Paris, February 9, 2017
BOURBON Annual & 4th Quarter 2016
Revenues
Adjusted revenues reached €1.1 billion in
2016, a decrease of 23.3% compared with 2015 in a strongly
declining market
The decline in adjusted revenues was limited
to 5.7% in the 4th quarter compared with previous quarter; adjusted
revenues amounted to €244.4 million
- Despite the reduction in investment by oil companies for the
2nd year in a row resulting in a sharp decline in activity, BOURBON
recorded revenues of more than €1 billion.
- 4th quarter revenues reflect a further reduction in activity in
the Deep and Shallow offshore segments, a recovery of activity in
Subsea and, to a lesser extent, the anticipated recovery in Crew
boats.
- To maximize the utilization rate and revenue of vessels in
operation, BOURBON has maintained an active stacking policy. There
were 104 vessels stacked, excluding Crew boats, as of December 31,
2016.
|
Q4 2016 |
Q3 2016 |
Q2 2016 |
Q1 2016 |
2016 |
2015 |
Adjusted revenues (in € millions)Sequential change |
244.4-5.7% |
259.1-9.0% |
284.7-9.5% |
314.5 |
1,102.6-23.3% |
1,437.1 |
Average utilization rate (excl. Crew boats)Deepwater offshore
vesselsShallow water offshore vesselsSubsea |
52.1%60.5%44.6%63.3% |
58.3%66.4%53.1%57.0% |
64.5%69.7%62.5%56.0% |
71.7%77.2%71.3%52.3% |
61.6%68.4%57.9%57.1% |
79.1%83.1%78.7%72.3% |
Average daily rate (excl. Crew boats US$/j) |
15,081 |
15,260 |
15,265 |
16,299 |
15,466 |
18,089 |
"The rise in oil prices and production
limitation agreements are expected to have a favorable effect on
oil companies' investments. However, the anticipated effect on
offshore activity will be delayed in time, as new investments
recovered initially in onshore operations", declared Jacques de
Chateauvieux, Chairman and CEO of BOURBON Corporation.
"In this context, BOURBON is strengthening
the diversification of its service offerings and building on its
network of local partners across the world. Beyond the "Stronger
for longer" action plan, our teams are working on innovative
solutions to meet the expectations of our customers who are
changing their operations to adapt to an oil price under $60".
2016 figures are unaudited In € millions,
unless otherwise noted |
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2016 |
2015 |
Var 2016/ 2015 |
Operational indicators |
|
|
|
|
|
|
|
Number of vessels (FTE)* |
514.0 |
508.0 |
+1.2% |
513.0 |
511.4 |
503.0 |
+1.7% |
Number of vessels (end of period)** |
514 |
511 |
+3 vessels |
514 |
514 |
511 |
+3 vessels |
Average utilization rate (%) |
57.4% |
72.1% |
-14.7 pts |
59.7% |
62.7% |
75.5% |
-12.8 pts |
Average daily rate (US$/day) |
8,989 |
10,781 |
-16.6% |
9,494 |
9,586 |
11,381 |
-15.8% |
(*) FTE: Full Time Equivalent.(**) Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Adjusted Revenues (a) |
|
|
|
|
|
|
|
Marine Services |
182.9 |
275.7 |
-33.6% |
203.2 |
864.1 |
1,166.7 |
-25.9% |
Deepwater offshore vessels |
72.8 |
106.1 |
-31.4% |
81.4 |
337.0 |
431.5 |
-21.9% |
Shallow water offshore vessels |
50.1 |
103.0 |
-51.3% |
60.9 |
279.2 |
449.8 |
-37.9% |
Crew boats |
60.0 |
66.6 |
-9.8% |
60.8 |
247.8 |
285.5 |
-13.2% |
Subsea Services |
56.4 |
53.3 |
+5.7% |
50.0 |
217.2 |
252.3 |
-13.9% |
Other |
5.1 |
5.2 |
-2.0% |
5.9 |
21.3 |
18.1 |
+17.9% |
Total adjusted revenues(change at constant rates) |
244.4 |
334.2 |
-26.9%-28.1% |
259.1 |
1,102.6 |
1,437.1 |
-23.3%-23.2% |
IFRS 11 impact*** |
(20.0) |
(26.1) |
|
(19.4) |
(82.0) |
(107.5) |
|
Group TOTAL |
224.4 |
308.1 |
-27.2% |
239.7 |
1,020.6 |
1,329.6 |
-23.2% |
(***) Effect of consolidation of jointly
controlled companies using the equity method.
Average utilization rate (excl. Crew boats) |
52.1% |
76.7% |
-24.6 pts |
58.3% |
61.6% |
79.1% |
-17.5 pts |
Average daily rate (excl. Crew boats US$/d) |
15,081 |
16,809 |
-10.3% |
15,260 |
15,466 |
18,089 |
-14.5% |
(a) Adjusted data:The adjusted
financial information is presented by activity and by Segment based
on the internal reporting system and shows internal segment
information used by the principal operating decision maker to
manage and measure the performance of BOURBON (IFRS 8). As of
January 1, 2015, the internal reporting (and thus the adjusted
financial information) records the performance of operational joint
ventures on which the group has joint control using the full
integration method. Adjusted comparative figures are restated
accordingly.
MARINE SERVICES
|
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2016 |
2015 |
Var 2016/ 2015 |
Adjusted Revenues (in € millions) |
182.9 |
275.7 |
-33.6% |
203.2 |
864.1 |
1,166.7 |
-25.9% |
Number of vessels (end of period)* |
491 |
488 |
+3 vessels |
491 |
491 |
488 |
+3 vessels |
Average utilization rate |
57,1% |
73.0% |
-15.9 pts |
59.9% |
62.9% |
75.9% |
-13.0 pts |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Adjusted revenues continued to be affected by
the challenging market conditions and by the decrease in demand in
both Deepwater and Shallow water offshore. This was amplified by
the over-capacity of vessels in both of these segments, thereby
pulling daily rates downwards. However, the Crew boats segment
continued to prove resilient.
Marine Services: Deepwater offshore
vessels
|
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2016 |
2015 |
Var 2016/ 2015 |
Adjusted Revenues (in € millions) |
72.8 |
106.1 |
-31.4% |
81.4 |
337.0 |
431.5 |
-21.9% |
Number of vessels (end of period)* |
89 |
88 |
+1 vessel |
89 |
89 |
88 |
+1 vessel |
Average utilization rate |
60.5% |
82.6% |
-22.1 pts |
66.4% |
68.4% |
83.1% |
-14.7 pts |
Average daily rate (US$/day) |
15,526 |
18,360 |
-15.4% |
16,492 |
16,524 |
19,804 |
-16.6% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
The market conditions in Deepwater offshore
(particularly the over-capacity of vessels given an
ever-diminishing demand) have continued to impact daily rates and
utilization rates over the 4th quarter 2016, leading to a drop in
adjusted revenues. BOURBON has therefore decided to continue its
proactive cost-reduction measures with up to 27 vessels stacked
during the 4th quarter.
Marine Services: Shallow water offshore
vessels
|
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2016 |
2015 |
Var 2016/ 2015 |
Adjusted Revenues (in € millions) |
50.1 |
103.0 |
-51.3% |
60.9 |
279.2 |
449.8 |
-37.9% |
Number of vessels (end of period)* |
133 |
133 |
- |
133 |
133 |
133 |
- |
Average utilization rate |
44.6% |
76.5% |
-31.9 pts |
53.1% |
57.9% |
78.7% |
-20.8 pts |
Average daily rate (in US$/day) |
9,958 |
12,205 |
-18.4% |
10,365 |
10,848 |
13,137 |
-17.4% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Revenues for the 4th quarter 2016 continued to
experience the effects of a market lacking of new drilling or
maintenance projects in this segment (-8.5 pts on utilization rates
quarter on quarter). This affected all the regions in which BOURBON
operates, and most particularly West Africa and Asia.BOURBON
continued to adjust its costs to these market conditions over the
quarter by stacking up to 73 vessels.
Marine Services: Crew boat vessels
|
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2016 |
2015 |
Var 2016/ 2015 |
Adjusted Revenues (in € millions) |
60.0 |
66.6 |
-9.8% |
60.8 |
247.8 |
285.5 |
-13.2% |
Number of vessels (end of period) |
269 |
267 |
+2 vessels |
269 |
269 |
267 |
+2 vessels |
Average utilization rate |
62.2% |
68.0% |
-5.8 pts |
61.1% |
63.6% |
72.3% |
-8.7 pts |
Average daily rate (in US$/day) |
4,359 |
4,530 |
-3.8% |
4,473 |
4,394 |
4,697 |
-6.5% |
Adjusted revenues for the Crew boats segment
remained resilient in the 4th quarter 2016 compared with the
previous quarter. Demand continued to grow for large Crew boats,
which represent an economical alternative to helicopter
transportation. Average utilization rates, although still well
below 2015 rates, finally reached a plateau and showed a slight
increase quarter on quarter (+1.1%).
Subsea Services
|
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2015 |
2015 |
Var 2016/ 2015 |
Adjusted Revenues (in € millions) |
56.4 |
53.3 |
+5.7% |
50.0 |
217.2 |
252.3 |
-13.9% |
Number of vessels (end of period)* |
22 |
22 |
- |
22 |
22 |
22 |
- |
Average utilization rate |
63.3% |
54.0% |
+9.3 pts |
57.0% |
57.1% |
65.8% |
-8.7 pts |
Average daily rate (in US$/day) |
35,195 |
47,232 |
-25.5% |
37,182 |
38,624 |
48,365 |
-20.1% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
The Subsea activity experienced a 6.3 points
increase in its utilization rates compared with the previous
quarter; this reflects customers' confidence in BOURBON's teams and
in the vessels of the Bourbon Evolution 800 series, as well as in
the fleet of ROVs. Revenues followed this trend despite flagging
average daily rates.
BOURBON is pursuing its diversification strategy
with its partners in its traditional regions of operation by
expanding its range of activity: ROV construction support, diving,
floatel and well stimulation.
Other
|
Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Var 2016/ 2015 |
Q3 2016 |
2016 |
2015 |
Var 2016/ 2015 |
Adjusted Revenues (in € millions) |
5.1 |
5.2 |
-2.0% |
5.9 |
21.3 |
18.1 |
+17.9% |
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
2016 witnessed both a low point in oil prices,
dropping down to $26 in January 2016 and a high point at the end of
the year at $55. Growth in demand for oil and decisions by
oil-producing countries to reduce the level of production could
have a favorable impact on oil prices, thereby boosting
investments.
2017 would in that case see a gradual recovery
of maintenance activity on existing fields. Drilling is initially
picking up onshore, with the prospect of a recovery in the offshore
segment in late 2017 and 2018.
In this context, we expect to see continued
progress in utilization rates in the Subsea and Crew boats
segments. However, the Deepwater and Shallow water offshore
segments will continue to experience the effects of the low point
of the cycle in the first quarters of 2017.
BOURBON is therefore continuing its efforts to
streamline operations, reduce costs and preserve cash, with the
same objective of operational excellence.
ADDITIONAL INFORMATION
BOURBON's results will continue to be influenced
by the €/US$ exchange rate.
FINANCIAL CALENDAR
2016
Annual Results press release and presentation |
March 16,
2017 |
2017 1st
Quarter financial information press release |
May 4,
2017 |
Annual
Shareholder's Meeting |
May 23,
2017 |
APPENDIX
Quarterly adjusted revenue breakdown
In millions of euros |
|
2016 |
|
2015 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
182.9 |
203.2 |
218.5 |
259.5 |
|
275.7 |
279.0 |
299.8 |
312.2 |
Deepwater offshore vessels |
|
72.8 |
81.4 |
84.2 |
98.6 |
|
106.1 |
101.9 |
109.6 |
113.8 |
Shallow water offshore vessels |
|
50.1 |
60.9 |
73.6 |
94.6 |
|
103.0 |
107.2 |
116.1 |
123.5 |
Crew boats |
|
60.0 |
60.8 |
60.7 |
66.3 |
|
66.6 |
69.9 |
74.2 |
74.9 |
Subsea Services |
|
56.4 |
50.0 |
60.9 |
50.0 |
|
53.3 |
61.0 |
70.9 |
67.1 |
Other |
|
5.1 |
5.9 |
5.3 |
5.0 |
|
5.2 |
4.1 |
4.5 |
4.3 |
Total adjusted revenues |
|
244.4 |
259.1 |
284.7 |
314.5 |
|
334.2 |
344.1 |
375.2 |
383.6 |
IFRS 11 impact* |
|
(20.0) |
(19.4) |
(20.1) |
(22.5) |
|
(26.1) |
(23.8) |
(30.1) |
(27.4) |
TOTAL CONSOLIDATED |
|
224.4 |
239.7 |
264.6 |
292.0 |
|
308.1 |
320.2 |
345.1 |
356.3 |
* Effect of consolidation of joint ventures
using the equity method.
Quarterly average utilization rates for the
BOURBON offshore fleet
In % |
|
2016 |
|
2015 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
57.1 |
59.9 |
64.5 |
70.3 |
|
73.0 |
74.1 |
77.4 |
79.2 |
Deepwater offshore vessels |
|
60.5 |
66.4 |
69.7 |
77.2 |
|
82.6 |
79.8 |
84.0 |
86.0 |
Shallow water offshore vessels |
|
44.6 |
53.1 |
62.5 |
71.3 |
|
76.5 |
75.5 |
78.3 |
84.5 |
Crew boats |
|
62.2 |
61.1 |
63.8 |
67.5 |
|
68.0 |
71.5 |
75.0 |
74.4 |
Subsea Services |
|
63.3 |
57.0 |
56.0 |
52.3 |
|
54.0 |
64.3 |
70.2 |
75.9 |
"Total fleet excluding Crew boats" |
|
52.1 |
58.3 |
64.5 |
71.7 |
|
76.7 |
76.0 |
79.5 |
84.3 |
"Total fleet" average utilization rate |
|
57.4 |
59.7 |
64.2 |
69.5 |
|
72.1 |
73.7 |
77.1 |
79.1 |
Quarterly average daily rates for the BOURBON
offshore fleet
In US$/day |
|
2016 |
|
2015 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Deepwater offshore vessels |
|
15,526 |
16,492 |
16,537 |
17,630 |
|
18,360 |
19,518 |
20,286 |
21,942 |
Shallow water offshore vessels |
|
9,958 |
10,365 |
10,712 |
11,967 |
|
12,205 |
12,880 |
13,507 |
13,882 |
Crew boats |
|
4,359 |
4,473 |
4,405 |
4,538 |
|
4,530 |
4,632 |
4,732 |
4,934 |
Subsea Services |
|
35,195 |
37,182 |
39,583 |
44,119 |
|
47,232 |
47,657 |
48,847 |
50,118 |
"Total fleet excluding Crew boats" average
dailyrate |
|
15,081 |
15,260 |
15,265 |
16,299 |
|
16,809 |
17,858 |
18,640 |
19,301 |
Quarterly number of vessels (end of
period)
In number of vessels* |
|
2016 |
|
2015 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
491 |
491 |
490 |
492 |
|
488 |
484 |
483 |
479 |
Deepwater offshore vessels |
|
89 |
89 |
89 |
89 |
|
88 |
86 |
82 |
79 |
Shallow water offshore vessels |
133 |
133 |
133 |
133 |
133 |
134 |
138 |
138 |
Crew boats |
269 |
269 |
268 |
270 |
267 |
264 |
263 |
262 |
Subsea Services |
|
22 |
22 |
22 |
22 |
|
22 |
22 |
22 |
21 |
FLEET TOTAL |
|
513 |
513 |
512 |
514 |
|
510 |
506 |
505 |
500 |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Quarterly deliveries of vessels
In number of vessels |
|
2016 |
|
2015 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
0 |
1 |
0 |
4 |
|
5 |
6 |
4 |
0 |
Deepwater offshore vessels |
|
0 |
0 |
0 |
1 |
|
2 |
4 |
3 |
0 |
Shallow water offshore vessels |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Crew boats |
0 |
1 |
0 |
3 |
3 |
2 |
1 |
0 |
Subsea Services |
|
0 |
0 |
0 |
0 |
|
0 |
0 |
1 |
0 |
FLEET TOTAL |
|
0 |
1 |
0 |
4 |
|
5 |
6 |
5 |
0 |
Yearly adjusted revenue breakdown
In millions of euros |
|
Full Year |
|
2016 |
2015 |
Marine Services |
|
864.1 |
1,166.7 |
Deepwater offshore vessels |
|
337.0 |
431.5 |
Shallow water offshore vessels |
|
279.2 |
449.8 |
Crew boats |
|
247.8 |
285.5 |
Subsea Services |
|
217.2 |
252.3 |
Other |
|
21.3 |
18.1 |
Total adjusted revenues |
|
1,102.6 |
1,437.1 |
IFRS 11 impact* |
|
(82.0) |
(107.5) |
TOTAL CONSOLIDATED |
|
1,020.6 |
1,329.6 |
* Effect of consolidation of joint ventures
using the equity method.
Yearly average utilization rates for the
BOURBON offshore fleet
In % |
|
Full Year |
|
2016 |
2015 |
Marine Services |
|
62.9 |
75.9 |
Deepwater offshore vessels |
|
68.4 |
83.1 |
Shallow water offshore vessels |
|
57.9 |
78.7 |
Crew boats |
|
63.6 |
72.3 |
Subsea Services |
|
57.1 |
65.8 |
"Total fleet excluding Crew boats" |
|
61.6 |
79.1 |
"Total fleet" average utilization rate |
|
62.7 |
75.5 |
Yearly average daily rates for the BOURBON
offshore fleet
In US$/day |
|
Full Year |
|
2016 |
2015 |
Deepwater offshore vessels |
|
16,524 |
19,804 |
Shallow water offshore vessels |
|
10,848 |
13,137 |
Crew boats |
|
4,394 |
4,697 |
Subsea Services |
|
38,624 |
48,365 |
"Total fleet excluding Crew boats" average daily rate |
|
15,466 |
18,089 |
Yearly deliveries of vessels
In number of vessels |
|
Full Year |
|
2016 |
2015 |
Marine Services |
|
5 |
15 |
Deepwater Offshore vessels |
|
1 |
9 |
Shallow water Offshore |
0 |
0 |
Crew boats |
4 |
6 |
Subsea Services |
|
0 |
1 |
FLEET TOTAL |
|
5 |
16 |
Breakdown of BOURBON adjusted revenues by
geographical region
In millions of euros |
4th Quarter |
Full Year |
Q4 2016 |
Q4 2015 |
Change |
2016 |
2015 |
Change |
Africa |
135.9 |
193.3 |
-29.7% |
616.4 |
814.3 |
-24.3% |
Europe & Mediterranean/Middle East |
42.0 |
45.5 |
-7.6% |
158.3 |
215.0 |
-26.4% |
Americas |
45.4 |
62.6 |
-27.4% |
216.6 |
263.8 |
-17.9% |
Asia |
21.0 |
32.9 |
-36.2% |
111.3 |
144.1 |
-22.8% |
Other key indicators
Quarterly breakdown
|
|
2016 |
|
2015 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average €/US$ exchange rate for the quarter (in €) |
|
1.08 |
1.12 |
1.13 |
1.10 |
|
1.10 |
1.11 |
1.11 |
1.13 |
€/US$ exchange rate at closing (in €) |
|
1.05 |
1.12 |
1.11 |
1.14 |
|
1.09 |
1.12 |
1.12 |
1.08 |
Average price of Brent for the quarter (in US$/bbl) |
|
49 |
46 |
46 |
34 |
|
44 |
50 |
62 |
54 |
Annual breakdown
|
|
Full Year |
|
2016 |
2015 |
Average 12-month €/US$ exchange rate (in €) |
|
1.11 |
1.11 |
€/US$ exchange rate at closing (in €) |
|
1.05 |
1.09 |
Average 12-month price of Brent (in US$/bbl) |
|
44 |
52 |
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 almost 9,500 skilled
employees. Through its 37 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 2016, BOURBON'S revenue came to €1,102.6
million and the company operated a fleet of 514 vessels.
Placed by ICB (Industry Classification
Benchmark) in the "Oil Services" sector, BOURBON is listed on the
Euronext Paris, Compartment B.
Contacts
BOURBON |
Media
relations agencyPublicis Consultants |
Investor
Relations, analysts, shareholders |
Vilizara
Lazarova |
+33 140
138 607 |
+33 144
824 634 |
investor-relations@bourbon-online.com |
vilizara.lazarova@consultants.publicis.fr |
|
|
Corporate Communication |
|
Christelle Loisel |
|
+33 491
136 732 |
|
christelle.loisel@bourbon-online.com |
|
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/c5112fba-0fb8-467d-a0eb-84cbe89854ed