7% |
101.9 |
431.5 |
411.7 |
+4.8% |
Shallow water offshore vessels |
103.0 |
127.8 |
-19.4% |
107.2 |
449.8 |
455.7 |
-1.3% |
Crew boats |
66.6 |
75.0 |
-11.3% |
69.9 |
285.5 |
288.5 |
-1.0% |
Subsea
Services |
53.3 |
67.6 |
-21.1% |
61.0 |
252.3 |
244.2 |
+3.3% |
Other |
5.2 |
6.6 |
-21.8% |
4.1 |
18.1 |
21.0 |
-13.8% |
Total adjusted revenues
(change at constant rates) |
334.2
|
388.5
|
-14.0%
-17.5% |
344.1
|
1,437.1
|
1,421.1
|
+1.1%
-8.6% |
IFRS 11
impact*** |
(26.1) |
(25.5) |
|
(23.8) |
(107.5) |
(74.7) |
|
Group TOTAL |
308.1 |
363.0 |
-15.1% |
320.2 |
1,329.6 |
1,346.4 |
-1.2% |
(***) Effect of
consolidation of jointly controlled companies using the equity
method.
(a) See page 2.
Average utilization rate (excl. Crew boats) |
76.7% |
87.5% |
-10.8 pts |
76.0% |
79.1% |
87.7% |
-8.6 pts |
Average
daily rate (excl. Crew boats US$/d) |
16,809 |
19,871 |
-15.4% |
17,858 |
18,089 |
19,658 |
-8.0% |
"In 2015, BOURBON
achieved adjusted revenues of €1,437 million, showing resiliency
despite a very difficult market", says Christian Lefèvre, Chief Executive Officer of
BOURBON. "As the industry remains in this
prolonged downturn, BOURBON remains focused on what it can control:
safety, cost control initiatives and operational
efficiency".
(a) Adjusted
data:
The adjusted financial information is presented by
Activity and by Segment based on the internal reporting system and
shows internal segment information used by the principal operating
decision maker to manage and measure the performance of BOURBON
(IFRS 8). As of January 1, 2015, the internal reporting (and thus
the adjusted financial information) records the performance of
operational joint ventures on which the group has joint control
using the full integration method. Adjusted comparative figures are
restated accordingly.
OPERATIONAL
HIGHLIGHTS
-
The focus on safety continues to place BOURBON's
performance among the leaders in the sector, with a TRIR (Total
Recordable Incident Rate per million hours worked) improving to
0.55
-
BOURBON's proactive cost reduction campaign
remains a priority which is reflected in the stacking of vessels
during the year, enabling BOURBON to reduce vessel operating costs
and drydock maintenance program; on December 31, 2015, there were
44 supply vessels stacked
-
With the delivery of 16 vessels in 2015, BOURBON
has reached the end of its newbuilding programs, and the associated
large capital expenditures, with only 3 supply vessels remaining to
be delivered in 2016
-
The strategy of staying close to, and listening
to its clients has enabled BOURBON to preserve its utilization
rates, with average utilization rates in 2015 declining less than 5
points compared to the prior year for the Marine Services fleet of
488 vessels
-
Average utilization rates in Subsea were
strongly affected by the reduced activity, especially in Q4 2015 by
reductions in activity in the Middle East and the monsoon season in
Asia; the average utilization rate declined 19 points for the full
year versus the prior year
MARINE SERVICES
|
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Adjusted Revenues (in € millions) |
275.7 |
314.3 |
-12.3% |
279.0 |
1,166.7 |
1,155.9 |
+0.9% |
Number of
vessels (end of period)* |
488 |
483 |
+5 vessels |
484 |
488 |
483 |
+5 vessels |
Average
utilization rate |
73.0% |
81.7% |
-8.7 pts |
74.1% |
75.9% |
80.8% |
-4.9 pts |
* Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Adjusted revenues increased
slightly in 2015 versus the prior year due in part to a positive
foreign exchange impact and additional vessels entering the fleet
in Deepwater and Crew boat segments. 4th quarter 2015
average utilization rates only declined slightly versus the
3rd quarter 2015
and the full year average utilization rate declined less than 5
points, showing good resistance in a global market downturn.
Marine Services: Deepwater offshore vessels
|
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Adjusted Revenues (in € millions) |
106.1 |
111.4 |
-4.7% |
101.9 |
431.5 |
411.7 |
+4.8% |
Number of
vessels (end of period)* |
88 |
79 |
+9 vessels |
86 |
88 |
79 |
+9 vessels |
Average
utilization rate |
82.6% |
85.8% |
-3.2 pts |
79.8% |
83.1% |
86.9% |
-3.8 pts |
Average
daily rate (US$/day) |
18,360 |
23,093 |
-20.5% |
19,518 |
19,804 |
22,967 |
-13.8% |
* Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
The increase in adjusted annual
revenues compared with 2014 was primarily due to the positive
foreign currency effect and the average utilization rate increase
in Africa, where more than half of the deepwater fleet is
located. During 2015, there were up to 10 vessels stacked at
its maximum point, thus reducing the average utilization rate
compared to the prior year. Compared to the 3rd
quarter, utilization rates increased due to stable activity and
fewer vessels in drydock maintenance in the 4th
quarter.
Marine Services: Shallow water offshore vessels
|
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Adjusted Revenues (in € millions) |
103.0 |
127.8 |
-19.4% |
107.2 |
449.8 |
455.7 |
-1.3% |
Number of
vessels (end of period)* |
133 |
139 |
-6 vessels |
134 |
133 |
139 |
-6 vessels |
Average
utilization rate |
76.5% |
89.1% |
-12.6 pts |
75.5% |
78.7% |
88.6% |
-9.9 pts |
Average
daily rate (in US$/day) |
12,205 |
14,452 |
-15.5% |
12,880 |
13,137 |
14,177 |
-7.3% |
* Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Adjusted revenues for the year
declined by only 1.3% compared with 2014 due to a combination of
positive foreign exchange rate impacts and a better resistance in
the shallow water market compared with the deepwater market. Up to
24 vessels were stacked during 2015, contributing to a nearly 10
point decline in average utilizations rate for the full year
compared to the prior year. Overall, there was a slight increase in
the average utilization rate compared with the 3rd
quarter, partly due to better performance of the maintenance
program in the 4th quarter of
2015.
Marine Services: Crew boat vessels
|
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Adjusted Revenues (in € millions) |
66.6 |
75.0 |
-11.3% |
69.9 |
285.5 |
288.5 |
-1.0% |
Number of
vessels (end of period) |
267 |
265 |
+2 vessels |
264 |
267 |
265 |
+2 vessels |
Average
utilization rate |
68.0% |
76.7% |
-8.7 pts |
71.5% |
72.3% |
75.4% |
-3.1 pts |
Average
daily rate (in US$/day) |
4,530 |
5,067 |
-10.6% |
4,632 |
4,697 |
5,100 |
-7.9% |
The Crew boat segment is
resilient, especially in a time of market crisis, due to it being a
cost effective alternative to the use of helicopters. Full year
adjusted revenues in 2015 were stable versus the prior year, with
the positive foreign exchange impact offsetting the reductions in
average utilization rates and average daily rates. The larger
impact of the market downturn was on the FSIVs with both average
utilization rates and average daily rates declining more for these
vessels than for the smaller crew boats in the fleet.
Subsea Services
|
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Adjusted Revenues (in € millions) |
53.3 |
67.6 |
-21.1% |
61.0 |
252.3 |
244.2 |
+3.3% |
Number of
vessels (end of period)* |
22 |
21 |
+1 vessel |
22 |
22 |
21 |
+1 vessel |
Average
utilization rate |
54.0% |
82.8% |
-28.8 pts |
64.3% |
65.8% |
85.0% |
-19.2 pts |
Average
daily rate (in US$/day) |
47,232 |
48,063 |
-1.7% |
47,657 |
48,365 |
47,470 |
+1.9% |
* Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Adjusted revenues for 2015
increased partly due to the positive foreign exchange impact
offsetting the reduction in activity, most notably in the second
half of the year. There were up to 10 Subsea vessels stacked during
2015, having a significant negative impact on the average
utilization rate. Average daily rates for the year increased due to
the mix effect of the larger new vessels that joined the fleet at
the end of 2014 and in the first half of 2015.
Other
|
Quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Var 2015/
2014 |
Q3
2015 |
2015 |
2014
(restated) |
Var 2015/
2014 |
Adjusted Revenues (in € millions) |
5.2 |
6.6 |
-21.8% |
4.1 |
18.1 |
21.0 |
-13.8% |
Activities included are those that
do not fit into either Marine Services or Subsea Services. Making
up the majority of the total are earnings from such items as
miscellaneous ship management activities, logistics as well as from
the cement carrier Endeavor.
OUTLOOK
In a deteriorating offshore oils
services market, the demand for offshore service vessels is
decreasing. BOURBON will strive to maintain a high utilization of
its fleet in operation (excluding stacked vessels), relying on its
worldwide commercial network. The group will continue to
temporarily stack up to 20% of its vessels which have no
anticipated activity in the medium term in order to reduce its
operating costs.
It is in this context that BOURBON's strategy of operating a modern
and standardized fleet for international clients, relying on a
network of local partners is a factor of resilience and
differentiation.
ADDITIONAL INFORMATION
FINANCIAL CALENDAR
2015
Annual Results press release and presentation |
March
10, 2016 |
2016 1st Quarter
financial information press release |
May 4, 2016 |
Annual Shareholder's Meeting |
May 26, 2016 |
APPENDIX Quarterly adjusted revenue breakdown
In millions of euros |
|
2015 |
|
2014 (restated) |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
275.7 |
279.0 |
299.8 |
312.2 |
|
314.3 |
289.8 |
277.5 |
274.3 |
Deepwater offshore vessels |
|
106.1 |
101.9 |
109.6 |
113.8 |
|
111.4 |
106.3 |
98.9 |
95.1 |
Shallow water offshore
vessels |
|
103.0 |
107.2 |
116.1 |
123.5 |
|
127.8 |
112.9 |
108.3 |
106.6 |
Crew boats |
|
66.6 |
69.9 |
74.2 |
74.9 |
|
75.0 |
70.6 |
70.3 |
72.6 |
Subsea
Services |
|
53.3 |
61.0 |
70.9 |
67.1 |
|
67.6 |
65.7 |
56.2 |
54.6 |
Other |
|
5.2 |
4.1 |
4.5 |
4.3 |
|
6.6 |
6.1 |
4.2 |
4.1 |
Total adjusted revenues |
|
334.2 |
344.1 |
375.2 |
383.6 |
|
388.5 |
361.7 |
337.9 |
333.0 |
IFRS 11
impact* |
|
(26.1) |
(23.8) |
(30.1) |
(27.4) |
|
(25.5) |
(20.8) |
(15.3) |
(13.0) |
TOTAL CONSOLIDATED |
|
308.1 |
320.2 |
345.1 |
356.3 |
|
363.0 |
340.8 |
322.6 |
320.0 |
* Effect of
consolidation of joint ventures using the equity method.
Quarterly average utilization rates for the BOURBON offshore fleet
In % |
|
2015 |
|
2014 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
73.0 |
74.1 |
77.4 |
79.2 |
|
81.7 |
79.4 |
80.0 |
82.4 |
Deepwater offshore vessels |
|
82.6 |
79.8 |
84.0 |
86.0 |
|
85.8 |
85.7 |
87.2 |
88.6 |
Shallow water offshore
vessels |
|
76.5 |
75.5 |
78.3 |
84.5 |
|
89.1 |
86.6 |
87.8 |
91.2 |
Crew boats |
|
68.0 |
71.5 |
75.0 |
74.4 |
|
76.7 |
74.0 |
74.3 |
76.6 |
Subsea
Services |
|
54.0 |
64.3 |
70.2 |
75.9 |
|
82.8 |
81.1 |
83.9 |
94.4 |
"Total fleet excluding Crew boats" |
|
76.7 |
76.0 |
79.5 |
84.3 |
|
87.5 |
85.8 |
87.3 |
90.6 |
"Total fleet" average utilization rate |
|
72.1 |
73.7 |
77.1 |
79.1 |
|
81.7 |
79.4 |
80.2 |
82.8 |
Quarterly average daily rates for the BOURBON offshore fleet
In US$/day |
|
2015 |
|
2014 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Deepwater
offshore vessels |
|
18,360 |
19,518 |
20,286 |
21,942 |
|
23,093 |
23,887 |
23,219 |
22,839 |
Shallow water offshore vessels |
|
12,205 |
12,880 |
13,507 |
13,882 |
|
14,452 |
14,152 |
14,006 |
14,199 |
Crew
boats |
|
4,530 |
4,632 |
4,732 |
4,934 |
|
5,067 |
5,113 |
5,197 |
5,323 |
Subsea
Services |
|
47,232 |
47,657 |
48,847 |
50,118 |
|
48,063 |
50,992 |
46,868 |
45,407 |
"Total fleet excluding Crew boats" average
daily
rate |
|
16,809 |
17,858 |
18,640 |
19,301 |
|
19,871 |
20,247 |
19,588 |
19,497 |
Quarterly number of vessels (end of period)
In number of vessels* |
|
2015 |
|
2014 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
488 |
484 |
483 |
479 |
|
483 |
481 |
481 |
479 |
Deepwater offshore vessels |
|
88 |
86 |
82 |
79 |
|
79 |
75 |
74 |
73 |
Shallow water offshore
vessels |
133 |
134 |
138 |
138 |
139 |
135 |
133 |
130 |
Crew boats |
267 |
264 |
263 |
262 |
265 |
271 |
274 |
276 |
Subsea
Services |
|
22 |
22 |
22 |
21 |
|
21 |
19 |
19 |
18 |
FLEET TOTAL |
|
510 |
506 |
505 |
500 |
|
504 |
500 |
500 |
497 |
* Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Quarterly deliveries of vessels
In number of vessels |
|
2015 |
|
2014 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine
Services |
|
5 |
6 |
4 |
0 |
|
10 |
5 |
8 |
12 |
Deepwater offshore vessels |
|
2 |
4 |
3 |
0 |
|
5 |
1 |
1 |
2 |
Shallow water offshore
vessels |
0 |
0 |
0 |
0 |
4 |
2 |
3 |
6 |
Crew boats |
3 |
2 |
1 |
0 |
1 |
2 |
4 |
4 |
Subsea
Services |
|
0 |
0 |
1 |
0 |
|
2 |
0 |
1 |
2 |
FLEET TOTAL |
|
5 |
6 |
5 |
0 |
|
12 |
5 |
9 |
14 |
Yearly adjusted revenue breakdown
In millions of euros |
|
Full Year |
|
2015 |
2014 (restated) |
Marine
Services |
|
1,166.7 |
1,155.9 |
Deepwater offshore vessels |
|
431.5 |
411.7 |
Shallow water offshore
vessels |
|
449.8 |
455.7 |
Crew boats |
|
285.5 |
288.5 |
Subsea
Services |
|
252.3 |
244.2 |
Other |
|
18.1 |
21.0 |
Total adjusted revenues |
|
1,437.1 |
1,421.1 |
IFRS 11
impact* |
|
(107.5) |
(74.7) |
TOTAL CONSOLIDATED |
|
1,329.6 |
1,346.4 |
* Effect of
consolidation of joint ventures using the equity method.
Yearly average utilization rates for the BOURBON offshore fleet
In % |
|
Full Year |
|
2015 |
2014 |
Marine
Services |
|
75.9 |
80.8 |
Deepwater offshore vessels |
|
83.1 |
86.9 |
Shallow water offshore
vessels |
|
78.7 |
88.6 |
Crew boats |
|
72.3 |
75.4 |
Subsea
Services |
|
65.8 |
85.0 |
"Total fleet excluding Crew boats" |
|
79.1 |
87.7 |
"Total fleet" average utilization rate |
|
75.5 |
81.0 |
Yearly average daily rates for the BOURBON offshore fleet
In US$/day |
|
Full Year |
|
2015 |
2014 |
Deepwater
offshore vessels |
|
19,804 |
22,967 |
Shallow
water offshore vessels |
|
13,137 |
14,177 |
Crew
boats |
|
4,697 |
5,100 |
Subsea
Services |
|
48,365 |
47,470 |
"Total fleet excluding Crew boats" average daily
rate |
|
18,089 |
19,658 |
Yearly deliveries of vessels
In number of vessels |
|
Full Year |
|
2015 |
2014 |
Marine
Services |
|
15 |
35 |
Deepwater Offshore vessels |
|
9 |
9 |
Shallow water Offshore |
0 |
15 |
Crew boats |
6 |
11 |
Subsea
Services |
|
1 |
5 |
FLEET TOTAL |
|
16 |
40 |
Breakdown of BOURBON adjusted revenues by geographical region
In millions of euros |
4th
quarter |
Full Year |
Q4 2015 |
Q4
2014
(restated) |
Change |
2015 |
2014
(restated) |
Change |
Africa |
193.3 |
227.2 |
-14.9% |
814.3 |
817.7 |
-0.4% |
Europe
& Mediterranean/Middle East |
45.5 |
65.3 |
-30.3% |
215.0 |
235.9 |
-8.8% |
Americas |
62.6 |
49.6 |
+26.2% |
263.8 |
189.3 |
+39.3% |
Asia |
32.9 |
46.4 |
-29.1% |
144.1 |
178.2 |
-19.2% |
Other key indicators Quarterly breakdown
|
|
2015 |
|
2014 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average
€/US$ exchange rate for the quarter (in €) |
|
1.10 |
1.11 |
1.11 |
1.13 |
|
1.25 |
1.33 |
1.37 |
1.37 |
€/US$
exchange rate at closing
(in €) |
|
1.09 |
1.12 |
1.12 |
1.08 |
|
1.21 |
1.26 |
1.37 |
1.38 |
Average
price of Brent for the quarter
(in US$/bbl) |
|
44 |
50 |
62 |
54 |
|
76 |
102 |
110 |
108 |
Annual breakdown
|
|
Full Year |
|
2015 |
2014 |
Average
12-month €/US$ exchange rate (in €) |
|
1.11 |
1.33 |
€/US$
exchange rate at closing (in €) |
|
1.09 |
1.21 |
Average
12-month price of Brent (in US$/bbl) |
|
52 |
99 |
About
BOURBON
Among the market
leaders in marine services for offshore oil & gas, BOURBON
offers the most demanding oil & gas companies a wide range of
marine services, both surface and sub-surface, for offshore oil
& gas fields and wind farms. These extensive services rely on a
broad range of the latest-generation vessels and the expertise of
more than 11,000 skilled employees. Through its 28 operating
subsidiaries the group provides local services as close as possible
to customers and their operations throughout the world, of the
highest standards of service and safety.
BOURBON provides
two operating Activities (Marine Services and Subsea Services) and
also protects the French coastline for the French Navy.
In 2015,
BOURBON'S revenue came to €1,329.6 million and the company operated
a fleet of 511 vessels as of December 31, 2015. Under the "BOURBON
2015 Leadership Strategy" plan, the group has built a vast fleet of
innovative, high-performance mass produced offshore
vessels.
Placed by ICB
(Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON
Investor Relations,
analysts, shareholders
James Fraser, CFA
+33 491 133 545
james.fraser@bourbon-online.com
Corporate
Communications
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations agency
Publicis Consultants
Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
PDF version
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BOURBON via Globenewswire
HUG#1983177