BOURBON: Press release - BOURBON First Half 2019 Results
Marseilles, September 26, 2019
BOURBON
First Half 2019 Results
Adjusted revenue increased by 3.5% to
€361.5 million (consolidated revenue €328.5 million) reflecting the
slow and gradual improvement in activity
Adjusted EBITDAR up 15.3% compared to the
previous half year
- Adjusted revenue of €361.5 million, benefiting from a 4%
increase in daily rates, average utilization rates up 2.8 points
compared to the second half year 2018 and a positive foreign
currency effect.
- The number of laid-up vessels decreased by 10%, reflecting, on
the one hand, the progressive return to service of vessels and on
the other hand, the implementation of the disposal plan for
non-strategic vessels.
- Adjusted EBITDAR grew at €83.2 million (consolidated EBITDAR of
€68.8 million) taking into account financial restructuring costs
and favorable non-recurring items.
- Free cash flow was €36.5 million compared to €33.0 million for
the 2nd half year 2018.
- The group is pursuing negotiations as part of the
reorganization proceedings opened since the 7th of August 2019 and
has decided to close its financial statements under the going
concern basis, given its confidence in its ability meet the
necessary conditions for the continuation of its activities.
|
|
|
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019 /H1 2018 |
|
Operational indicators |
|
|
|
|
|
|
Number of vessels (FTE)* |
472.0 |
495.2 |
-4.7% |
505.0 |
-6.5% |
|
Total fleet in operation (FTE) |
308.8 |
314.0 |
-1.7% |
320.3 |
-3.6% |
|
Number of stacked vessels (FTE) |
163.3 |
181.2 |
-9.9% |
184.7 |
-11.6% |
|
Utilization rate of the fleet in operation (%) |
83.4 |
81.5 |
+1.9pt |
83.0 |
+0.4 pt |
|
Average utilization rate (%) |
54.5 |
51.7 |
+2.8 pts |
52.7 |
+1.8 pt |
|
Average daily rate ($/d) |
8,219 |
7,902 |
+4.0% |
7,888 |
+4.2% |
|
* FTE : Full Time Equivalent |
|
|
|
In € millions, unless otherwise noted |
H1 2019 |
H2 2018* |
ChangeH1 2019/H2 2018 |
H1 2018* |
ChangeH1 2019 /H1 2018 |
|
Financial performance |
|
|
|
|
|
|
Adjusted revenuesa |
361.5 |
349.4 |
+3.5% |
340.1 |
+6.3% |
|
(change at constant rate) |
|
|
+2.2% |
|
+3.0% |
|
Bourbon Marine & Logistics |
178.9 |
175.0 |
+2.3% |
182.3 |
-1.9% |
|
Bourbon Mobility |
93.4 |
92.4 |
+1.1% |
95.3 |
-2.0% |
|
Bourbon Subsea Services |
83.6 |
76.2 |
+9.8% |
57.4 |
+45.6% |
|
Others |
5.6 |
5.9 |
-5.6% |
5.0 |
+10.4% |
|
Operational and general costs |
(278.3) |
(277.3) |
+0.4% |
(269.5) |
+3.3% |
|
Adjusteda EBITDAR (ex. cap. gain) |
83.2 |
72.1 |
+15.3% |
70.6 |
+17.8% |
|
EBITDAR / Revenues |
23.0% |
20.6% |
|
20.7% |
|
|
Bareboat charters |
- |
(74.9) |
ns |
(73.4) |
ns |
|
Adjusteda EBITDA |
84.1 |
(2.2) |
ns |
(2.2) |
ns |
|
Impairment |
(3.1) |
(31.0) |
-90.0% |
(44.7) |
-93.1% |
|
Adjusteda EBIT |
(52.7) |
(160.4) |
-67.1% |
(153.5) |
-65.7% |
|
EBIT |
(60.2) |
(162.2) |
-62.9% |
(158.0) |
-61.9% |
|
Net income (group share) |
(135.2) |
(260.7) |
-48.1% |
(197.1) |
-31.4% |
|
* As of January 1, 2019, the Group applies IFRS 16 “Leases”
Standard following the modified retrospective transition method. No
restatement of 2018 financial statements has been carried out.
|
"The results for the half year illustrate our
continued efforts to rationalize the fleet and control costs as
well as the commitment of all teams to maintain our standards of
operational excellence. The market recovery, whilst slow and very
gradual, is a reality. However, rigorous management remains
essential to ensuring sustainable growth. We remain extremely
vigilant and will maintain true discipline in our investment and
our contracts choices, while focusing on transforming our model.
The initial successes obtained during the half year are
encouraging", 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.The reconciliation between the adjusted
data and the consolidated data can be found in Appendix I on page
9
1st Half 2019
Financial Results
- Income statement (adjusted data)
Adjusted
revenue came out at €361.5 million, up 3.5% compared to the
previous half year, impacted by a favorable exchange rate (+2.2%
increase at constant exchange rates), an improvement in average
chartering rates (mainly due to the contribution of Subsea's
chartering activities) and an improvement in utilization rates.
This last improvement comes, on the one hand, from the disposal and
scrapping of non-strategic and unused vessels and on the other,
from a slight increase in the number of chartering days.
Operating costs decreased by 2.3% compared to
the previous half year, benefiting from the first effects of the
Smart shipping program and from a catch-up in the exemption from
employer social contributions for European-registered vessels.
Excluding this last item, costs would have increased, impacted by
the gradual return to service of vessels and Subsea's turnkey
projects.
General costs increased by 11.1% mainly due to
the costs related to the financial restructuring. However, the
implementation of our Smart G&A plan has shown results,
enabling us to achieve a recurring general costs/revenue ratio of
15%.
As a result, EBITDAR amounted to €83.2 million,
up 15.3% compared to the previous half year.
Adjusted EBIT for the first half year 2019 was
€-52.4 million, an improvement of €108.0 million compared to the
previous half year, mainly due to the impact of the application of
IFRS 16 on January 1, 2019 and the reduced impairment expense.
Net income, group share stood at -€135.2
million, compared to -€260.7 million for the previous half
year.
|
Consolidated Capital Employed |
06/30/2019 |
12/31/2018* |
|
In € millions |
|
|
|
|
|
Net non-current Assets |
2,360.1 |
1,704.1 |
|
Non-current Assets held for sale |
1.2 |
12.0 |
|
Working Capital |
138.2 |
(79.0) |
|
|
|
1,637 |
|
Total Capital Employed |
2,499.4 |
1,637.1 |
|
|
|
|
|
Shareholders’ equity |
52.8 |
201.0 |
|
Non-current liabilities (provisions and deferred taxes) |
149.5 |
158.5 |
|
Net debt |
2,297.1 |
1,277.6 |
|
|
|
|
|
Total Capital Employed |
2,499.4 |
1,637.1 |
|
|
|
|
* No restatement of 2018 financial statements has
been carried out following the application of IFRS 16 “Leases”
The application of IFRS 16 Standard ("Leases")
on January 1, 2019 had a significant impact on the structure of the
balance sheet. Since that date, leases, and specifically bareboat
charters, are recognized on the balance sheet (with the exception
of contracts under 12 months or concerning low value goods) whereas
up to now, only vessels under finance leases were subject to
recognition.
At January 1, 2019, the date of the first-time
application of IFRS 16, the group recorded a lease liability of
€1,083.1 million, representing the discounted amount of lease
commitments, offset by non-current right-of-use assets of €866.4
million and a significant decrease in trade payables of €205.6
million which, in particular, recorded unpaid bareboat
charters.
Thus, as at June 30, 2019, the net impact of
finance leases already recorded in the balance sheet was an
increase of €701.3 million in non-current net assets, a decrease in
the working capital requirement of €205.6 million and an increase
in net debt of €997.9 million.
Shareholders' equity amounted to €52.8 million,
down €148.2 million under the impact of the loss recorded during
the first half year 2019.
In accordance with IFRS, €1,665 million in
borrowings and lease liabilities were classified as current
liabilities as at June 30, 2019. These are borrowings and leases
for which the payments have been suspended since the start of 2018,
some of which have been the subject of calls in guarantee or
accelerations since July 2019, as well as other borrowings with
"cross default" type clauses that could lead to early
redemption.
- Cash flow (see appendix IV: Simplified
Consolidated Cash Flow Statement)
- positive cash flows generated by operations were €52.7 million,
down slightly by €2.3 million compared to the second half year
2018, despite the increase in activity, under the effect of an
unfavorable working capital variation;
- the sales of 6 vessels (including 3 non-smart and 3
non-strategic vessels) generated €15.1 million over the half year,
reflecting the group's continued efforts to rationalize its fleet.
The amount of investments, at €-31.3 million, was up by €6 million
compared to the previous half year, under the effect of an increase
in priority planned dry-dock and vessel reactivations. Cash flows
used in investing activities amounted to €-18.4 million;
- lastly, still reflecting the suspension of debt and lease
servicing, cash flows consumed by financing activities amounted to
€-58.0 million, of which half is related to the payment of
dividends to minority interests.
Consolidated cash was down by €22.5 million over
the half year, marked by the following elements:
The group has continued discussions with its
creditors, both in France and abroad, during this semester, in
order to balance the service of its debt with an expected but
gradual recovery in the market and therefore group performance.
However, on August 7, 2019, the Group has
announced having obtained from the Court the opening of
reorganization proceedings for the holding Bourbon Corporation and
sub holding Bourbon Maritime. Bourbon Corporation had requested and
obtained the opening of reorganization proceedings further to the
guarantees redeemed by Chinese company ICBC Leasing for an initial
amount exceeding $800 million, supplemented by an additional claim
received on 10 September 2019, bringing the total amount to more
than $1.2 billion.
While BOURBON Maritime was subject to a
conciliation procedure, the company requested and obtained the
opening of reorganization proceedings further to the acceleration
by some French creditors of the repayment of their debt,
representing an amount of €720 million, as well as contractual
interest.This situation raises a material uncertainty with regards
to the going concern. The Group has, however, prepared its
consolidated financial statements at June 30, 2019 maintaining the
going concern assumption given:
- The confidence it has in its ability to meet
the necessary conditions for the continuation of its activities
- The confidence it has in the favorable outcome
of the reorganization proceedings
- The active search for new financial partners
which led to the receipt of a firm financing offer subject to
conditions
-The cash generated by the activity that
allows the group to meet its current operating needs during the
next 12 months (beside debt financing).
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 $50-60/barrel.
In this context of very moderate recovery, oil
customers regularly validate new exploration projects and continue
to arbitrate in favor of Offshore. Offshore investments even grew
in 2019, for the first time since 2014, following productivity
gains in drilling and production.
However, oil customers remain cautious and
continue to favor projects with short returns on investment.
Furthermore, they pay attention to and take a keen interest in new
models and working methods, as they aim to provide new productivity
gains.
In this environment, BOURBON continues to focus
on:
- the control of its operating and general costs;
- discipline in its Capex choices, notably in terms of fleet
reactivation and in the choice of contracts;
- deployment of the strategic plan, and notably the development
of new services and business models as well as the Smart shipping
program;
- and the restructuring of its debt.
BOURBON MARINE &
LOGISTICS
| |
|
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019/H1 2018 |
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
205.6 |
212.5 |
-3.2% |
216.5 |
-5.0% |
|
Total fleet in operation (FTE) |
124.0 |
123.4 |
+0.5% |
130.0 |
-4.6% |
|
Number of stacked vessels (FTE) |
81.6 |
89.1 |
-8.4% |
86.5 |
-5.7% |
|
|
|
|
|
|
|
|
Utilization rate of the fleet in operation (%) |
91.2 |
87.4 |
+3.8pts |
86.4 |
+4.8pts |
|
|
|
|
|
|
|
|
Average utilization rate (%) |
55.0 |
50.8 |
+4.2pts |
51.9 |
+3.1pts |
|
Deepwater offshore vessels |
66.9 |
60.7 |
+6.2pts |
63.6 |
+3.3pts |
|
Shallow water offshore vessels |
46.5 |
43.8 |
+2.7pts |
44.1 |
+2.4pts |
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
10,157 |
10,122 |
+0.3% |
10,468 |
-3.0% |
|
Deepwater offshore vessels |
12,105 |
12,652 |
-4.3% |
12,993 |
-6.8% |
|
Shallow water offshore vessels |
8,179 |
7,693 |
+6.3% |
8,022 |
+2.0% |
|
* FTE: Full Time Equivalent |
|
|
|
In € millions, unless otherwise noted |
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019/H1 2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenues |
178.9 |
175.0 |
+2.3% |
182.3 |
-1.9% |
|
Deepwater offshore vessels |
107.3 |
105.3 |
+1.9% |
112.4 |
-4.5% |
|
Shallow water offshore vessels |
71.6 |
69.6 |
+2.9% |
70.0 |
+2.3% |
|
|
|
|
|
|
|
|
Operational & General Costs |
(138.7) |
(140.9) |
-1.6% |
(143.1) |
-3.1% |
|
|
|
|
|
|
|
|
Adjusted EBITDAR (ex. capital gains) |
40.2 |
34.0 |
+18.2% |
39.3 |
+2.3% |
|
EBITDAR / Revenues |
22.5% |
19.4% |
|
21.6% |
|
|
|
|
|
|
|
|
|
Bareboat Charters |
- |
(52.6) |
ns |
(51.9) |
ns |
|
Adjusted EBITDA |
39.8 |
(18.5) |
ns |
(12.1) |
ns |
|
|
|
|
|
|
|
|
Impairment |
(1.0) |
(24.2) |
-95.7% |
(44.7) |
-97.7% |
|
Adjusted EBIT |
(47.8) |
(111.5) |
-57.2% |
(112.7) |
-57.6% |
The results of the first half year 2019 reflect
the gradual recovery of the activity, particularly in Deepwater
offshore with an average growth in utilization rates of 6.2 pts.
Rates for Shallow water offshore continued to grow slightly, whilst
the marked decrease in Deepwater offshore was mainly due to the
Arctic fleet exit and contracts renewal at current market prices.
Revenue saw a slight increase compared to the second half year
2018, driven by the West Africa (Nigeria and Gabon) and Latin
America (Mexico and Brazil) regions. 8 vessels have been
reactivated during the semester.
Operating and general costs benefited from the
first positive impacts of the deployment of the Smart shipping
program and the catch-up in the exemption from employer costs for
owners of European-registered vessels.The vessel disposal plan
continued, with 5 vessels sold during this half year, in lign with
the fleet rationalization strategy.
BOURBON MOBILITY
| |
|
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019/H1 2018 |
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
246.9 |
262.7 |
-6.0% |
267.9 |
-7.8% |
|
Total fleet in operation (FTE) |
169.8 |
175.9 |
-3.5% |
175.5 |
-3.2% |
|
Number of stacked vessels (FTE) |
77.1 |
86.8 |
-11.2% |
92.4 |
-16.7% |
|
|
|
|
|
|
|
|
Utilization rate of the fleet in operation (%) |
78.3 |
77.9 |
+0.4pt |
82.6 |
-4.3pts |
|
|
|
|
|
|
|
|
Average utilization rate (%) |
53.9 |
52.2 |
+1.7pt |
54.0 |
-0.1pt |
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
4,308 |
4,250 |
+1.4% |
4,391 |
-1.9% |
|
* FTE : Full Time Equivalent |
|
|
|
In € millions, unless otherwise noted |
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019/H1 2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenues |
93.4 |
92.4 |
+1.1% |
95.3 |
-2.0% |
|
|
|
|
|
|
|
|
Operational & General Costs |
(74.1) |
(77.7) |
-4.6% |
(77.7) |
-4.6% |
|
|
|
|
|
|
|
|
Adjusted EBITDAR (ex. capital gains) |
19.4 |
14.7 |
+32.1% |
17.6 |
+9.9% |
|
EBITDAR / Revenues |
20.7% |
15.9% |
|
18.5% |
|
|
|
|
|
|
|
|
|
Bareboat Charters |
- |
- |
- |
- |
- |
|
Adjusted EBITDA |
19.4 |
15.3 |
+26.7% |
17.9 |
+8.2% |
|
|
|
|
|
|
|
|
Impairment |
(0.9) |
(5.2) |
-82.0% |
- |
- |
|
Adjusted EBIT |
4.6 |
(22.0) |
ns |
(11.8) |
ns |
This half year was marked by slight growth in
adjusted revenue of 1.1% compared to the previous half year, with a
fleet utilization rate up 1.7 pt to 53.9%, notably driven by
Nigeria, which is the country with the strongest growth in West
Africa, and despite the contraction of the fleet in operation.
Bourbon Mobility accelerated the rationalization of its fleet
(around ten vessels scrapped) and its repositioning in growth
regions. In parallel, the modernization project for fleet cabins
was launched, with the aim of commissioning the first "Business
class" cabin mid-2020.
Operating costs were impacted by the continued
maintenance and repair efforts for Surfers, but benefited during
this half year, as for the other two businesses, from the positive
effect of the catch-up of the exemption from employer costs. 8
vessels were reactivated at a regular pace during this half year in
accordance with our forecasts.
BOURBON SUBSEA SERVICES
| |
|
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019 H1 2018 |
|
Operational indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of vessels (FTE)* |
19.5 |
20.0 |
-2.3% |
20.6 |
-5.3% |
|
Total fleet in operation (FTE) |
15.0 |
14.7 |
+2.0% |
14.9 |
+0.7% |
|
Number of stacked vessels (FTE) |
4.5 |
5.3 |
-13.5% |
5.7 |
-21.1% |
|
|
|
|
|
|
|
|
Utilization rate of the fleet in operation (%) |
75.9 |
73.9 |
+2.0pts |
58.9 |
+17.0pts |
|
|
|
|
|
|
|
|
Average utilization rate (%) |
58.4 |
54.6 |
+3.8pts |
42.6 |
+15.8pts |
|
|
|
|
|
|
|
|
Average daily rate ($/d) |
34,615 |
31,786 |
+8.9% |
32,526 |
+6,4% |
|
* FTE : Full Time Equivalent |
|
|
|
In € millions, unless otherwise noted |
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019/H1 2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenues |
83.6 |
76.2 |
+9.8% |
57.4 ( |
+45.6% |
|
|
|
|
|
|
|
|
Operational & General Costs |
(62.6) |
(55.2) |
+13.4% |
(44.9) |
+39.4% |
|
|
|
|
|
|
|
|
Adjusted EBITDAR (ex. capital gains) |
21.0 |
20.9 |
+0.3% |
12.5 |
+68.0% |
|
EBITDAR / Revenues |
25.1% |
27.5% |
|
21.8% |
|
|
|
|
|
|
|
|
|
Bareboat Charters |
- |
(22.2) |
ns |
(21.5) |
ns |
|
Adjusted EBITDA |
22.4 |
(1.5) |
ns |
(9.1) |
ns |
|
|
|
|
|
- |
|
|
Impairment |
(1.1) |
(1.6) |
-29.0% |
- |
- |
|
Adjusted EBIT |
(10.9) |
(24.4) |
-55.1% |
(30.0) |
-63.5% |
Adjusted revenue is growing of about 10%
compared to previous half year, benefitting of a 3.8 pts
improvement of the average utilization rate and a growing average
day rates of 8.9%, confirming the slight recovery of the Subsea
market. Turnkey projects activity has progressed in Middle East and
West Africa with projects of pipelines dismantling in Qatar and
Gabon, demonstrating the capacity of engineering Bourbon Subsea
Services ‘teams to secure the decommissioning budget of clients.
The ROV business (Remote Operated Vehicules) has however been
affected by a weaker activity this semester.
Operating and general costs are increasing by
13.4%, impacted by turnkey projects which relies on a large part of
external subcontracting
The installation of three 8.3 MW floated wind
turbines off Portugal has started at the end of the semester and is
pursuing over the second semester, maintaining BOURBON’s
positioning as the floating wind turbines installation leader.
Note also that of a non-strategic vessel has been
sold during the second quarter 2019.
OTHERS
|
In € millions, unless otherwise noted |
H1 2019 |
H2 2018 |
ChangeH1 2019/H2 2018 |
H1 2018 |
ChangeH1 2019/H1 2018 |
|
Financial performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenues |
5.6 |
5.9 |
-5.6% |
5.0 |
+10.4% |
|
|
|
|
|
|
|
|
Operational & General Costs |
(3.0) |
(3.4) |
-11.8% |
(3.9) |
-23.1% |
|
|
|
|
|
|
|
|
Adjusted EBITDAR (ex. capital gains) |
2.6 |
2.5 |
+3.7% |
1.1 |
ns |
|
EBITDAR / Revenues |
46,4% |
42.2% |
|
22.4% |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
2.6 |
2.5 |
+3.7% |
1.1 |
ns |
|
Adjusted EBIT |
1.7 |
(2.6) |
ns |
1.0 |
+74.3% |
Activities included are those that do not fit
into either Marine & Logistics, Mobility or Subsea Services
segments. The majority of the total represents earnings from
miscellaneous ship management activities.
ADDITIONAL INFORMATION
- A general meeting for holders of Undated Deeply Subordinated
Fixed to Floating Rate Bonds took place on July, 17, 2019. It
authorized BOURBON to defer the payment of interest initially
planned for July 24, 2019. All the decisions taken can be consulted
on Bourbon's website:
https://www.bourbonoffshore.com/en/investors/bondholders
- The Board of Directors approved on September 25, 2019 the
interim consolidated financial statements for the first six-month
period ending June 30, 2019, on upon the recommendation of the
Audit Committee. The Statutory Auditors performed a limited review
of the interim financial statements.
- The Statutory Auditors' reports conclude in this context, that
it is impossible to reach a conclusion on the condensed half-year
consolidated financial statements due to uncertainties regarding
the going concern in the context of the ongoing collective
proceedings of Bourbon Corporation and its subsidiary Bourbon
Maritime.
- BOURBON’s results will continue to be affected by the €/US$
exchange rate.
- BOURBON Corporation's General management will comment on the
results during an audio webcast scheduled today at 9:00 am Paris
local time. The presentation will be followed by a Q&A session.
The replay of the audio webcast will be available during the day on
our website:
http://www.bourbonoffshore.com/en/half-year-results-2019
FINANCIAL CALENDAR
|
2019 3rd Quarter & 9 months revenues press release |
November 7, 2019 |
APPENDIX I Reconciliation
of adjusted financial information with the consolidated financial
statementsAdjustment items are related the consolidation
of joint ventures according to the equity method. At June 30, 2019
and for the comparative period presented, adjustment items are as
follows:
| |
|
|
|
|
In € millions |
H1 2019 Adjusted |
IFRS Adjustments* |
H1 2019Consolidated |
|
Revenues |
361.5 |
(33.0) |
328.5 |
|
Direct Costs & General and Administrative costs |
(278.3) |
18.6 |
(259.7) |
|
EBITDAR (excluding capital gains) |
83.2 |
(14.3) |
68.8 |
|
Bareboat charter costs |
- |
- |
- |
|
EBITDA (excluding capital gains) |
83.2 |
(14.3) |
68.8 |
|
Capital gain |
0.9 |
- |
0.9 |
|
EBITDA |
84.1 |
(14.3) |
69.7 |
|
Depreciation, Amortization & Provisions |
(133.4) |
2.4 |
(131.0) |
|
Impairment |
(3.1) |
- |
(3.1) |
|
Share of results from companies under the equity method |
- |
4.4 |
4.4 |
|
Profit on transferred interests |
(0.3) |
- |
(0.3) |
|
EBIT |
(52.7) |
(7.5) |
(60.2) |
| *Effect
of consolidation of jointly controlled companies using the equity
method (IFRS 11) |
|
|
|
In € millions - No restatement of 2018 financial statements has
been carried out following the application of IFRS 16 “Leases” |
H2 2018 Adjusted |
IFRSAdjustments* |
H2 2018Consolidated |
|
Revenues |
349.4 |
(27.1) |
322.3 |
|
Direct Costs & General and Administrative costs |
(277.3) |
23.2 |
(254.1) |
|
EBITDAR (excluding capital gains) |
72.1 |
(3.9) |
68.2 |
|
Bareboat charter costs |
(74.9) |
- |
(74.9) |
|
EBITDA (excluding capital gains) |
(2.8) |
(3.9) |
(6.7) |
|
Capital gain |
0.6 |
- |
0.6 |
|
EBITDA |
(2.2) |
(3.9) |
(6.1) |
|
Depreciation, Amortization & Provisions |
(127.2) |
2.6 |
(124.6) |
|
Impairment |
(31.0) |
- |
(31.0) |
|
Share of results from companies under the equity method** |
|
(0.5) |
(0.5) |
|
EBIT |
(160.4) |
(1.8) |
(162.2) |
| *Effect
of consolidation of jointly controlled companies using the equity
method (IFRS 11) |
|
** Included the application of IAS 29 |
|
|
|
|
In € millions- No restatement of 2018 financial statements has been
carried out following the application of IFRS 16 “Leases” |
H1 2018 Adjusted |
IFRS Adjustments* |
H1 2018Consolidated |
|
Revenues |
340.1 |
(28.6) |
311.5 |
|
Direct Costs & General and Administrative costs |
(269.5) |
20.3 |
(249.2) |
|
EBITDAR (excluding capital gains) |
70.6 |
(8.3) |
62.3 |
|
Bareboat charter costs |
(73.4) |
- |
(73.4) |
|
EBITDA (excluding capital gains) |
(2.8) |
(8.3) |
(11.1) |
|
Capital gain |
0.7 |
- |
0.7 |
|
EBITDA |
(2.2) |
(8.3) |
(10.4) |
|
Depreciation, Amortization & Provisions |
(106.6) |
2.7 |
(104.0) |
|
Impairment |
(44.7) |
- |
(44.7) |
|
Share of results from companies under the equity method |
- |
1.0 |
1.0 |
|
Profit on transferred interests |
0.1 |
- |
0.1 |
|
EBIT |
(153.4) |
(4.5) |
(158.0) |
| *Effect
of consolidation of jointly controlled companies using the equity
method (IFRS11) |
APPENDIX II
Simplified Consolidated Income
Statement
|
In € millions (except per share data) |
H1 2019 |
H2 2018* |
ChangeH1 2019/H2 2018 |
H1 2018* |
ChangeH1 2019/H1 2018 |
|
|
|
|
|
|
|
|
Revenues |
328.5 |
322.3 |
+1.9% |
311.5 |
+5.5% |
|
Direct costs |
(200.0) |
(201.2) |
-0.6% |
(194.7) |
+2.7% |
|
General & Administrative costs |
(59.7) |
(52.9) |
+12.7% |
(54.5) |
+9.5% |
|
EBITDAR excluding capital gains |
68.8 |
68.2 |
+0.9% |
62.3 |
+10.4% |
|
Bareboat charter costs |
- |
(74.9) |
-100.0% |
(73.4) |
-100.0% |
|
EBITDA excluding capital gains |
68.8 |
(6.7) |
ns |
(11.1) |
ns |
|
Capital gain |
0.9 |
0.6 |
+59.3% |
0.7 |
+41.3% |
|
Gross operating income EBITDA |
69.7 |
(6.1) |
ns |
(10.4) |
ns |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Amortization & Provisions |
(131.0) |
(124.6) |
+5,1% |
(104.0) |
+26.0% |
|
Impairment |
(3.1) |
(31.0) |
-90.0% |
(44.7) |
-93.1% |
|
Share of results from companies under the equity method |
4.4 |
(0.5) |
ns |
1.0 |
ns |
|
Profit on transferred interests |
(0.3) |
- |
ns |
0.1 |
ns |
|
Operating income (EBIT) after share of results from
companies under equity method |
(60.2) |
(162.2) |
-62.9% |
(158.0) |
-61.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial profit/loss |
(62.2) |
(86.8) |
-28.3% |
(29.8) |
+108.4% |
|
Income tax |
(6.2) |
(8.7) |
-28.5% |
(5.8) |
+6.9% |
|
Net Income |
(128.6) |
(257.6) |
-50.2% |
(193.7) |
-33.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
(6.7) |
(3.1) |
ns |
(3.4) |
+93.4% |
|
Net income (Group share) |
(135.2) |
(260.7) |
-48.1% |
(197.1) |
-31.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
(1.75) |
|
|
(2.55) |
|
|
Weighted average number of shares outstanding |
77,350,596 |
|
|
77,373,341 |
|
|
|
|
|
|
|
|
* No restatement of 2018 financial statements has
been carried out following the application of IFRS 16 “Leases”
APPENDIX III
Simplified Consolidated Balance
Sheet
|
In € millions |
06/30/2019 |
12/31/2018* |
|
06/30/2019 |
12/31/2018* |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
52.8 |
201.0 |
|
|
|
|
|
|
|
|
Net property, plant and equipment |
1,473.2 |
1,638.2 |
Financial debt > 1 year |
39.9 |
44.8 |
|
Right-of-Use |
815.8 |
- |
|
|
|
|
Other non-current assets |
84.0 |
83.5 |
Other non-current liabilities |
136.5 |
108.9 |
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
2,373.0 |
1,721.7 |
TOTAL NON-CURRENT LIABILITIES |
176.4 |
153.7 |
|
|
|
|
|
|
|
|
Cash on hand and in banks |
200.1 |
217.1 |
Financial debt < 1 year |
2,457.3 |
1,449.9 |
|
Other currents assets |
443.3 |
408.4 |
Other current liabilities |
331.1 |
554.6 |
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
643.4 |
625.5 |
TOTAL CURRENT LIABILITIES |
2,788.4 |
2,004.5 |
|
|
|
|
|
|
|
|
Non-current assets held for sale |
1.2 |
12.0 |
Liabilities directly associated with non-current assets classified
as held for sale |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
2,964.8 |
2,158.2 |
|
TOTAL ASSETS |
3,017.6 |
2,359.2 |
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
3,017.6 |
2,359.2 |
* No restatement of 2018 financial statements has
been carried out following the application of IFRS 16 “Leases”
APPENDIX IV
Simplified Consolidated Cash Flow
Statement
|
In € millions |
H1 2019 |
H2 2018* |
H1 2018* |
|
|
|
|
|
|
Net cash flow from operating activities (A) |
52.7 |
55.0 |
80.8 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
Acquisition of property, plant and equipment and intangible
assets |
(31.3) |
(25.3) |
(21.8) |
|
Sale of property, plant and equipment and intangible assets |
15.1 |
3.3 |
10.2 |
|
Other cash flow from investing activities |
(2.2) |
1.7 |
0.2 |
|
Net Cash flow from investing activities (B) |
(18.4) |
(20.2) |
(11.4) |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in borrowings |
(19.7) |
(58.1) |
(17.2) |
|
Net increase (decrease) in lease liabilities |
(4.3) |
- |
- |
|
Perpetual bond issue |
- |
- |
- |
|
Dividends paid to shareholders of the group |
- |
- |
- |
|
Dividends paid to non-controlling interests |
(27.8) |
(0.5) |
(3.0) |
|
Cost of net debt |
(6.1) |
(4.4) |
(13.4) |
|
Other cash flow from financing activities |
- |
1.0 |
- |
|
|
|
|
|
|
Net Cash flow used in financing activities
(C) |
(58.0) |
(61.9) |
(33.6) |
|
|
|
|
|
|
|
|
|
|
|
Impact from the change in exchange rates (D) and other
reclassifications |
1.2 |
(4.5) |
1.9 |
|
Change in net cash (A) + (B) + (C) + (D) |
(22.5) |
(31.7) |
37.7 |
|
|
|
|
|
|
|
|
|
|
|
Net cash at beginning of period |
173.2 |
204.9 |
167.2 |
|
Change in net cash |
(22.5) |
(31.7) |
37.7 |
|
Net cash at end of period |
150.8 |
173.2 |
204.9 |
|
|
|
|
|
* No restatement of 2018 financial statements has
been carried out following the application of IFRS 16 “Leases”
APPENDIX V
|
Consolidated Sources and Uses of CashIn €
millions |
H1 2019 |
H 2 2018* |
H1 2018* |
|
|
|
|
|
|
|
|
|
Cash generated by operations |
82.7 |
|
54.1 |
|
71.1 |
|
|
Vessels in service (A) |
|
67.5 |
|
50.8 |
|
60.9 |
|
Vessels sale |
|
15.1 |
|
3.3 |
|
10.2 |
|
|
|
|
|
|
|
|
|
Cash out for : |
(38.1) |
|
(10.5) |
|
(19.0) |
|
|
Interest |
|
(6.1) |
|
(4.4) |
|
(13.4) |
|
Taxes (B) |
|
(4.1) |
|
(5.6) |
|
(2.6) |
|
Dividends |
|
(27.8) |
|
(0.5) |
|
(3.0) |
|
|
|
|
|
|
|
|
|
Net Cash from activity |
44.6 |
|
43.6 |
|
52.1 |
|
|
|
|
|
|
|
|
|
|
Net debt change |
(0.3) |
|
(30.9) |
|
(53.0) |
|
|
Perpetual bond |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Use of cash for |
(42.0) |
|
(15.4) |
|
0.7 |
|
|
Investments |
|
(31.3) |
|
(25.3) |
|
(21.8) |
|
Working capital (C) |
|
(10.7) |
|
9.8 |
|
22.5 |
|
|
|
|
|
|
|
|
|
Other sources and uses of cash |
(2.3) |
|
2.8 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
36.5 |
|
33.0 |
|
69.2 |
|
|
Net Cash flow from operating activities (A+B+C) |
|
52.7 |
|
55.0 |
|
80.8 |
|
Acquisition of property, plant and equipment andintangible
assets |
|
(31.3) |
|
(25.3) |
|
(21.8) |
|
Sale of property, plant and equipment and intangible
assets |
|
15.1 |
|
3.3 |
|
10.2 |
|
|
|
|
|
|
|
|
* No restatement of 2018 financial statements has
been carried out following the application of IFRS 16 “Leases”
APPENDIX VI
Quarterly revenue breakdown
|
In € millions |
|
2019 |
|
2018 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
91.0 |
87.9 |
|
88.0 |
87.0 |
89.9 |
92.4 |
|
Deepwater offshore vessels |
|
53.6 |
53.8 |
|
53.0 |
52.4 |
55.0 |
57.4 |
|
Shallow water offshore vessels |
|
37.5 |
34.1 |
|
35.0 |
34.6 |
35.0 |
35.0 |
|
Bourbon Mobility |
|
46.1 |
47.3 |
|
46.1 |
46.3 |
47.1 |
48.2 |
|
Subsea Services |
|
43.4 |
40.2 |
|
38.2 |
37.9 |
30.2 |
27.2 |
|
Others |
|
3.0 |
2.5 |
|
3.6 |
2.3 |
1.9 |
3.1 |
|
Total adjusted revenues |
|
183.6 |
178.0 |
|
175.9 |
173.5 |
169.3 |
171.0 |
|
IFRS 11 impact* |
|
(17.3) |
(15.7) |
|
(13.7) |
(13.4) |
(15.4) |
(13.3) |
|
TOTAL CONSOLIDATED |
|
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
offshore fleet in operation
|
In % |
|
2019 |
|
2018 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
90.8 |
90.4 |
|
88.1 |
86.7 |
84.9 |
89.0 |
|
Deepwater offshore vessels |
|
90.5 |
92.0 |
|
86.6 |
86.9 |
83.5 |
88.1 |
|
Shallow water offshore vessels |
|
91.0 |
88.8 |
|
89.7 |
86.6 |
86.2 |
90.0 |
|
Bourbon Mobility |
|
76.6 |
79.6 |
|
78.0 |
77.8 |
81.1 |
84.3 |
|
Subsea Services |
|
73.3 |
78.5 |
|
74.0 |
73.9 |
60.9 |
55.7 |
|
Average utilization rate |
|
82.2 |
83.9 |
|
81.8 |
81.2 |
81.7 |
84.9 |
Quarterly average utilization rates for the
offshore fleet
|
In % |
|
2019 |
|
2018 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
56.0 |
53.9 |
|
50.5 |
51.0 |
51.6 |
52.7 |
|
Deepwater offshore vessels |
|
66.9 |
66.9 |
|
61.0 |
60.4 |
63.0 |
65.2 |
|
Shallow water offshore vessels |
|
48.3 |
44.7 |
|
43.2 |
44.4 |
43.9 |
44.3 |
|
Bourbon Mobility |
|
53.4 |
54.7 |
|
52.5 |
51.8 |
53.8 |
54.4 |
|
Subsea Services |
|
57.9 |
58.9 |
|
54.9 |
54.3 |
45.4 |
39.0 |
|
Average utilization rate |
|
54.7 |
54.5 |
|
51.7 |
51.6 |
52.5 |
53.0 |
Quarterly average daily rates for the
offshore fleet
|
In US$/day |
|
2019 |
|
2018 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
10,130 |
10,188 |
|
10,177 |
10,128 |
10,360 |
10,911 |
|
Deepwater offshore vessels |
|
12,130 |
12,123 |
|
12,701 |
12,705 |
12,873 |
13,577 |
|
Shallow water offshore vessels |
|
8,186 |
8,136 |
|
7,694 |
7,709 |
7,924 |
8,292 |
|
Bourbon Mobility |
|
4,281 |
4,351 |
|
4,239 |
4,285 |
4,326 |
4,549 |
|
Bourbon Subsea Services |
|
35,952 |
33,346 |
|
33,207 |
30,321 |
30,571 |
34,933 |
|
Average daily rate |
|
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 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Bourbon Marine & Logistics |
|
203 |
204 |
|
211 |
212 |
214 |
216 |
|
Deepwater offshore vessels |
|
84 |
84 |
|
87 |
87 |
87 |
87 |
|
Shallow water offshore vessels |
119 |
120 |
124 |
125 |
127 |
129 |
|
Bourbon Mobility |
244 |
248 |
252 |
260 |
266 |
269 |
|
Bourbon Subsea Services |
|
19 |
20 |
|
20 |
20 |
20 |
21 |
|
FLEET TOTAL |
|
466 |
472 |
|
483 |
492 |
500 |
506 |
*Vessels operated by BOURBON (including vessels
owned or on bareboat charter)
Half-year adjusted revenue
breakdown
|
In € millions |
|
2019H1 |
|
2018 |
|
|
|
H2 |
H1 |
|
Bourbon Marine & Logistics |
|
178.9 |
|
175.0 |
182.3 |
|
Deepwater offshore vessels |
|
107.3 |
|
105.3 |
112.4 |
|
Shallow water offshore vessels |
|
71.6 |
|
69.6 |
70.0 |
| Bourbon
Mobility |
|
93.4 |
|
92.4 |
95.3 |
|
Bourbon Subsea Services |
|
83.6 |
|
76.2 |
57.4 |
|
Other |
|
5.6 |
|
5.9 |
5.0 |
|
Total adjusted revenues |
|
361.5 |
|
349.4 |
340.1 |
|
IFRS 11 impact* |
|
(33.0) |
|
(27.1) |
(28.6) |
|
TOTAL CONSOLIDATED |
|
328.5 |
|
322.3 |
311.5 |
*Effect of consolidation of joint ventures using
the equity method
Half-year average utilization rates for the
offshore fleet in operation
|
In % |
|
2019H1 |
|
2018 |
|
|
|
H2 |
H1 |
|
Bourbon Marine & Logistics |
|
91.2 |
|
87.4 |
86.4 |
|
Deepwater offshore vessels |
|
91.7 |
|
86.8 |
84.9 |
|
Shallow water offshore vessels |
|
90.6 |
|
88.1 |
87.9 |
| Bourbon
Mobility |
|
78.3 |
|
77.9 |
82.6 |
|
Bourbon Subsea Services |
|
75.9 |
|
73.9 |
58.9 |
|
Average utilization rate |
|
83.4 |
|
81.5 |
83.0 |
Half-year average utilization rates for the
offshore fleet
|
In % |
|
2019H1 |
|
2018 |
|
|
|
H2 |
H1 |
|
Bourbon Marine & Logistics |
|
55.0 |
|
50.8 |
51.9 |
|
Deepwater offshore vessels |
|
66.9 |
|
60.7 |
63.6 |
|
Shallow water offshore vessels |
|
46.5 |
|
43.8 |
44.1 |
| Bourbon
Mobility |
|
53.9 |
|
52.2 |
54.0 |
|
Bourbon Subsea Services |
|
58.4 |
|
54.6 |
42.6 |
|
Average utilization rate |
|
54.5 |
|
51.7 |
52.7 |
Half-year average daily rates for the
offshore fleet
|
In US$/day |
|
2019H1 |
|
2018 |
|
|
|
H2 |
H1 |
|
Bourbon Marine & Logistics |
|
10,157 |
|
10,122 |
10,468 |
|
Deepwater offshore vessels |
|
12,105 |
|
12,652 |
12,993 |
|
Shallow water offshore vessels |
|
8,179 |
|
7,693 |
8,022 |
| Bourbon
Mobility |
|
4,308 |
|
4,250 |
4,391 |
|
Bourbon Subsea Services |
|
34,615 |
|
31,786 |
32,526 |
|
Average daily rate |
|
8,219 |
|
7,902 |
7,888 |
Breakdown of revenues by geographical
region
|
In € millions |
Quarter |
Semester |
|
Q2 2019 |
Q1 2019 |
Change |
Q2 2018 |
H1 2019 |
H2 2018 |
Change |
H1 2018 |
|
Africa |
96.3 |
101.1 |
-4.7% |
89.4 |
197.4 |
192.3 |
+2.7% |
189.4 |
|
Europe & Mediterranean/Middle East |
43.9 |
35.2 |
+24.6% |
36.3 |
79.1 |
73.9 |
+7.0% |
62.5 |
|
Americas |
22.7 |
23.6 |
-3.9% |
24.3 |
46.3 |
43.3 |
+7.0% |
51.3 |
|
Asia |
20.6 |
18.0 |
+14.4% |
19.2 |
38.7 |
39.9 |
-3.0% |
37.1 |
|
In € millions |
|
2019 |
|
2018 |
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Africa |
|
96.3 |
101.1 |
|
101.7 |
90.6 |
89.4 |
99.9 |
| Europe
& Mediterranean / Middle East |
|
43.9 |
35.2 |
|
33.4 |
40.5 |
36.3 |
26.2 |
|
Americas |
|
22.7 |
23.6 |
|
21.0 |
22.3 |
24.3 |
27.0 |
|
Asia |
|
20.6 |
18.0 |
|
19.7 |
20.2 |
19.2 |
17.9 |
Other key indicators
Quarterly breakdown
| |
|
2019 |
|
2018 |
|
|
|
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Average €/US$ exchange rate for the quarter |
|
1.12 |
1.14 |
|
1.14 |
1.16 |
1.19 |
1.23 |
|
€/US$ exchange rate at closing |
|
1.14 |
1.12 |
|
1.15 |
1.16 |
1.17 |
1.23 |
|
Average price of Brent for the quarter (in US$/bbl) |
|
69 |
63 |
|
69 |
75 |
75 |
67 |
Half-year breakdown
| |
|
2019H1 |
|
2018 |
|
|
|
|
H2 |
H1 |
|
Average €/US$ exchange rate for the half year |
|
1.13 |
|
1.15 |
1.21 |
|
€/US$ exchange rate at closing |
|
1.14 |
|
1.15 |
1.17 |
|
Average price of Brent for the half year (in US$/bbl) |
|
66 |
|
72 |
71 |
Financial Glossary
Adjusted data: internal
reporting (and thus adjusted financial information) records the
performance of operational joint ventures in which the group has
joint control by the full consolidation method. 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). In
addition, internal reporting does not take account of IAS 29
(Financial Reporting in Hyper-inflationary Economies), which was
applicable for the first time in 2017 to an operating joint-venture
in Angola.
EBITDA: operating margin before
depreciation, amortization and impairment.
EBITDAR: revenue less direct
operating costs (except bare-boat rental costs) and general and
administrative costs.
EBIT: EBITDA after increases
and reversals of amortization, depreciation provisions and
impairment and share in income/loss of associates, but excluding
capital gains on equity interests sold.
Operating income (EBIT) after share of
results from companies under equity method: EBIT after
share of results from companies under equity method.
Capital employed: including (i)
shareholders' equity, (ii) provisions (including net deferred tax),
(iii) net debt; they are also defined as the sum (i) of net
non-current assets (including advances on fixed assets), (ii)
working capital requirement, and (iii) net assets held for
sale.
Free cash-flows: net cash flows
from operating activities after including incoming payments and
disbursements related to acquisitions and sales of property, plant
and equipment and intangible assets.
Utilization rate: over a
period, number of revenue-generating days divided by the number of
calendar days.
Utilization rate of the fleet in
operation: over a period, number of revenue-generating
days divided by the number of calendar days, for non-stacked
vessels.
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 607Investor-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-semester-results-26092019