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 |
ChangeQ4/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 |
ChangeQ4/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 |
ChangeQ4/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 (-$46/day).
Over the year, adjusted revenues are down 13.2%
compared to 2017, of which -5 points are due to exchange rate
effects. Activity was impacted by a slower than expected
reactivation of Surfers and a higher maintenance and repair
activity than the previous year (notably large " crewliner "-type
long-distance transport vessels).
BOURBON SUBSEA SERVICES
|
Quarter |
Full Year |
In € millions, unless otherwise noted |
Q4 2018 |
Q3 2018 |
ChangeQ4/Q3 |
Q4 2017 |
2018 |
2017 |
Change2018/2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
38.2 |
37.9 |
+0.8% |
43.6 |
133.6 |
220.1 |
-39.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
20.0 |
20.0 |
- |
22.0 |
20.3 |
22.0 |
-7.7% |
|
|
|
|
|
|
|
|
Average utilization rate (%) |
54.9 |
54.3 |
+0.6 pt |
56.7 |
48.5 |
60.7 |
-12.2 pts |
|
|
|
|
|
|
|
|
Average daily rate ($/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 |
ChangeQ4/Q3 |
Q4 2017 |
2018 |
2017 |
Change2018/2017 |
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 agencyPublicis Consultants |
Investor Relations, analysts, shareholders |
Vilizara
Lazarova |
+33 140
138 607 |
+33 144
824 634vilizara.lazarova@consultants.publicis.fr |
|
|
|
|
Corporate Communication |
|
Christelle Loisel |
|
+33 491
136 732christelle.loisel@bourbon-online.com |
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