PARIS, Nov. 4, 2015 (GLOBE NEWSWIRE) --
BOURBON financial information Q3 and 9 months
2015
Adjusted revenues for first 9 months
maintained their resilience with an increase of 6.8% to €1,103
million at current rates (-5.5% at constant rates) in a difficult
offshore market
- 3rd quarter 2015 average utilization rate of over 73% (-5.7 pts
versus one year ago) showed good resistance in a very weak market
while average daily rates declined 11%, reflecting the lower rates
negotiated with clients on long term contracts as well as reduced
rates on spot contracts compared with a year ago
- Positive foreign currency impact enabled 9 month 2015 revenues
to reach over €1.1 billion also helped by BOURBON's modern,
standardized fleet, combined with its strong worldwide client
network and local partnerships
- Revenues increased in the Americas versus the 3rd quarter 2014
while the most significant impact of the market downturn was felt
in Asia, where revenues declined 27% over the same period
- Compared with the preceding quarter, adjusted revenues
decreased 8.3%, impacted by stacked vessels and contracting of
vessels at lower rates
In € millions, unless otherwise noted |
Quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Operational indicators |
|
|
|
|
|
|
|
Number of vessels (FTE)* |
502.8 |
495.8 |
+1.4% |
501.2 |
501.3 |
490.6 |
+2.2% |
Number of vessels (end of period)** |
507 |
501 |
+6
vessels |
506 |
507 |
501 |
+6
vessels |
Average utilization rate (%) |
73.7% |
79.4% |
-5.7
pts |
77.1% |
76.6% |
80.8% |
-4.2
pts |
Average daily rate (US$/day) |
11,167 |
12,604 |
-11.4% |
11,558 |
11,632 |
12,292 |
-5.4% |
(*) FTE: Full Time Equivalent. (**) Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Adjusted Revenues (a) |
|
|
|
|
|
|
|
Marine Services |
279.0 |
289.8 |
-3.7% |
299.8 |
891.0 |
841.6 |
+5.9% |
Deepwater offshore vessels |
101.9 |
106.3 |
-4.1% |
109.6 |
325.3 |
300.3 |
+8.3% |
Shallow water offshore vessels |
107.2 |
112.9 |
-5.1% |
116.1 |
346.7 |
327.8 |
+5.8% |
Crew
boats |
69.9 |
70.6 |
-1.0% |
74.2 |
219.0 |
213.5 |
+2.6% |
Subsea Services |
61.0 |
65.7 |
-7.2% |
70.9 |
199.0 |
176.6 |
+12.7% |
Other |
4.1 |
6.1 |
-32.8% |
4.5 |
12.9 |
14.4 |
-10.2% |
Total adjusted revenues (change at constant rates) |
344.1 |
361.7 |
-4.9% -12.9% |
375.2 |
1,102.9 |
1,032.6 |
+6.8% -5.5% |
IFRS 11 impact*** |
(23.8) |
(20.8) |
|
(30.1) |
(81.4) |
(49.2) |
|
Group TOTAL |
320.2 |
340.8 |
-6.0% |
345.1 |
1,021.6 |
983.4 |
-3.9% |
(***) Effect of consolidation of jointly
controlled companies using the equity method. (a) See page 2.
Average utilization rate (excl. Crew boats) |
76.0% |
85.8% |
-9.8 pts |
79.5% |
79.8% |
87.8% |
-8 pts |
Average daily rate (excl. Crew boats US$/d) |
17,858 |
20,247 |
-11.8% |
18,640 |
18,599 |
19,728 |
-5.7% |
"In today's market environment, BOURBON remains
determined in the search of operational excellence and is focusing
on what it can control: safety, cost control initiatives and
operational efficiency", says Christian Lefèvre, Chief Executive
Officer of BOURBON. "The objectives in the coming quarters will
be to maximize the utilization of the fleet by extending the scope
of services on the full range of vessels and extend the portfolio
of clients thanks to its network and strong partnerships overseas."
(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 |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Adjusted Revenues (in € millions) |
279.0 |
289.8 |
-3.7% |
299.8 |
891.0 |
841.6 |
+5.9% |
Number of vessels (end of period)* |
484 |
481 |
+3 vessels |
483 |
484 |
481 |
+3 vessels |
Average utilization rate |
74.1% |
79.4% |
-5.3 pts |
77.4% |
76.9% |
80.6% |
-3.7 pts |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
All segments had declines in utilization rates
and average daily rates both year on year and sequentially,
reflecting the continued difficulty in the offshore services
market. Stronger foreign exchange rates and an increase in the size
of the fleet contributed to offset the decline of the utilization
and daily rates, resulting in an increase in adjusted revenues for
the 9 month period.
Marine Services: Deepwater offshore
vessels
|
Quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Adjusted Revenues (in € millions) |
101.9 |
106.3 |
-4.1% |
109.6 |
325.3 |
300.3 |
+8.3% |
Number of vessels (end of period)* |
86 |
75 |
+11 vessels |
82 |
86 |
75 |
+11 vessels |
Average utilization rate |
79.8% |
85.7% |
-5.9 pts |
84.0% |
83.1% |
87.1% |
-4 pts |
Average daily rate (US$/day) |
19,518 |
23,887 |
-18.3% |
20,286 |
20,543 |
23,189 |
-11.4% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Adjusted revenues increased more than 8% for the
9 months period compared with the year ago period due to a
significant increase in the size of the fleet and a favorable
exchange rate, and these two factors combined to help offset a
reduction in average utilization and average daily rates. Almost
all regions were affected by the downturn.
Compared with the 2nd quarter 2015, the greatest
decline in utilization was seen in Asia, while average daily rates
declined as new contracts began at lower rates than the expiring
contracts. With a 3rd quarter utilization rate of almost 80%,
BOURBON has demonstrated strong resistance in a depressed market
where some regions have seen more significant reductions in
activity than others. There were up to 8 deepwater vessels stacked
during the quarter.
Marine Services: Shallow water offshore
vessels
|
Quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Adjusted Revenues (in € millions) |
107.2 |
112.9 |
-5.1% |
116.1 |
346.7 |
327.8 |
+5.8% |
Number of vessels (end of period)* |
134 |
135 |
-1 vessel |
138 |
134 |
135 |
-1 vessel |
Average utilization rate |
75.5% |
86.6% |
-11.1 pts |
78.3% |
79.4% |
88.5% |
-9.1 pts |
Average daily rate (in US$/day) |
12,880 |
14,152 |
-9.0% |
13,507 |
13,457 |
14,065 |
-4.3% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Adjusted revenues increased for the 9 months
period due to the positive effects of the foreign exchange rates,
which helped to offset the declines in the market conditions. Asia
had the greatest declines in both average utilization rates and
average daily rate over this same period.
During the 3rd quarter 2015, BOURBON sold 4
vessels that are non-conforming with its strategy of diesel
electric, DP2 technology. This further concentrates its fleet
so that BOURBON is able to leverage its competitive advantage of
providing low fuel consumption vessels to its customers.
Compared with the 2nd quarter 2015, all regions
showed declines in average utilization rates and average daily
rates in the 3rd quarter. There were up to 22 vessels stacked
during the quarter.
Due to the nature of the shallow water market
being generally comprised of low per-barrel production cost
projects, this market has demonstrated good resilience. It was
impacted by reduced activity in exploration and maintenance
projects that was first visible in Q2 2015 continued in Q3 and
mostly affected markets in Asia, MMI and West Africa.
Marine Services: Crew boat vessels
|
Quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Adjusted Revenues (in € millions) |
69.9 |
70.6 |
-1.0% |
74.2 |
219.0 |
213.5 |
+2.6% |
Number of vessels (end of period) |
264 |
271 |
-7 vessels |
263 |
264 |
271 |
-7 vessels |
Average utilization rate |
71.5% |
74.0% |
-2.5 pts |
75.0% |
73.6% |
75.0% |
-1.4 pts |
Average daily rate (in US$/day) |
4,632 |
5,113 |
-9.4% |
4,732 |
4,771 |
5,161 |
-7.6% |
Adjusted revenues for the first 9 months of 2015
were supported by the positive foreign exchange impacts while there
were fewer vessels in the fleet and both average daily rates and
average utilization rates declined. Similar to what was seen in
prior quarters, the reduction in demand for the FSIVs had the
greatest impact on the segment while the smaller crew boats
continued to show greater resilience in utilization as a cost
effective means of transportation during a difficult market.
Subsea Services
|
Quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Adjusted Revenues (in € millions) |
61.0 |
65.7 |
-7.2% |
70.9 |
199.0 |
176.6 |
+12.7% |
Number of vessels (end of period)* |
22 |
19 |
+3 vessels |
22 |
22 |
19 |
+3 vessels |
Average utilization rate |
64.3% |
81.1% |
-16.8 pts |
70.2% |
70.1% |
86.0% |
-15.9 pts |
Average daily rate (in US$/day) |
47,657 |
50,992 |
-6.5% |
48,847 |
48,679 |
48,057 |
+1.3% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Three new vessels were added to the fleet
compared with last year and the mix effect of the new, larger
vessels resulted in a higher average daily rate for the 9 months
period compared with a prior year. In combination with the
favorable exchange rates, this lead to an increase in revenues of
almost 13% for the period. Utilization rates declined as level of
activity reduced in this segment and a few contracts were not being
extended as clients were looking to reduce their own operating
costs. This resulted in much of the Subsea fleet working in the
spot market.
Other
|
Quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Var 2015/ 2014 |
Q2 2015 |
2015 |
2014 (restated) |
Var 2015/ 2014 |
Adjusted Revenues (in € millions) |
4.1 |
6.1 |
-32.8% |
4.5 |
12.9 |
14.4 |
-10.2% |
Activities included are those that do not
properly 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
The market environment in the oil services
industry continues to be impacted by the effects of the oil price
drop and the resulting reduction in capital investments by
BOURBON's clients. Previously, capital spending plans had been
reported to decrease 15% for the majors and up to 30% for the
independents. Several large oil companies have recently announced
even further cuts to come for 2016 as they indicate that they are
planning for a prolonged period of relatively low oil prices.
BOURBON will continue to adapt to conditions and
maintain its focus on cost control. Among the measures taken,
BOURBON will continue to temporarily stack certain vessels which
have no anticipated activity for 3 months. BOURBON is choosing to
stack vessels to minimize costs and to preserve the utilization
rates on the vessels that remain in operation. Today, 31 supply
vessels are stacked.
It is in this context that BOURBON's strategy to
operate a modern, standardized fleet, combined with its strong
worldwide client network and local partnerships, contributes to its
resiliency as its advantages become an even greater differentiator
during difficult market conditions.
ADDITIONAL INFORMATION
- BOURBON's results will continue to be influenced by the €/US$
exchange rate
FINANCIAL CALENDAR
4th Quarter 2015 & full
year 2015 financial information press release |
February 3, 2016
|
2015
Annual Results press release and presentation |
March 10,
2016 |
|
|
APPENDIX
Quarterly adjusted revenue breakdown
In millions of euros |
|
2015 |
|
2014 (restated) |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
279.0 |
299.8 |
312.2 |
|
314.3 |
289.8 |
277.5 |
274.3 |
Deepwater offshore vessels |
|
101.9 |
109.6 |
113.8 |
|
111.4 |
106.3 |
98.9 |
95.1 |
Shallow water offshore vessels |
|
107.2 |
116.1 |
123.5 |
|
127.8 |
112.9 |
108.3 |
106.6 |
Crew boats |
|
69.9 |
74.2 |
74.9 |
|
75.0 |
70.6 |
70.3 |
72.6 |
Subsea Services |
|
61.0 |
70.9 |
67.1 |
|
67.6 |
65.7 |
56.2 |
54.6 |
Other |
|
4.1 |
4.5 |
4.3 |
|
6.6 |
6.1 |
4.2 |
4.1 |
Total adjusted revenues |
|
344.1 |
375.2 |
383.6 |
|
388.5 |
361.7 |
337.9 |
333.0 |
Adjustments* |
|
(23.8) |
(30.1) |
(27.4) |
|
(25.5) |
(20.8) |
(15.3) |
(13.0) |
TOTAL CONSOLIDATED** |
|
320.2 |
345.1 |
356.3 |
|
363.0 |
340.8 |
322.6 |
320.0 |
* Effect of consolidation of joint ventures
using the equity method. **Consolidated 2013 figures have been
restated according to the implementation of the new accounting
standards.
Quarterly average utilization rates for the
BOURBON offshore fleet
In % |
|
2015 |
|
2014 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
74.1 |
77.4 |
79.2 |
|
81.7 |
79.4 |
80.0 |
82.4 |
Deepwater offshore vessels |
|
79.8 |
84.0 |
86.0 |
|
85.8 |
85.7 |
87.2 |
88.6 |
Shallow water offshore vessels |
|
75.5 |
78.3 |
84.5 |
|
89.1 |
86.6 |
87.8 |
91.2 |
Crew boats |
|
71.5 |
75.0 |
74.4 |
|
76.7 |
74.0 |
74.3 |
76.6 |
Subsea Services |
|
64.3 |
70.2 |
75.9 |
|
82.8 |
81.1 |
83.9 |
94.4 |
"Total fleet excluding Crew boats" |
|
76.0 |
79.5 |
84.3 |
|
87.5 |
85.8 |
87.3 |
90.6 |
"Total fleet" average utilization rate |
|
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 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Deepwater offshore vessels |
|
19,518 |
20,286 |
21,942 |
|
23,093 |
23,887 |
23,219 |
22,839 |
Shallow water offshore vessels |
|
12,880 |
13,507 |
13,882 |
|
14,452 |
14,152 |
14,006 |
14,199 |
Crew boats |
|
4,632 |
4,732 |
4,934 |
|
5,067 |
5,113 |
5,197 |
5,323 |
Subsea Services |
|
47,657 |
48,847 |
50,118 |
|
48,063 |
50,992 |
46,868 |
45,407 |
"Total fleet excluding Crew boats" average daily
rate |
|
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 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
484 |
483 |
479 |
|
483 |
481 |
481 |
479 |
Deepwater offshore vessels |
|
86 |
82 |
79 |
|
79 |
75 |
74 |
73 |
Shallow water offshore vessels |
134 |
138 |
138 |
139 |
135 |
133 |
130 |
Crew boats |
264 |
263 |
262 |
265 |
271 |
274 |
276 |
Subsea Services |
|
22 |
22 |
21 |
|
21 |
19 |
19 |
18 |
FLEET TOTAL |
|
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 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
6 |
4 |
0 |
|
10 |
5 |
8 |
12 |
Deepwater offshore vessels |
|
4 |
3 |
0 |
|
5 |
1 |
1 |
2 |
Shallow water offshore vessels |
0 |
0 |
0 |
4 |
2 |
3 |
6 |
Crew boats |
2 |
1 |
0 |
1 |
2 |
4 |
4 |
Subsea Services |
|
0 |
1 |
0 |
|
2 |
0 |
1 |
2 |
FLEET TOTAL |
|
6 |
5 |
0 |
|
12 |
5 |
9 |
14 |
Nine months adjusted revenue
breakdown
In millions of euros |
|
9 months |
|
2015 |
2014 (restated) |
Marine Services |
|
891.0 |
841.6 |
Deepwater offshore vessels |
|
325.3 |
300.3 |
Shallow water offshore vessels |
|
346.7 |
327.8 |
Crew boats |
|
219.0 |
213.5 |
Subsea Services |
|
199.0 |
176.6 |
Other |
|
12.9 |
14.4 |
Total adjusted revenues |
|
1,102.9 |
1,032.6 |
Adjustments* |
|
(81.4) |
(49.2) |
TOTAL CONSOLIDATED** |
|
1,021.6 |
983.4 |
* Effect of consolidation of joint ventures
using the equity method. ** Consolidated 2013 figures have been
restated according to the implementation of the new accounting
standards.
Nine month average utilization rates for the
BOURBON offshore fleet
In % |
|
9 months |
|
2015 |
2014 |
Marine Services |
|
76.9 |
80.6 |
Deepwater offshore vessels |
|
83.1 |
87.1 |
Shallow water offshore vessels |
|
79.4 |
88.5 |
Crew boats |
|
73.6 |
75.0 |
Subsea Services |
|
70.1 |
86.0 |
"Total fleet excluding Crew boats" |
|
79.8 |
87.8 |
"Total fleet" average utilization rate |
|
76.6 |
80.8 |
Nine month average daily rates for the
BOURBON offshore fleet
In US$/day |
|
9 months |
|
2015 |
2014 |
Deepwater offshore vessels |
|
20,543 |
23,189 |
Shallow water offshore vessels |
|
13,457 |
14,065 |
Crew boats |
|
4,771 |
5,161 |
Subsea Services |
|
48,679 |
48,057 |
"Total fleet excluding Crew boats" average daily rate |
|
18,599 |
19,728 |
Nine month deliveries of vessels
In number of vessels |
|
9 months |
|
2015 |
2014 |
Marine Services |
|
10 |
25 |
Deepwater Offshore vessels |
|
7 |
4 |
Shallow water Offshore |
0 |
11 |
Crew boats |
3 |
10 |
Subsea Services |
|
1 |
3 |
FLEET TOTAL |
|
11 |
28 |
Breakdown of BOURBON adjusted revenues by
geographical region
In millions of euros |
Third quarter |
9 months |
Q3 2015 |
Q3 2014 (restated) |
Change |
2015 |
2014 (restated) |
Change |
Africa |
188.7 |
205.3 |
-8.1% |
621.0 |
590.4 |
+5.2% |
Europe & Mediterranean/Middle East |
53.2 |
60.6 |
-12.2% |
169.5 |
170.6 |
-0.7% |
Americas |
68.1 |
49.1 |
+38.7% |
201.2 |
139.7 |
+44.0% |
Asia |
34.1 |
46.8 |
-27.0% |
111.2 |
131.8 |
-15.6% |
Other key indicators
Quarterly breakdown
|
|
2015 |
|
2014 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average €/US$ exchange rate for the quarter (in €) |
|
1.11 |
1.11 |
1.13 |
|
1.25 |
1.33 |
1.37 |
1.37 |
€/US$ exchange rate at closing (in €) |
|
1.12 |
1.12 |
1.08 |
|
1.21 |
1.26 |
1.37 |
1.38 |
Average price of Brent for the quarter (in US$/bbl) |
|
50 |
62 |
54 |
|
76 |
102 |
110 |
108 |
Nine month breakdown
|
|
9 months |
|
2015 |
2014 |
Average nine month €/US$ exchange rate (in €) |
|
1.11 |
1.35 |
€/US$ exchange rate at closing (in €) |
|
1.12 |
1.26 |
Average nine month price of Brent (in US$/bbl) |
|
55 |
106 |
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 12,000
skilled employees. Through its 29 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 2014, BOURBON'S revenue came to €1,346.4
million and the company operated a fleet of 507 vessels as of
September 30, 2015.
Placed by ICB (Industry Classification
Benchmark) in the "Oil Services" sector, BOURBON is listed on the
Euronext Paris, Compartment A.
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
Véronique Duhoux +33 144 824 633
veronique.duhoux@consultants.publicis.fr
Vilizara Lazarova +33 144 824 634
vilizara.lazarova@consultants.publicis.fr
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