Marseilles, November 8, 2018
BOURBON Financial information
3rd quarter and
9 months 2018
Adjusted revenues
for the 3rd quarter
recorded a slight rise of 2.6% compared to the previous quarter
(consolidated revenues up 4.1%)
-
Adjusted revenues amounted to €173.5 million
(€160.2 million on a consolidated basis), reflecting the positive
impact of new Subsea contracts including turnkey projects in
Offshore wind, which demonstrate the ongoing transformation of
business models.
-
Business was up slightly in the 3rd quarter of
2018, following 4 consecutive quarters of decline.
-
Average utilization rates were stable at 51.6%,
compared to 52.5% in the 2nd quarter of
2018.
-
Average daily rates held up, despite vessel
overcapacity and gradual renewal of long-term contracts at
persistently low "market" rates.
|
|
Quarter |
9 months |
In € millions, unless otherwise noted |
Q3 2018 |
Q2
2018 |
Change
Q3 / Q2 |
Q3
2017 |
2018 |
2017 |
Change
2018/2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
173.5 |
169.2 |
+2.6% |
204.3 |
513.7 |
663.7 |
-22.6% |
(change at constant rate) |
|
|
+2.2% |
|
|
|
-14.6% |
Bourbon Marine & Logistics |
87.0 |
89.9 |
-3.3% |
97.7 |
269.3 |
311.0 |
-13.4% |
Bourbon Mobility |
46.3 |
47.1 |
-1.6% |
51.4 |
141.6 |
165.2 |
-14.3% |
Bourbon Subsea Services |
37.9 |
30.2 |
+25.5% |
52.1 |
95.4 |
176.5 |
-46.0% |
Others |
2.3 |
1.9 |
+21.6% |
3.0 |
7.4 |
11.0 |
-33.0% |
|
|
|
|
|
|
|
|
IFRS 11
impact *** |
(13.4) |
(15.2) |
|
(11.9) |
(41.9) |
(51.7) |
|
|
|
|
|
|
|
|
|
Consolidated revenues |
160.2 |
153.9 |
+4.1% |
192.4 |
471.7 |
612.1 |
-22.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
498.5 |
502.9 |
-0.9% |
511.0 |
502.8 |
512.0 |
-1.8% |
|
|
|
|
|
|
|
|
Average
utilization rate (%) |
51.6 |
52.5 |
-0.9 pt |
53.4 |
52.3 |
53.7 |
-1.4 pt |
|
|
|
|
|
|
|
|
Average
daily rate ($/d) |
7,854 |
7,786 |
+0.9% |
8,668 |
7,947 |
8,897 |
-10.7% |
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
"In this
3rd quarter of
2018, we continued to make every effort with our teams and partners
to control our costs while maintaining our operational performance
and revenues. More than ever before, we are adapting and
transforming to remain a leader on our markets," 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 |
9 months |
In € millions, unless otherwise noted |
Q3 2018 |
Q2
2018 |
Change
Q3 / Q2 |
Q3
2017 |
2018 |
2017 |
Change
2018/2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
87.0 |
89.9 |
-3.3% |
97.7 |
269.3 |
311.0 |
-13.4% |
Deepwater offshore vessels |
52.4 |
55.0 |
-4.7% |
59.9 |
164.7 |
197.0 |
-16.4% |
Shallow water offshore vessels |
34.6 |
35.0 |
-1.1% |
37.8 |
104.6 |
114.0 |
-8.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
213.1 |
215.8 |
-1.3% |
220.0 |
215.3 |
221.0 |
-2.6% |
|
|
|
|
|
|
|
|
Average
utilization rate (%) |
51.0 |
51.6 |
-0.6 pt |
50.2 |
51.6 |
48.1 |
+3.5 pts |
Deepwater offshore vessels |
60.4 |
63.0 |
-2.6 pts |
62.2 |
62.5 |
61.1 |
+1.4 pt |
Shallow water offshore vessels |
44.4 |
43.9 |
+0.5 pt |
42.1 |
44.2 |
39.2 |
+5.0 pts |
|
|
|
|
|
|
|
|
Average
daily rate ($/d) |
10,128 |
10,360 |
-2.3% |
11,082 |
10,465 |
11,843 |
-11.6% |
Deepwater offshore vessels |
12,705 |
12,873 |
-1.3% |
13,781 |
13,009 |
14,687 |
-11.4% |
Shallow water offshore vessels |
7,709 |
7,924 |
-2.8% |
8,371 |
8,027 |
8,856 |
-9.4% |
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
Bourbon Marine & Logistics
recorded a decrease in revenues of 3.3% (-3.9% at constant rates)
compared with the 2nd quarter,
impacted by a volatile market still characterized by low prices.
Renewed growth in the number of tenders observed in the
2nd quarter was
borne out and Bourbon won new exploration contracts, particularly
in Mexico, Nigeria, Angola and the Middle East.
Average utilization rates remained
relatively stable (0.6 points lower than in the previous quarter),
with the decline in deepwater offshore vessel rates linked mainly
to the cancelling of 3 Bourbon Explorer
charters in Angola. Other regions remained stable. It should be
noted that these 3 deepwater offshore vessels were repositioned on
long-term contracts in Angola and Nigeria as of November 1,
2018.
Average daily rates fell by 2.3%,
reflecting downward negotiations with a national company, while
also illustrating the gradual renewal of long-term contracts at
market rates that remain low overall.
BOURBON
MOBILITY
|
Quarter |
9 months |
In € millions, unless otherwise noted |
Q3 2018 |
Q2
2018 |
Change
Q3 / Q2 |
Q3
2017 |
2018 |
2017 |
Change
2018/2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
46.3 |
47.1 |
-1.6% |
51.4 |
141.6 |
165.2 |
-14.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
265.4 |
266.8 |
-0.5% |
269.0 |
267.1 |
269.0 |
-0.7% |
|
|
|
|
|
|
|
|
Average
utilization rate (%) |
51.8 |
53.8 |
-2.0 pts |
55.1 |
53.3 |
57.6 |
-4.3 pts |
|
|
|
|
|
|
|
|
Average
daily rate ($/d) |
4,285 |
4,326 |
-0.9% |
4,453 |
4,355 |
4,427 |
-1.6% |
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
In the 3rd quarter of
2018, Bourbon Mobility reported a 1% drop in revenues from the
2nd quarter at
constant exchange rates, after an encouraging first half. Business
was impacted by a two-point decline in utilization rates and
continued volatility in average daily rates, which struggled to
stabilize compared with the previous quarter (-0.9%). However,
significant contracts have also been renewed for 2019.
The utilization rate was impacted
by the end of Crew boat operations in Cameroon in June and a
higher level of maintenance and repairs activity than in the
previous quarter, particularly among large "crewliner" vessels
(long-distance transport), which saw very intense activity in the
Gulf of Guinea during the 1st half.
BOURBON SUBSEA
SERVICES
|
Quarter |
9 months |
In € millions, unless otherwise noted |
Q3 2018 |
Q2
2018 |
Change
Q3 / Q2 |
Q3
2017 |
2018 |
2017 |
Change
2018/2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
37.9 |
30.2 |
+25.5% |
52.1 |
95.4 |
176.5 |
-46.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
vessels (FTE)* |
20.0 |
20.3 |
-1.5% |
22.0 |
20.4 |
22.0 |
-7.3% |
|
|
|
|
|
|
|
|
Average
utilization rate (%) |
54.3 |
45.4 |
+8.9 pts |
63,4 |
46.4 |
62.2 |
-15.8 pts |
|
|
|
|
|
|
|
|
Average
daily rate ($/d) |
30,321 |
30,571 |
-0.8% |
34,304 |
32,353 |
36,649 |
-11.7% |
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
Bourbon Subsea Services posted a
25.5% increase in revenues compared with the 2nd
quarter of 2018 (+24.2% at constant rates). This was mainly due to
a rise in utilization rates of nearly 9 points and the awarding of
turnkey projects, particularly in the field of floating offshore
windfarms. The business benefited from renewed growth in spot
maintenance work and the return to operation of shallow-water
platforms during the quarter, particularly in the Gulf of
Guinea.
However, average charter rates
remained stable from the previous quarter, still weakened by a
difficult market environment.
Bourbon Subsea Services installed
the first semi-submersible floating wind turbine off the coast of
Scotland this summer. This diversification will continue to pay off
over the coming quarters.
OTHERS
|
Quarter |
9 months |
In € millions, unless otherwise noted |
Q3 2018 |
Q2
2018 |
Change
Q3 / Q2 |
Q3
2017 |
2018 |
2017 |
Change
2018/2017 |
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
2.3 |
1.9 |
+21.6% |
3.0 |
7.4 |
11.0 |
-33.0% |
|
|
|
|
|
|
|
|
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
With oil prices set to remain well
above $60 a barrel, our clients are recovering leeway. This has led
to acquisitions of new deepwater offshore blocks in Mexico, Brazil
and Africa (Gabon, Cameroon, Guinea, etc.), as well as in the
Mediterranean. However, initial investments are still mainly geared
towards onshore projects, particularly shale oil and gas in the
United States. Clients are currently focusing on short-term
projects offering swift return on investment, but are also
launching exploration campaigns to renew their reserves and thus
meet growing demand.
A recovery appears to be under
way, although it remains impacted by vessel overcapacity in the PSV
and AHTS segments. We expect prices to remain persistently low. In
this context, BOURBON is focusing its efforts on operational
excellence, cash management, cost-cutting and overhauling its model
by rolling out its strategic action plan #BOURBONINMOTION.
MAJOR EVENTS
As no mandatory payment event
occurred during the year preceding the October 24, 2018 due date,
BOURBON announced on October 16 that, in accordance with
applicable terms and conditions, it would not be paying interest to
holders of the Perpetual Deeply Subordinated Notes (TSSDI) issued
by BOURBON Corporation - (code ISIN: FR0012239531).
Regarding its search for new
financing, BOURBON confirms that its attempts to secure new
financial partners in order to ensure its development and the
implementation of the strategic plan #BOURBONINMOTION are moving
forward diligently. The parameters of these potential new
financings, in particular their amounts and structures (debt/equity
instruments) are not yet determined.
In this context, and in the
absence of confirmation of the general waiver renewal to date,
BOURBON has announced on November 2 having obtained the opening of
conciliation procedures to the benefit of 22 BOURBON Corporation
subsidiaries from the president of the commercial court of
Marseilles. These conciliation procedures will allow BOURBON to
actively pursue, in an amicable framework, its search for all
solutions for its development as well as its discussions with the
main creditors and financial lessors of the group.
ADDITIONAL
INFORMATION
BOURBON's results will continue to
be affected by the €/US$ exchange rate.
FINANCIAL
CALENDAR
2018
Full Year and 4th quarter
revenues press release |
February 7, 2019 |
2018
Annual Results press release and presentation |
March
14, 2019 |
2019
First quarter financial information |
May 2,
2019 |
Combined Shareholders' Meeting |
June 7,
2019 |
APPENDIX
Quarterly revenue
breakdown
In € millions |
|
2018 |
|
2017 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
87.0 |
89.9 |
92.4 |
|
100.2 |
97 .7 |
107.4 |
105.9 |
Deepwater offshore vessels |
|
52.4 |
55.0 |
57.4 |
|
60.0 |
59.9 |
68.3 |
68.8 |
Shallow water offshore vessels |
|
34.6 |
35.0 |
35.0 |
|
40.2 |
37.8 |
39.1 |
37.1 |
Bourbon
Mobility |
|
46.3 |
47.1 |
48.2 |
|
51.0 |
51.4 |
55.0 |
58.9 |
Subsea
Services |
|
37.9 |
30.2 |
27.2 |
|
43.6 |
52.1 |
67.8 |
56.6 |
Others |
|
2.3 |
1.9 |
3.1 |
|
2.1 |
3.0 |
3.8 |
4.1 |
Total adjusted revenues |
|
173.5 |
169.2 |
171.0 |
|
196.9 |
204.3 |
234.0 |
225.5 |
IFRS 11
impact* |
|
(13.4) |
(15.2) |
(13.3) |
|
(15.3) |
(11.9) |
(19.2) |
(20.6) |
TOTAL CONSOLIDATED |
|
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 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
86.7 |
84.9 |
89.0 |
|
86.8 |
86.3 |
89.1 |
88.0 |
Deepwater offshore vessels |
|
86.9 |
83.5 |
88.1 |
|
83.0 |
86.1 |
88.0 |
86.2 |
Shallow water offshore vessels |
|
86.6 |
86.2 |
90.0 |
|
90.6 |
86.6 |
90.2 |
90.1 |
Bourbon
Mobility |
|
77.8 |
81.1 |
84.3 |
|
82.8 |
78.1 |
75.3 |
80.1 |
Subsea
Services |
|
73.9 |
60.9 |
55.7 |
|
80.6 |
89.6 |
83.3 |
85.2 |
Average utilization rate |
|
81.2 |
81.7 |
84.9 |
|
84.3 |
81.8 |
80.6 |
83.0 |
Quarterly average
utilization rates for the fleet
In % |
|
2018 |
|
2017 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
51.0 |
51.6 |
52.7 |
|
51.9 |
50.2 |
48.2 |
45.8 |
Deepwater offshore vessels |
|
60.4 |
63.0 |
65.2 |
|
61.3 |
62.2 |
60.3 |
61.0 |
Shallow water offshore vessels |
|
44.4 |
43.9 |
44.3 |
|
45.6 |
42.1 |
40.0 |
35.6 |
Bourbon
Mobility |
|
51.8 |
53.8 |
54.4 |
|
55.0 |
55.1 |
56.4 |
61.4 |
Subsea
Services |
|
54.3 |
45.4 |
39.0 |
|
56.7 |
63.4 |
65.7 |
57.5 |
Average utilization rate |
|
51.6 |
52.5 |
53.0 |
|
53.7 |
53.4 |
53.3 |
54.5 |
Quarterly average
daily rates for the fleet
In US$/day |
|
2018 |
|
2017 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
10,128 |
10,360 |
10,911 |
|
10,802 |
11,082 |
11,830 |
12,501 |
Deepwater offshore vessels |
|
12,705 |
12,873 |
13,577 |
|
13,660 |
13,781 |
14,863 |
15,084 |
Shallow water offshore vessels |
|
7,709 |
7,924 |
8,292 |
|
8,220 |
8,371 |
8,749 |
9,534 |
Bourbon
Mobility |
|
4,285 |
4,326 |
4,549 |
|
4,422 |
4,453 |
4,393 |
4,270 |
Bourbon
Subsea Services |
|
30,321 |
30,571 |
34,933 |
|
31,425 |
34,304 |
37,976 |
37,488 |
Average daily rate |
|
7,854 |
7,786 |
8,179 |
|
8,299 |
8,668 |
9,075 |
8,769 |
Quarterly number of
vessels (end of period)
In number of vessels* |
|
2018 |
|
2017 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Bourbon
Marine & Logistics |
|
212 |
214 |
216 |
|
217 |
220 |
221 |
222 |
Deepwater offshore vessels |
|
87 |
87 |
87 |
|
86 |
89 |
89 |
89 |
Shallow water offshore vessels |
125 |
127 |
129 |
131 |
131 |
132 |
133 |
Bourbon
Mobility |
260 |
266 |
269 |
269 |
269 |
269 |
269 |
Bourbon
Subsea Services |
|
20 |
20 |
21 |
|
22 |
22 |
22 |
22 |
FLEET TOTAL |
|
492 |
500 |
506 |
|
508 |
511 |
512 |
513 |
*Vessels operated by
BOURBON (including vessels owned or on bareboat charter)
Nine months' average
utilization rates for the fleet in operation
In % |
|
9 months |
|
2018 |
2017 |
Bourbon
Marine & Logistics |
|
86.5 |
87.7 |
Deepwater offshore vessels |
|
85.6 |
86.6 |
Shallow water offshore vessels |
|
87.5 |
88.9 |
Bourbon Mobility |
|
80.9 |
77.8 |
Bourbon
Subsea Services |
|
64.0 |
85.9 |
Average utilization rate |
|
82.4 |
81.7 |
Nine months' average
utilization rates for the fleet
In % |
|
9 months |
|
2018 |
2017 |
Bourbon
Marine & Logistics |
|
51.6 |
48.1 |
Deepwater offshore vessels |
|
62.5 |
61.1 |
Shallow water offshore vessels |
|
44.2 |
39.2 |
Bourbon Mobility |
|
53.3 |
57.6 |
Bourbon
Subsea Services |
|
46.4 |
62.2 |
Average utilization rate |
|
52.3 |
53.7 |
Nine months average
daily rates for the fleet
In US$/day |
|
9 months |
|
2018 |
2017 |
Bourbon
Marine & Logistics |
|
10,465 |
11,843 |
Deepwater offshore vessels |
|
13,009 |
14,687 |
Shallow water offshore vessels |
|
8,027 |
8,856 |
Bourbon Mobility |
|
4,355 |
4,427 |
Bourbon
Subsea Services |
|
32,353 |
36,649 |
Average daily rate |
|
7,947 |
8,897 |
Breakdown of
revenues by geographical region
In € millions |
Quarter |
9 months |
Q3 2018 |
Q2
2018 |
Change |
Q3
2017 |
2018 |
2017 |
Change |
Africa |
90.6 |
89.4 |
+1.4% |
118.9 |
280.0 |
384.3 |
-27.1% |
Europe
& Mediterranean/Middle East |
40.5 |
36.3 |
+11.5% |
31.1 |
102.9 |
91.5 |
+12.5% |
Americas |
22.3 |
24.3 |
-8.2% |
36.0 |
73.5 |
115.4 |
-36.3% |
Asia |
20.2 |
19.2 |
+5.1% |
18.3 |
57.3 |
72.6 |
-21.1% |
In € millions |
|
2018 |
|
2017 |
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Africa |
|
90.6 |
89.4 |
99.9 |
|
113.4 |
118.9 |
135.3 |
130.1 |
Europe & Mediterranean
/ Middle East |
|
40.5 |
36.3 |
26.2 |
|
31.6 |
31.1 |
31.6 |
28.8 |
Americas |
|
22.3 |
24.3 |
27.0 |
|
32.3 |
36.0 |
38.3 |
41.3 |
Asia |
|
20.2 |
19.2 |
17.9 |
|
19.7 |
18.3 |
29.0 |
25.3 |
Other key
indicators
Quarterly
breakdown
|
|
2018 |
|
2017 |
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average
€/US$ exchange rate for the quarter (in €) |
|
1.16 |
1.19 |
1.23 |
|
1.18 |
1.17 |
1.10 |
1.06 |
€/US$
exchange rate at closing (in €) |
|
1.16 |
1.17 |
1.23 |
|
1.20 |
1.18 |
1.14 |
1.07 |
Average
price of Brent for the quarter (in US$/bbl) |
|
75 |
75 |
67 |
|
61 |
55 |
51 |
54 |
Nine months'
breakdown
|
|
9 months |
|
|
2018 |
2017 |
Average
€/US$ exchange rate for the half year (in €) |
|
1.19 |
1.11 |
€/US$
exchange rate at closing (in €) |
|
1.16 |
1.18 |
Average
price of Brent for the half year (in US$/bbl) |
|
72 |
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
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 2017,
BOURBON'S revenue came to €860.6 million and the company operated a
fleet of 508 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
investor-relations@bourbon-online.com |
+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