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