Adjusted annual revenues increased 1.1% to
€1,437 million at current rates, remained resilient during the
prolonged oil industry downturn
PARIS, Feb. 3, 2016
(GLOBE NEWSWIRE) --
- 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
- BOURBON's results will continue to be influenced by the €/US$
exchange rate
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
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