BOURBON: Annual & 4th Quarter 2018 Revenues

Date : 07/02/2019 @ 07h00
Source : GlobeNewswire
Valeur : Bourbon Corp. (GBB)
Cours : 2.015  0.043 (2.18%) @ 17h39
Bourbon Corp. Cours Graphique

BOURBON: Annual & 4th Quarter 2018 Revenues

Marseilles, February 7, 2019

             

BOURBON Annual & 4th Quarter 2018 Revenues

             

2018 was marked by the stabilization of activity over the last 3 quarters and adjusted 2018 revenues of €690 million still impacted by the crisis (consolidated revenue €633.9 million)

                

  • Adjusted 2018 revenues were down by 20% compared to 2017, impacted by the renewal of long-term contracts at market rates.
  • With adjusted revenues for Q4 of €175.9 million, the activity has been stable over 3 consecutive quarters, in particular that of Bourbon Marine & Logistics and Bourbon Mobility.
  • While Bourbon Subsea Services remains severely impacted by market conditions in 2018, with revenues down by almost 40%, its activity has been steadily improving for the last 3 quarters.

  Quarter Full Year
In € millions, unless otherwise noted Q4 2018 Q3 2018 Change
Q4/Q3
Q4 2017 2018 2017 Change
2018/2017
Financial performance              
               
Adjusteda revenues 175.9 173.5 +1.3% 196.9 689.5 860.6 -19.9%
(change at constant rate)     -0.2%       -13.0%
Bourbon Marine & Logistics 88.0 87.0 +1,2% 100.2 357.3 411.1 -13.1%
Bourbon Mobility 46.1 46.3 -0.5% 51.0 187.7 216.3 -13,2%
Bourbon Subsea Services 38.2 37.9 +0.8% 43.6 133.6 220.1 -39.3%
Others 3.6 2.3 +53.9% 2.1 10.9 13.1 -16.7%
               
IFRS 11 impact *** (13.7) (13.4)   (15.3) (55.6) (67.0)  
               
Consolidated revenues 162.2 160.2 +1.3% 181.6 633.9 793.6 -20.1%
 

 
             
               
Operational indicators              
               
Number of vessels (FTE)* 491.9 498.5 -1.3% 509.9 500.1 511.5 -2.2%
               
Average utilization rate (%) 51.7 51.6 -0.1 pt 53.7 52.2 53.7 -1.5 pts
               
Average daily rate ($/d) 7,989 7,854 +1.7% 8,299 7,942 8,725 -9.0%
               
* FTE: Full Time Equivalent              

 "As a sign of market improvement, we note a recovery in the number of calls for tender, leading to a stabilization of our revenues over the 3 last quarters. However, market recovery is slow. It is therefore more important than ever that we accelerate our transformation in order to bring our clients more added-value services", declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

(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). 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. Furthermore, internal reporting (and again the adjusted financial information) does not take into account IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively from January 1) to an operational joint venture in Angola.

BOURBON MARINE & LOGISTICS

  Quarter Full Year
In € millions, unless otherwise noted Q4 2018 Q3 2018 Change
Q4/Q3
Q4 2017 2018 2017 Change
2018/2017
Financial performance              
               
Adjusteda revenues 88.0 87.0 +1.2% 100.2 357.3 411.1 -13.1%
Deepwater offshore vessels 53.0 52.4 +1.1% 60.0 217.7 256.9 -15.3%
Shallow water offshore vessels 35.0 34.6 +1.2% 40.2 139.6 154.2 -9.5%
               
               
Operational indicators              
               
Number of vessels (FTE)* 212.0 213.1 -0.5% 218.9 214.5 220.5 -2.7%
               
Average utilization rate (%) 50.5 51.0 -0.5 pt 51.9 51.4 49.0 +2.4 pts
Deepwater offshore vessels 61.0 60.4 +0.6 pt 61.3 62.4 62.2 +0.2 pt
Shallow water offshore vessels 43.2 44.4 -1.2 pt 45.6 44.0 40.8 +3.2 pts
               
Average daily rate ($/d) 10,177 10,128 +0.5% 10,802 10,378 11,542 -10.1%
Deepwater offshore vessels 12,701 12,705 ns 13,660 12,895 14,389 -10.4%
Shallow water offshore vessels 7,694 7,709 -0.2% 8,220 7,939 8,669 -8.4%
               
* FTE: Full Time Equivalent              

Testifying to the market stabilization, adjusted revenues for Bourbon Marine & Logistics in Q4 2018 are very slightly up at €88 million (+1.2% compared to Q3 2018).

Over the year, activity has stabilized with an average utilization rate remaining above 50%, up 2.4 points compared to 2017 and a utilization rate for the fleet in operation of 87.1% (compared to 87.4% in 2017). Rates have stabilized in both Deepwater and Shallow water offshore, with the 10% decrease mainly due to the renewals of older long-term contracts at current market rates. Overall, adjusted revenues are down by 13% compared to 2017 (-4.1% at constant rate).

Activity was dynamic in the Mediterranean/Middle East region, notably driven by new contracts in Egypt.


BOURBON MOBILITY

  Quarter Full Year
In € millions, unless otherwise noted Q4 2018 Q3 2018 Change
Q4/Q3
Q4 2017 2018 2017 Change
2018/2017
Financial performance              
               
Adjusteda revenues 46.1 46.3 -0.5% 51.0 187.7 216.3 -13.2%
               
               
Operational indicators              
               
Number of vessels (FTE)* 259.9 265.4 -2.1% 269.0 265.3 269.0 -1.4%
               
Average utilization rate (%) 52.5 51.8 +0.7 pt 55.0 53.1 56.9 -3.8 pts
               
Average daily rate ($/d) 4,239 4,285 -1.1% 4,422 4,308 4,418 -2.5%
               
* FTE: Full Time Equivalent

 
             

Adjusted revenues for Q4 2018 came out stable overall (-0.5% compared to Q3 2018), reflecting a slight increase in utilization rates (+1.5%), while daily rates are struggling to improve (-$46/day).

Over the year, adjusted revenues are down 13.2% compared to 2017, of which -5 points are due to exchange rate effects. Activity was impacted by a slower than expected reactivation of Surfers and a higher maintenance and repair activity than the previous year (notably large " crewliner "-type long-distance transport vessels).

BOURBON SUBSEA SERVICES

  Quarter Full Year
In € millions, unless otherwise noted Q4 2018 Q3 2018 Change
Q4/Q3
Q4 2017 2018 2017 Change
2018/2017
Financial performance              
               
Adjusteda revenues 38.2 37.9 +0.8% 43.6 133.6 220.1 -39.3%
               
               
Operational indicators              
               
Number of vessels (FTE)* 20.0 20.0 - 22.0 20.3 22.0 -7.7%
               
Average utilization rate (%) 54.9 54.3 +0.6 pt 56.7 48.5 60.7 -12.2 pts
               
Average daily rate ($/d) 33,207 30,321 +9.5% 31,425 32,592 35,328 -7.7%
               
* FTE: Full Time Equivalent              

The 4th quarter 2018 was marked by stable adjusted revenues (+0.8%) compared to the previous quarter, with a utilization rate up very slightly (+0.6 pt), reflecting an increase in the platform maintenance activity in Nigeria and prices that have stabilized, but remain under pressure.

Overall, after a significant decline in adjusted revenues in the first quarter 2018, Bourbon Subsea Services posted growth in activity in every quarter. Despite this, adjusted revenues are down almost 40% for the year. Turnkey projects, which today represent 6% of revenues, were unable to offset the weak utilization rate combined with a decrease of over 7% in daily rates and the sale of an IMR vessel in 2018.

OTHERS

  Quarter Full Year
In € millions, unless otherwise noted Q4 2018 Q3 2018 Change
Q4/Q3
Q4 2017 2018 2017 Change
2018/2017
Financial performance              
               
Adjusteda revenues 3.6 2.3 +53.9% 2.1 10.9 13.1 -16.7%
               

Activities included are those that do not fit into either the Marine & Logistics, Mobility or Subsea Services segments. The majority of the total represents earnings from miscellaneous ship management activities.

OUTLOOK

Our oil & gas customers have regained some leeway but remain vigilant in their investments with a volatile barrel price that fell below $60 at the end of 2018. With an upwards trend, these investments appear to be subject to a switch in 2019 towards the Offshore segment rather than onshore projects, particularly American shale gas and oil.

Clients are currently continuing to focus on short-term projects with rapid return on investment. However, 2019 should see the return of numerous exploration campaigns, particularly in the Caribbean and Middle Eastern areas, and still in Africa.


MAJOR EVENTS

On January 3, 2019, BOURBON announces having renewed the general waiver with its leasers and debt holders representing the majority of the group's debt, thus allowing it to suspend the payments of its loans and debt. This waiver allows it to stay focused on its operational priorities, while pursuing its search for all solutions capable of adapting its financing to its performance, in a secured framework. The company remains confident in its ability to find such a solution in an amicable framework.

As part of its process to seek new financing, BOURBON confirms that it is still actively looking for financial partners to ensure its development and deploy its strategic plan, #BOURBONINMOTION. At this stage, all solutions are being considered and the parameters for this new financing have not yet been determined.

A general meeting for holders of Undated Deeply Subordinated Fixed to Floating Rate Bonds took place on December 17, 2018. The decisions taken can be consulted on Bourbon's website (http://www.bourbonoffshore.com/en/investors/bondholders)

ADDITIONAL INFORMATION

BOURBON's results will continue to be affected by the €/US$ exchange rate.

FINANCIAL CALENDAR

2018 Annual Results press release and presentation March 14, 2019
2019 1st quarter financial information May 2, 2019
2019 Annual Shareholders' Meeting June 7, 2019
2019 1st Half Results press release and presentation September 5, 2019


APPENDIX

Quarterly revenue breakdown

In € millions   2018   2017
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   88.0 87.0 89.9 92.4   100.2 97 .7 107.4 105.9
Deepwater offshore vessels   53.0 52.4 55.0 57.4   60.0 59.9 68.3 68.8
Shallow water offshore vessels   35.0 34.6 35.0 35.0   40.2 37.8 39.1 37.1
Bourbon Mobility   46.1 46.3 47.1 48.2   51.0 51.4 55.0 58.9
Subsea Services 38.2 37.9 30.2 27.2   43.6 52.1 67.8 56.6
Others   3.6 2.3 1.9 3.1   2.1 3.0 3.8 4.1
Total adjusted revenues   175.9 173.5 169.2 171.0   196.9 204.3 234.0 225.5
IFRS 11 impact*   (13.7) (13.4) (15.2) (13.3)   (15.3) (11.9) (19.2) (20.6)
TOTAL CONSOLIDATED   162.2 160.2 153.9 157.6   181.6 192.4 214.7 204.9

*Effect of consolidation of joint ventures using the equity method

Quarterly average utilization rates for the fleet in operation

In %   2018   2017
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   88.1 86.7 84.9 89.0   86.8 86.3 89.1 88.0
Deepwater offshore vessels 86.6 86.9 83.5 88.1   83.0 86.1 88.0 86.2
Shallow water offshore vessels 89.7 86.6 86.2 90.0   90.6 86.6 90.2 90.1
Bourbon Mobility 78.0 77.8 81.1 84.3   82.8 78.1 75.3 80.1
Subsea Services   74.0 73.9 60.9 55.7   80.6 89.6 83.3 85.2
Average utilization rate   81.8 81.2 81.7 84.9   84.3 81.8 80.6 83.0

Quarterly average utilization rates for the fleet

In %   2018   2017
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   50.5 51.0 51.6 52.7   51.9 50.2 48.2 45.8
Deepwater offshore vessels 61.0 60.4 63.0 65.2 61.3 62.2 60.3 61.0
Shallow water offshore vessels 43.2 44.4 43.9 44.3 45.6 42.1 40.0 35.6
Bourbon Mobility 52.5 51.8 53.8 54.4 55.0 55.1 56.4 61.4
Subsea Services   54.9 54.3 45.4 39.0 56.7 63.4 65.7 57.5
Average utilization rate   51.7 51.6 52.5 53.0 53.7 53.4 53.3 54.5

Quarterly average daily rates for the fleet

In US$/day   2018   2017
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   10,177 10,128 10,360 10,911   10,802 11,082 11,830 12,501
Deepwater offshore vessels   12,701 12,705 12,873 13,577   13,660 13,781 14,863 15,084
Shallow water offshore vessels   7,694 7,709 7,924 8,292   8,220 8,371 8,749 9,534
Bourbon Mobility   4,239 4,285 4,326 4,549   4,422 4,453 4,393 4,270
Bourbon Subsea Services   33,207 30,321 30,571 34,933   31,425 34,304 37,976 37,488
Average daily rate   7,979 7,854 7,786 8,179   8,299 8,668 9,075 8,769

Quarterly number of vessels (end of period)

In number of vessels*   2018   2017
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   211 212 214 216   217 220 221 222
Deepwater offshore vessels   87 87 87 87  

 
86 89 89 89
Shallow water offshore vessels 124 125 127 129 131 131 132 133
Bourbon Mobility 252 260 266 269 269 269 269 269
Bourbon Subsea Services   20 20 20 21   22 22 22 22
FLEET TOTAL   483 492 500 506   508 511 512 513

*Vessels operated by BOURBON (including vessels owned or on bareboat charter)

Yearly average utilization rates for the fleet in operation

In %   Full Year
  2018 2017
Bourbon Marine & Logistics   87.1 87.4
Deepwater offshore vessels   86.2 85.7
Shallow water offshore vessels   88.0 89.3
Bourbon Mobility   80.2 79.0
Bourbon Subsea Services   66.5 84.4
Average utilization rate   82.3 82.4

Yearly average utilization rates for the fleet

In %   Full year
  2018 2017
Bourbon Marine & Logistics   51.4 49.0
Deepwater offshore vessels   62.4 61.2
Shallow water offshore vessels   44.0 40.8
Bourbon Mobility   53.1 56.9
Bourbon Subsea Services   48.5 60.7
Average utilization rate   52.2 53.7

Yearly average daily rates for the fleet

In US$/day   Full year
  2018 2017
Bourbon Marine & Logistics   10,378 11,542
Deepwater offshore vessels   12,895 14,389
Shallow water offshore vessels   7,939 8,669
Bourbon Mobility   4,308 4,418
Bourbon Subsea Services   32,592 35,328
Average daily rate   7,942 8,725

Breakdown of revenues by geographical region

In € millions Quarter Full Year
Q4 2018 Q3 2018 Change Q4 2017 2018 2017 Change
Africa 101.7 90.6 +12.2% 113.4 381.7 497.7 -23.3%
Europe & Mediterranean/Middle East 33.4 40.5 -17.4% 31.6 136.4 123.0 +10.8%
Americas 21.0 22.3 -5.6% 32.3 94.5 147.6 -36.0%
Asia 19.7 20.2 -2.3% 19.7 77.0 92.3 -16.6%

In € millions   2018   2017
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Africa   101.7 90.6 89.4 99.9   113.4 118.9 135.3 130.1
Europe & Mediterranean / Middle East   33.4 40.5 36.3 26.2   31.6 31.1 31.6 28.8
Americas   21.0 22.3 24.3 27.0   32.3 36.0 38.3 41.3
Asia   19.7 20.2 19.2 17.9   19.7 18.3 29.0 25.3

Other key indicators

Quarterly breakdown

    2018   2017
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Average €/US$ exchange rate for the quarter (in €)   1.14 1.16 1.19 1.23   1.18 1.17 1.10 1.06
€/US$ exchange rate at closing (in €)   1.15 1.16 1.17 1.23   1.20 1.18 1.14 1.07
Average price of Brent for the quarter (in US$/bbl)   69 75 75 67   61 55 51 54

Nine months' breakdown

    Full Year
    2018 2017
Average €/US$ exchange rate for the half year (in €)   1.18 1.13
€/US$ exchange rate at closing (in €)   1.15 1.20
Average price of Brent for the half year (in US$/bbl)   71 54


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 8,400 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 three operating activities (Marine & Logistics, Mobility and Subsea Services) and also protects the French coastline for the French Navy.

In 2018, BOURBON'S revenue came to €689.5 million and the company operated a fleet of 483 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 agency
Publicis Consultants
Investor Relations, analysts, shareholders      Vilizara Lazarova
+33 140 138 607  

+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
 
   
Corporate Communication  
Christelle Loisel  
+33 491 136 732
christelle.loisel@bourbon-online.com
 
 
PDF version



This announcement is distributed by West Corporation on behalf of West Corporation 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

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