BOURBON - Press release: BOURBON Financial information 3rd Quarter
2019
Marseilles, November 7, 2019
BOURBON Financial information 3rd quarter and 9
months 2019
Adjusted
revenue for Q3 2019 amounted to €177.7 million (consolidated
revenue of €164.3 million), down 3.2% compared to Q2
- Adjusted revenue for Q3 2019 was down by 3.2% compared to the
previous quarter, impacted in particular by the planned maintenance
of series-built vessels and the decrease in Subsea activity.
- Fleet rationalization continued, as a result on the one hand,
of the progressive return to service of vessels and, on the other,
of the implementation of the sales and scrapping plan for
non-strategic vessels.
- The average utilization rate decreased slightly to 53.8%
compared to 54.7% in Q2 2019, affected by planned maintenance and
the reallocation of vessels to strategic zones.
- Average daily rates decreased by 1.7%, impacted by the Subsea
segment, and in particular, the end of two long-term charter
contracts in India.
|
| |
Quarter |
9 months |
|
In € millions, unless otherwise noted |
Q3 2019 |
Q2 2019 |
ChangeQ3 / Q2 |
Q3 2018 |
2019 |
2018 |
Change 2019/2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
177.7 |
183.6 |
-3.2% |
173.5 |
539.3 |
513.7 |
+5.0% |
|
(change at constant rate) |
|
|
-3.4% |
|
|
|
+2.0% |
|
Bourbon Marine & Logistics |
94.5 |
91.0 |
+3.8% |
87.0 |
273.4 |
269.3 |
+1.5% |
|
Bourbon Mobility |
45.3 |
46.1 |
-1.9% |
46.3 |
138.7 |
141.6 |
-2.1% |
|
Bourbon Subsea Services |
36.0 |
43.4 |
-16.9% |
37.9 |
119.6 |
95.4 |
+25.5% |
|
Others |
1.9 |
3.0 |
-35.8% |
2.3 |
7.5 |
7.4 |
+1.9% |
|
|
|
|
|
|
|
|
|
|
IFRS 11 impact |
(13.4) |
(17.3) |
|
(13.4) |
(46.4) |
(41.9) |
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenues |
164.3 |
166.3 |
-1.2% |
160.2 |
492.9 |
471.7 |
+4.5% |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
464.1 |
467.2 |
-0.6% |
498.5 |
469.4 |
502.8 |
-6.7% |
|
|
|
|
|
|
|
|
|
|
Average utilization rate (%) |
53.8 |
54.7 |
-0.9 pt |
51.6 |
54.3 |
52.3 |
+2.0 pts |
|
|
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
8,122 |
8,262 |
-1.7% |
7,854 |
8,178 |
7,947 |
+2.9% |
|
|
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
" The market recovery is a reality, but our
reactivation efforts and the maintenance of series-built vessels
have impacted utilization rates and revenue. In a particularly
difficult context for the company, our teams have been intensely
mobilized to maintain the service provided to customers. The
signing of a 3-year cooperation agreement with one of our largest
customers for the deployment of our Smart Shipping program in
Angola is a strong symbol of this," 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 2019 |
Q2 2019 |
ChangeQ3 / Q2 |
Q3 2018 |
2019 |
2018 |
Change 2019/2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
94.5 |
91.0 |
+3.8% |
87.0 |
273.4 |
269.3 |
+1.5% |
|
Deepwater offshore vessels |
56.7 |
53.6 |
+5.8% |
52.4 |
164.0 |
164.7 |
-0.4% |
|
Shallow water offshore vessels |
37.8 |
37.5 |
+0.9% |
34.6 |
109.4 |
104.6 |
+4.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
201.9 |
203.8 |
-0.9% |
213.1 |
204.4 |
215.3 |
-5.1% |
|
|
|
|
|
|
|
|
|
|
Average utilization rate (%) |
56.4 |
56.0 |
+0.4 pt |
51.0 |
55.4 |
51.6 |
+3.8 pts |
|
Deepwater offshore vessels |
67.2 |
66.9 |
+0.3 pt |
60.4 |
67.0 |
62.5 |
+4.5 pts |
|
Shallow water offshore vessels |
48.8 |
48.3 |
+0.5 pt |
44.4 |
47.2 |
44.2 |
+3.0 pts |
|
|
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
10,279 |
10,130 |
+1.5% |
10,128 |
10,186 |
10,465 |
-2.7% |
|
Deepwater offshore vessels |
12,382 |
12,130 |
+2.1% |
12,705 |
12,190 |
13,009 |
-6.3% |
|
Shallow water offshore vessels |
8,214 |
8,186 |
+0.3% |
7,709 |
8,174 |
8,027 |
+1.8% |
|
|
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
Adjusted revenue for Q3 2019 increased by 3.8%
compared to the previous quarter, driven by 5.8% growth in the
deepwater Offshore activity, and notably the 2.1% increase in daily
rates.
The average utilization rate increased slightly
to 56.4%: the impact of the reactivation of 7 vessels during the
quarter is partly offset by an increase in planned maintenance over
the period, particularly in the shallow water Offshore segment
(Liberty vessels).
The Asia region and North Sea zone were dynamic
during the quarter, particularly in Malaysia where demand has been
increasing for several months. The Mediterranean/Middle East zone,
however, saw the end of several significant projects, particularly
in Egypt.
Furthermore, BOURBON announced the signing of a
3-year cooperation agreement with TOTAL in Angola for the
deployment of the Smart Shipping program for 5 Bourbon Explorer
500-type vessels.
BOURBON MOBILITY
| |
Quarter |
9 months |
|
In € millions, unless otherwise noted |
Q3 2019 |
Q2 2019 |
ChangeQ3 / Q2 |
Q3 2018 |
2019 |
2018 |
Change 2019/2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
45.3 |
46.1 |
-1.9% |
46.3 |
138.7 |
141.6 |
-2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
243.3 |
244.3 |
-0.4% |
265.4 |
245.6 |
267.1 |
-8.0% |
|
|
|
|
|
|
|
|
|
|
Average utilization rate (%) |
51.7 |
53.4 |
-1.7 pt |
51.8 |
53.2 |
53.3 |
-0.1 pt |
|
|
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
4,240 |
4,281 |
-1.0% |
4,285 |
4,279 |
4,355 |
-1.7% |
|
|
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
This quarter was marked by the 1.9% decrease in
adjusted revenue compared to the previous quarter, in line with the
-1.7 points decrease in the fleet average utilization rate to
51.7%, impacted by the policy of making additional back-up vessels
available in order to maintain the service rates expected by
customers.
Bourbon Mobility pursued the rationalization of
its fleet (over 20 vessels removed in one year) and its
repositioning in growth areas (by notably withdrawing from
activities in Indonesia and Brazil, and expanding in West
Africa).
In parallel, Bourbon Mobility has actively
positioned itself in new business models for customers (such as pay
per seat, pay per trip, door-to-rig) in markets where the recovery
remains weak and where controlling costs is a major concern for its
customers.
BOURBON SUBSEA SERVICES
| |
Quarter |
9 months |
|
In € millions, unless otherwise noted |
Q3 2019 |
Q2 2019 |
ChangeQ3 / Q2 |
Q3 2018 |
2019 |
2018 |
Change2019/2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
36.0 |
43.4 |
-16.9% |
37.9 |
119.6 |
95.4 |
+25.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
19.0 |
19.1 |
-0.5% |
20.0 |
19.4 |
20.4 |
-4.9% |
|
|
|
|
|
|
|
|
|
|
Average utilization rate (%) |
52.6 |
57.9 |
-5.3 pts |
54.3 |
56.5 |
46.4 |
+10.1 pts |
|
|
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
32,408 |
35,952 |
-9.9% |
30,321 |
33,935 |
32,353 |
+4.9% |
|
|
|
|
|
|
|
|
|
|
* FTE: Full Time Equivalent |
|
|
|
|
|
|
|
Adjusted revenue for Q3 saw a significant 16.9%
decrease compared to the previous quarter. This decrease is mainly
due to the end of two long-term charter contracts in India, with
more short-term contracts reducing the overall utilization rate
(down 5.3 points) as well as delays in the progress of certain
turnkey projects (notably in Offshore Wind).
OTHERS
| |
Quarter |
9 months |
|
In € millions, unless otherwise noted |
Q3 2019 |
Q2 2019 |
ChangeQ3 / Q2 |
Q3 2018 |
2019 |
2018 |
Change2019/2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusteda revenues |
1.9 |
3.0 |
-35.8% |
2.3 |
7.5 |
7.4 |
+1.9% |
|
|
|
|
|
|
|
|
|
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
Growth in global demand for oil remains low with
strong volatility in oil prices, which have, however, remained at
an average level of around $50-60/barrel.
In this context of very moderate recovery, oil
customers regularly validate new exploration projects and continue
to arbitrate in favor of Offshore. Offshore investments even grew
in 2019, for the first time since 2014, following productivity
gains in drilling and production.
However, oil customers remain cautious and
continue to favor projects with short returns on investment.
Furthermore, they pay attention to and take a keen interest in new
models and working methods, aimed at providing new productivity
gains.
In this environment, BOURBON continues to focus
on:
- control of its operating and general costs;
- discipline in its Capex choices, notably in terms of fleet
reactivation and choice of contracts;
- deployment of the strategic plan, and notably the development
of new services and business models as well as the Smart shipping
program;
- debt restructuring.
2020 year will be marked by high activity in
planned maintenance of BOURBON’s series-built vessels.
MAJOR EVENTS
As part of the reorganization proceedings opened
since August 7, 2019 for the two holding companies Bourbon
Corporation and Bourbon Maritime, a tendering process has been
launched:
- on Bourbon Corporation, the deadline for
tender offers submission has been extended to November 20th
- on Bourbon Maritime, the deadline for tender
offers submission is November 20th.
ADDITIONAL INFORMATION
BOURBON's results will continue to be affected
by the €/US$ exchange rate.
FINANCIAL CALENDAR
|
2019 Full Year and 4th quarter revenues press
release |
February 6, 2020 |
|
2019 Annual Results press release and presentation |
March
19, 2020 |
|
2020 First quarter financial information |
May 7,
2020 |
APPENDIX
Quarterly revenue breakdown
|
In € millions |
|
2019 |
|
2018 |
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
94.5 |
91.0 |
87.9 |
|
88.0 |
87.0 |
89.9 |
92.4 |
|
Deepwater offshore vessels |
|
56.7 |
53.6 |
53.8 |
|
53.0 |
52.4 |
55.0 |
57.4 |
|
Shallow water offshore vessels |
|
37.8 |
37.5 |
34.1 |
|
35.0 |
34.6 |
35.0 |
35.0 |
|
Bourbon Mobility |
|
45.3 |
46.1 |
47.3 |
|
46.1 |
46.3 |
47.1 |
48.2 |
|
Subsea Services |
|
36.0 |
43.4 |
40.2 |
|
38.2 |
37.9 |
30.2 |
27.2 |
|
Others |
|
1.9 |
3.0 |
2.5 |
|
3.6 |
2.3 |
1.9 |
3.1 |
|
Total adjusted revenues |
|
177.7 |
183.6 |
178.0 |
|
175.9 |
173.5 |
169.2 |
171.0 |
|
IFRS 11 impact* |
|
(13.4) |
(17.3) |
(15.7) |
|
(13.7) |
(13.4) |
(15.2) |
(13.3) |
|
TOTAL CONSOLIDATED |
|
164.3 |
166.3 |
162.3 |
|
162.2 |
160.2 |
153.9 |
157.6 |
*Effect of consolidation of joint ventures using
the equity method
Quarterly average utilization rates for the
fleet in operation
|
In % |
|
2019 |
|
2018 |
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
86.3 |
90.8 |
90.4 |
|
88.1 |
86.7 |
84.9 |
89.0 |
|
Deepwater offshore vessels |
|
88.5 |
90.5 |
92.0 |
|
86.6 |
86.9 |
83.5 |
88.1 |
|
Shallow water offshore vessels |
|
84.2 |
91.0 |
88.8 |
|
89.7 |
86.6 |
86.2 |
90.0 |
|
Bourbon Mobility |
|
73.6 |
76.6 |
79.6 |
|
78.0 |
77.8 |
81.1 |
84.3 |
|
Subsea Services |
|
66.7 |
73.3 |
78.5 |
|
74.0 |
73.9 |
60.9 |
55.7 |
|
Average utilization rate |
|
78.5 |
82.2 |
83.9 |
|
81.8 |
81.2 |
81.7 |
84.9 |
Quarterly average utilization rates for the
fleet
|
In % |
|
2019 |
|
2018 |
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
56.4 |
56.0 |
53.9 |
|
50.5 |
51.0 |
51.6 |
52.7 |
|
Deepwater offshore vessels |
|
67.2 |
66.9 |
66.9 |
|
61.0 |
60.4 |
63.0 |
65.2 |
|
Shallow water offshore vessels |
|
48.8 |
48.3 |
44.7 |
|
43.2 |
44.4 |
43.9 |
44.3 |
|
Bourbon Mobility |
|
51.7 |
53.4 |
54.7 |
|
52.5 |
51.8 |
53.8 |
54.4 |
|
Subsea Services |
|
52.6 |
57.9 |
58.9 |
|
54.9 |
54.3 |
45.4 |
39.0 |
|
Average utilization rate |
|
53.8 |
54.7 |
54.5 |
|
51.7 |
51.6 |
52.5 |
53.0 |
Quarterly average daily rates for the
fleet
|
In US$/day |
|
2019 |
|
2018 |
| |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
10,279 |
10,130 |
10,188 |
|
10,177 |
10,128 |
10,360 |
10,911 |
|
Deepwater offshore vessels |
|
12,382 |
12,130 |
12,123 |
|
12,701 |
12,705 |
12,873 |
13,577 |
|
Shallow water offshore vessels |
|
8,214 |
8,186 |
8,136 |
|
7,694 |
7,709 |
7,924 |
8,292 |
|
Bourbon Mobility |
|
4,240 |
4,281 |
4,351 |
|
4,239 |
4,285 |
4,326 |
4,549 |
|
Bourbon Subsea Services |
|
32,408 |
35,952 |
33,346 |
|
33,207 |
30,321 |
30,571 |
34,933 |
|
Average daily rate |
|
8,122 |
8,262 |
8,172 |
|
7,989 |
7,854 |
7,786 |
8,179 |
Quarterly number of vessels (end of
period)
|
In number of vessels* |
|
2019 |
|
2018 |
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
200 |
203 |
204 |
|
211 |
212 |
214 |
216 |
|
Deepwater offshore vessels |
|
83 |
84 |
84 |
|
87 |
87 |
87 |
87 |
|
Shallow water offshore vessels |
117 |
119 |
120 |
124 |
125 |
127 |
129 |
|
Bourbon Mobility |
242 |
244 |
248 |
252 |
260 |
266 |
269 |
|
Bourbon Subsea Services |
|
19 |
19 |
20 |
|
20 |
20 |
20 |
21 |
|
FLEET TOTAL |
|
461 |
466 |
472 |
|
483 |
492 |
500 |
506 |
*Vessels operated by BOURBON (including vessels
owned or on bareboat charter)
Nine months’ average utilization rates for
the fleet in operation
|
In % |
|
9 months |
|
|
2019 |
2018 |
|
Bourbon Marine & Logistics |
|
89.4 |
86.5 |
|
Deepwater offshore vessels |
|
90.6 |
85.6 |
|
Shallow water offshore vessels |
|
88.2 |
87.5 |
| Bourbon
Mobility |
|
76.7 |
80.9 |
|
Bourbon Subsea Services |
|
72.8 |
64.0 |
|
Average utilization rate |
|
81.7 |
82.4 |
Nine months’ average utilization rates for
the fleet
|
In % |
|
9 months |
|
|
2019 |
2018 |
|
Bourbon Marine & Logistics |
|
55.4 |
51.6 |
|
Deepwater offshore vessels |
|
67.0 |
62.5 |
|
Shallow water offshore vessels |
|
47.2 |
44.2 |
| Bourbon
Mobility |
|
53.2 |
53.3 |
|
Bourbon Subsea Services |
|
56.5 |
46.4 |
|
Average utilization rate |
|
54.3 |
52.3 |
Nine months average daily rates for the
fleet
|
In US$/day |
|
9 months |
|
|
2019 |
2018 |
|
Bourbon Marine & Logistics |
|
10,186 |
10,465 |
|
Deepwater offshore vessels |
|
12,190 |
13,009 |
|
Shallow water offshore vessels |
|
8,174 |
8,027 |
| Bourbon
Mobility |
|
4,279 |
4,355 |
|
Bourbon Subsea Services |
|
33,935 |
32,353 |
|
Average daily rate |
|
8,178 |
7,947 |
Breakdown of revenues by geographical
region
|
In € millions |
Quarter |
9 months |
|
Q3 2019 |
Q2 2019 |
Change |
Q3 2018 |
2019 |
2018 |
Change |
|
Africa |
98.0 |
96.3 |
+1.7% |
90.6 |
295.4 |
280.0 |
+5.5% |
|
Europe & Mediterranean/Middle East |
40.1 |
43.9 |
-8.6% |
40.5 |
119.2 |
102.9 |
+15.8% |
|
Americas |
23.5 |
22.7 |
+3.6% |
22.3 |
69.8 |
73.5 |
-5.0% |
|
Asia |
16.1 |
20.6 |
-21.9% |
20.2 |
54.8 |
57.3 |
-4.3% |
|
In € millions |
|
2019 |
|
2018 |
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Africa |
|
98.0 |
96.3 |
101.1 |
|
101.7 |
90.6 |
89.4 |
99.9 |
| Europe
& Mediterranean / Middle East |
|
40.1 |
43.9 |
35.2 |
|
33.4 |
40.5 |
36.3 |
26.2 |
|
Americas |
|
23.5 |
22.7 |
23.6 |
|
21.0 |
22.3 |
24.3 |
27.0 |
|
Asia |
|
16.1 |
20.6 |
18.0 |
|
19.7 |
20.2 |
19.2 |
17.9 |
Other key indicators
Quarterly breakdown
| |
|
2019 |
|
2018 |
|
|
|
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Average €/US$ exchange rate for the quarter |
|
1.11 |
1.12 |
1.14 |
|
1.14 |
1.16 |
1.19 |
1.23 |
|
€/US$ exchange rate at closing |
|
1.09 |
1.14 |
1.12 |
|
1.15 |
1.16 |
1.17 |
1.23 |
|
Average price of Brent for the quarter (in US$/bbl) |
|
62 |
69 |
63 |
|
69 |
75 |
75 |
67 |
Nine months’ breakdown
| |
|
9 months |
|
|
|
2019 |
2018 |
|
Average €/US$ exchange rate for the half year |
|
1.12 |
1.19 |
|
€/US$ exchange rate at closing |
|
1.09 |
1.16 |
|
Average price of Brent for the half year (in US$/bbl) |
|
65 |
72 |
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 investor-relations@bourbon-online.com |
+33 144 824 634vilizara.lazarova@consultants.publicis.fr |
| |
|
| |
|
|
Corporate Communication |
|
|
Christelle Loisel |
|
|
+33 491 136 732christelle.loisel@bourbon-online.com |
|
| |
|
- BOURBON-press-release-q3-2019-07112019