BOURBON : Third Quarter 2014 - revenues up 5.7% year on year
(Thomson Reuters ONE) -
Paris, November 5, 2014
BOURBON Third Quarter 2014: revenues up 5.7% year on year
* 3(rd) quarter revenues increased by 5.7% as fleet growth and higher average
daily rates were partially offset by lower utilization rates.
* Average daily rates increased in almost all segments and regions, owing in
part to newer, larger vessels having higher day rates and also improved
rates on some contract renewals and extensions.
* Utilization rates had mixed results across regions, with Asia and West
Africa being adversely affected by increased supply of vessels and reduced
activity, respectively.
* Cost reduction programs by oil companies had an overall impact on all
segments.
+-----------------------------------+-------------------------+
| Quarter | 9 months |
+-------+-------+-----------+-------+------+------+-----------+
|Q3 2014|Q3 2013| D 2014/ |Q2 2014| 2014 | 2013 | D 2014/ |
| | | 2013 | | | | 2013 |
+----------------+-------+-------+-----------+-------+------+------+-----------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of | 494.8 | 472.2 | +4.8% | 490.8 |489.6 |463.5 | +5.6% |
|vessels (FTE)* | | | | | | | |
| | | | | | | | |
|Number of | | | | | | | |
|vessels (end of | 501 | 479 |+22 vessels| 501 | 501 | 479 |+22 vessels|
|period)** | | | | | | | |
| | | | | | | | |
|Average | | | | | | | |
|utilization rate| 79.4 | 82.9 | -3.5 pts | 80.2 | 80.8 | 83.3 | -2.5 pts |
|(%) | | | | | | | |
| | | | | | | | |
|Average daily |12,604 |11,884 | +6.1% |12,274 |12,292|11,679| +5.2% |
|rate (US$/day) | | | | | | | |
+----------------+-------+-------+-----------+-------+------+------+-----------+
(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+------------------------------+------+-----+------+-----+-------+------+------+
|Revenues | | | | | | | |
| | | | | | | | |
|Marine Services |283.1 |267.0|+6.0% |272.7| 826.2 |794.3 |+4.0% |
| | | | | | | | |
|Deepwater offshore vessels |104.0 |100.6|+3.4% |97.1 | 294.7 |295.9 |-0.4%.|
| | | | | | | | |
|Shallow water offshore vessels|110.3 |93.0 |+18.6%|106.3| 321.8 |276.0 |+16.6%|
| | | | | | | | |
|Crew boats | 68.8 |73.4 |-6.2% |69.3 | 209.7 |222.5 |-5.8% |
| | | | | | | | |
|Subsea Services | 61.9 |58.9 |+5.2% |53.3 | 167.2 |167.8 |-0.4% |
| | | | | | | | |
|Other | 6.3 | 6.5 |-4.0% | 4.6 | 15.6 | 18.1 |-13.9%|
+------------------------------+------+-----+------+-----+-------+------+------+
|Total revenues by |351.3 |332.4|+5.7% |330.6|1,009.0|980.3 |+2.9% |
|Activity/Segment | | |+5.7% | | | |+6.8% |
|(change at constant rate) | | | | | | | |
+------------------------------+------+-----+------+-----+-------+------+------+
|Adjustments*** |(10.5)|(7.8)| |(8.1)|(25.6) |(16.3)| |
+------------------------------+------+-----+------+-----+-------+------+------+
|Group TOTAL |340.8 |324.6|+5.0% |322.6| 983.4 |964.0 |+2.0% |
+------------------------------+------+-----+------+-----+-------+------+------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
(a) See page 2.
+-------------------------+------+------+--------+------+------+------+--------+
|Average utilization rate |85.8% |90.0% |-4.2 pts|87.3% |87.8% |89.4% |-1.6 pts|
|(excl. crew boats) | | | | | | | |
+-------------------------+------+------+--------+------+------+------+--------+
|Average daily rate (excl.|20,247|19,573| +3.4% |19,588|19,728|19,474| +1.3% |
|crew boats US$/d) | | | | | | | |
+-------------------------+------+------+--------+------+------+------+--------+
"In the short term, we are entering a period in which the market will be more
complex, taking into account cost reductions by clients and the decrease in the
price of oil per barrel", says Christian Lefèvre, Chief Executive Officer of
BOURBON. "In this context, BOURBON remains focused on excellence in client
service execution and on continued cost control. However, structurally the
supply and demand for oil & gas will require recovery in the level of investment
in the future."
(a) Consolidated revenues for the 3rd quarter of 2014 were established for the
first time according to the new accounting standards IFRS 10, IFRS 11 and IFRS
12 relating to consolidation which became mandatory as of January 1, 2014.
Specifically, joint ventures on which BOURBON has joint control are now
consolidated using the equity method which replaces the proportionate
consolidation method. Comparative figures are restated accordingly.
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). The principles of internal reporting do not reflect the
application of the new IFRS 10, IFRS 11 and IFRS 12. Consequently, joint
ventures are still proportionately consolidated, as in previous years.
MARINE SERVICES
+-----------------------------------+-----------------------+
| Quarter | 9 months |
+-------+-------+-----------+-------+-----+-----+-----------+
|Q3 2014|Q3 2013| D 2014/ |Q2 2014|2014 |2013 | D 2014/ |
| | | 2013 | | | | 2013 |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Revenues (in | 283.1 | 267.0 | +6.0% | 272.7 |826.2|794.3| +4.0% |
|millions of euro) | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Number of vessels | 481 | 459 |+22 vessels| 481 | 481 | 459 |+22 vessels|
|(end of period) * | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Average | 79.4% | 82.4% | -3 pts | 80.0% |80.6%|83.0%| -2.4 pts |
|utilization rate | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Significant deliveries of vessels compared with the same period in 2013 helped
to increase revenues by more than 6% despite a generally softening market as oil
companies continue to be selective in their investments. Higher Average daily
rates in Deepwater and Shallow water included a combination of a mix effect as
new and/or larger vessels command higher rates as well as increases on
extensions to some existing contracts.
Marine Services: Deepwater offshore vessels
+----------------------------------+------------------------+
| Quarter | 9 months |
+-------+-------+----------+-------+------+------+----------+
|Q3 2014|Q3 2013| D 2014/ |Q2 2014| 2014 | 2013 | D 2014/ |
| | | 2013 | | | | 2013 |
+------------------+-------+-------+----------+-------+------+------+----------+
|Revenues (in | 104.0 | 100.6 | +3.4% | 97.1 |294.7 |295.9 | -0.4% |
|millions of euro) | | | | | | | |
+------------------+-------+-------+----------+-------+------+------+----------+
|Number of vessels | 75 | 71 |+4 vessels| 74 | 75 | 71 |+4 vessels|
|(end of period) * | | | | | | | |
+------------------+-------+-------+----------+-------+------+------+----------+
|Average | 85.7% | 88.8% | -3.1 pts | 87.2% |87.1% |88.5% | -1.4 pts |
|utilization rate | | | | | | | |
+------------------+-------+-------+----------+-------+------+------+----------+
|Average daily rate|23,887 |22,683 | +5.3% |23,219 |23,189|22,093| +5.0% |
|(US$/day) | | | | | | | |
+------------------+-------+-------+----------+-------+------+------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
The increase in revenues in Deepwater over the 3(rd) quarter of 2013 was in line
with the increase in the size of the fleet and features partially offsetting
factors from a higher average daily rate and a reduced average utilization rate.
The average utilization rate was most impacted in West Africa and Asia due to
higher maintenance levels, partially offset as the North Sea and
Mediterranean/Middle East/India regions both saw an increase in activity.
Marine Services: Shallow water offshore vessels
+-----------------------------------+-------------------------+
| Quarter | 9 months |
+-------+-------+-----------+-------+------+------+-----------+
|Q3 2014|Q3 2013| D 2014/ |Q2 2014| 2014 | 2013 | D 2014/ |
| | | 2013 | | | | 2013 |
+----------------+-------+-------+-----------+-------+------+------+-----------+
|Revenues (in | | | | | | | |
|millions of | 110.3 | 93.0 | +18.6% | 106.3 |321.8 |276.0 | +16.6% |
|euro) | | | | | | | |
+----------------+-------+-------+-----------+-------+------+------+-----------+
|Number of | | | | | | | |
|vessels (end of | 135 | 117 |+18 vessels| 133 | 135 | 117 |+18 vessels|
|period) * | | | | | | | |
+----------------+-------+-------+-----------+-------+------+------+-----------+
|Average | 86.6% | 90.2% | -3.6 pts | 87.8% |88.5% |89.7% | -1.2 pts |
|utilization rate| | | | | | | |
+----------------+-------+-------+-----------+-------+------+------+-----------+
|Average daily | | | | | | | |
|rate (in |14,152 |13,728 | +3.1% |14,006 |14,065|13,958| +0.8% |
|US$/day) | | | | | | | |
+----------------+-------+-------+-----------+-------+------+------+-----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Revenues for the period increased by almost 19% largely due to an increase in
the fleet (including 2 MPSV vessels transferred from the Subsea division), while
the higher average daily rate was offset by a reduced average utilization rate.
The utilization rate was negatively impacted by an increase in the supply of
ships in Asia and in the Mediterranean/Middle East/India regions as many ships
were delivered from shipyards in Asia.
Marine Services: Crew boat vessels
+--------------------------------+--------------------+
| Quarter | 9 months |
+-------+-------+--------+-------+-----+-----+--------+
|Q3 2014|Q3 2013|D 2014/ |Q2 2014|2014 |2013 |D 2014/ |
| | | 2013 | | | | 2013 |
+------------------------+-------+-------+--------+-------+-----+-----+--------+
|Revenues (in millions of| 68.8 | 73.4 | -6.2% | 69.3 |209.7|222.5| -5.8% |
|euro) | | | | | | | |
+------------------------+-------+-------+--------+-------+-----+-----+--------+
|Number of vessels (end | 271 | 271 | n.c. | 274 | 271 | 271 | n.c. |
|of period) | | | | | | | |
+------------------------+-------+-------+--------+-------+-----+-----+--------+
|Average utilization rate| 74.0% | 77.5% |-3.5 pts| 74.3% |75.0%|78.8%|-3.8 pts|
+------------------------+-------+-------+--------+-------+-----+-----+--------+
|Average daily rate (in | 5,113 | 5,204 | -1.7% | 5,197 |5,161|5,128| +0.6% |
|US$/day) | | | | | | | |
+------------------------+-------+-------+--------+-------+-----+-----+--------+
The average utilization rate in the 3(rd) quarter decreased 3.5 points versus
the same period one year ago. and was stable compared with the 2(nd) quarter
2014 as softer conditions in certain West African countries continued. The size
of the crew boat fleet remained stable overall, as 14 new vessels have been
delivered during the past 12 months as the same number of older crew boats left
the fleet.
Subsea Services
+---------------------------------+----------------------+
| Quarter | 9 months |
+-------+-------+---------+-------+------+------+--------+
|Q3 2014|Q3 2013| D 2014/ |Q2 2014| 2014 | 2013 |D 2014/ |
| | | 2013 | | | | 2013 |
+---------------------+-------+-------+---------+-------+------+------+--------+
|Revenues (in millions| 61.9 | 58.9 | +5.2% | 53.3 |167.2 |167.8 | -0.4% |
|of euro) | | | | | | | |
+---------------------+-------+-------+---------+-------+------+------+--------+
|Number of vessels | 19 | 19 | n.c. | 19 | 19 | 19 | n.c. |
|(end of period) * | | | | | | | |
+---------------------+-------+-------+---------+-------+------+------+--------+
|Average utilization | 81.1% | 93.6% |-12.5 pts| 83.9% |86.0% |90.7% |-4.7 pts|
|rate | | | | | | | |
+---------------------+-------+-------+---------+-------+------+------+--------+
|Average daily rate |50,992 |41,331 | +23.4% |46,868 |48,057|40,545| +18.5% |
|(in US$/day) | | | | | | | |
+---------------------+-------+-------+---------+-------+------+------+--------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Revenues for the quarter increased 5.2% versus the same period last year, owing
to the removal of 3 smaller vessels (two transferred to Shallow water segment
and one sold) and the delivery of 3 new, larger vessels. This accounts for both
the increase in average daily rate and the increase in revenues. The reduced
utilization rate resulted from a combination of lower level of activity and
higher number of drydocks than in the 3(rd) quarter 2013.
Other
+-------------------------------+-----------------+
| Quarter | 9 months |
+-------+-------+-------+-------+----+----+-------+
|Q3 2014|Q3 2013|D 2014/|Q2 2014|2014|2013|D 2014/|
| | | 2013 | | | | 2013 |
+----------------------------+-------+-------+-------+-------+----+----+-------+
|Revenues (in millions of | 6.3 | 6.5 | -4.0% | 4.6 |15.6|18.1|-13.9% |
|euro) | | | | | | | |
+----------------------------+-------+-------+-------+-------+----+----+-------+
Using chartered vessels has two advantages for BOURBON: it makes it possible to
meet client demands and generate contracts while new vessels are being built and
added to the fleet. Using chartered vessels also enables BOURBON to offer
vessels that are not part of its regular line of services when needed for global
calls for tenders. Volatility of "Other" revenues is largely due to the
variation in the number of chartered vessels during the period.
OUTLOOK
After several years of stability, the price of oil has dropped and is currently
fluctuating in the US$80-85 per barrel range (Brent). In this context, oil & gas
companies have been engaged in cost reduction efforts throughout this year and
that trend is expected to continue in the near term. This has meant more
selective investment choices and a focus on existing well production. However,
both the medium term and long term view yields a much more positive outlook. The
time horizon for field development and production is often over 20 years and
takes places over several business cycles. Therefore, while short term factors
may influence decisions temporarily, there is still a need for companies to
maintain and increase overall production. The demand for energy is still strong
and with depletion rates of existing fields continuing, there is still a need
for further exploration and production investments by the oil & gas companies
throughout the world.
In addition, the rig count is expected to continue to increase. Only a portion
of the approximately 200 rigs under construction will be replacing older rigs,
which is favorable for the demand of offshore vessels (OSV). A high contractor
backlog through 2016 could also have a positive impact on demand for OSVs. On
average, we anticipate a stable demand for offshore support vessels.
On the supply side, the high number of large PSVs coming out of the shipyards
could negatively affect the spot market. This should have only a small impact on
BOURBON, taking into account the high contractualization rate of its PSVs.
BOURBON is focusing on excellence in client service execution and marketing of
vessels utilizing its network with the support of its partners, with a strong
commitment to cost reduction, thanks in part to the standardized fleet of 500
vessels.
MAJOR OPERATIONS AND HIGHLIGHTS
* In late October 2014, BOURBON successfully completed a ?100 million
perpetual, deeply subordinated bond issue; this issue is accounted for as
equity under IFRS standards and the prospectus is available on BOURBON's web
site under 'regulated information'
* As an update on BOURBON's sale of 51 vessels for up to US$1.5 billion to
ICBCL the transfer of 45 vessels have been completed for total proceeds of
US$1.4 billion, including 2 vessels that have been transferred since October
1, 2014
* To date, the vessels transferred to ICBCL comprise 8 Deepwater vessels, 31
Shallow water vessels and 6 Subsea vessels
* The $US150 million agreement with Standard Chartered Bank for the sale of 6
vessels remains on track and the remaining 3 vessels are targeted to be
transferred before the end of 2014
ADDITIONAL INFORMATION
* BOURBON's results will continue to be affected by the ?/US$ exchange rate
FINANCIAL CALENDAR
4th Quarter 2014 & full year 2014 financial information press February 4, 2015
release
2014 Annual Results press release and presentation March 4, 2015
APPENDIX
Quarterly adjusted revenue breakdown
+------------------+ +-----------------------+
| 2014 | | 2013 |
In millions of euros | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
|Marine Services | |283.1 |272.7|270.3| |270.3|267.0|268.7|258.5|
| | | | | | | | | | |
|Deepwater offshore vessels | |104.0 |97.1 |93.6 | |95.7 |100.6|102.3|93.0 |
| | | | | | | | | | |
|Shallow water offshore vessels| |110.3 |106.3|105.1| |100.0|93.0 |90.1 |92.8 |
| | | | | | | | | | |
|Crew boats | | 68.8 |69.3 |71.6 | |74.7 |73.4 |76.3 |72.8 |
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
|Subsea Services | | 61.9 |53.3 |52.0 | |55.4 |58.9 |57.3 |51.6 |
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
|Other | | 6.3 | 4.6 | 4.7 | | 5.8 | 6.5 | 6.7 | 4.9 |
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
|Total adjusted revenues | |351.3 |330.6|327.1| |331.6|332.4|332.8|315.1|
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
|Adjustments* | |(10.5)|(8.1)|(7.0)| |(6.0)|(7.8)|(4.3)|(4.2)|
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
|TOTAL CONSOLIDATED(**) | |340.8 |322.6|320.0| |325.6|324.6|328.5|310.9|
+-------------------------------+ +------+-----+-----+ +-----+-----+-----+-----+
* Effect of consolidation of joint ventures using the equity method.
**Consolidated 2013 figures have been restated according to the implementation
of the new accounting standards.
Quarterly average utilization rates for the BOURBON offshore fleet
+--------------+ +-------------------+
| 2014 | | 2013 |
In % | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|Marine Services | |79.4|80.0|82.4| |83.3|82.4|82.4|83.9|
| | | | | | | | | | |
|Deepwater offshore vessels | |85.7|87.2|88.6| |90.1|88.8|90.0|86.6|
| | | | | | | | | | |
|Shallow water offshore vessels | |86.6|87.8|91.2| |90.2|90.2|89.1|89.8|
| | | | | | | | | | |
|Crew boats | |74.0|74.3|76.6| |78.4|77.5|77.7|80.8|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|Subsea Services | |81.1|83.9|94.4| |89.2|93.6|88.0|90.6|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|"Total fleet excluding Crew boats" | |85.8|87.3|90.6| |90.1|90.0|89.3|88.7|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|"Total fleet" average utilization rate| |79.4|80.2|82.8| |83.5|82.9|82.6|84.2|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
Quarterly average daily rates for the BOURBON offshore fleet
+--------------------+ +---------------------------+
| 2014 | | 2013 |
In US$/day | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Deepwater offshore | |23,887|23,219|22,839| |22,241|22,683|22,092|21,392|
|vessels | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Shallow water offshore | |14,152|14,006|14,199| |14,013|13,728|13,850|14,315|
|vessels | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Crew boats | |5,113 |5,197 |5,323 | |5,309 |5,204 |5,122 |5,034 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Subsea Services | |50,992|46,868|45,407| |43,120|41,331|40,644|40,405|
+-------------------------+ +------+------+------+ +------+------+------+------+
|"Total fleet excluding | | | | | | | | | |
|Crew boats" average daily| |20,247|19,588|19,497| |19,329|19,573|19,458|19,427|
|rate | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
Quarterly number of vessels (end of period)
+-----------+ +---------------+
| 2014 | | 2013 |
In number of vessels* | | | | | | | | |
|Q3 |Q2 |Q1 | |Q4 |Q3 |Q2 |Q1 |
+-------------------------------+ +---+---+---+ +---+---+---+---+
|Marine Services | |481|481|479| |466|459|452|445|
| | | | | | | | | | |
|Deepwater offshore vessels | |75 |74 |73 | |72 |71 |73 |73 |
| | | | | | | | | | |
|Shallow water offshore vessels| |135|133|130| |122|117|109|105|
| | | | | | | | | | |
|Crew boats | |271|274|276| |272|271|270|267|
+-------------------------------+ +---+---+---+ +---+---+---+---+
|Subsea Services | |19 |19 |18 | |18 |19 |19 |19 |
+-------------------------------+ +---+---+---+ +---+---+---+---+
|FLEET TOTAL | |500|500|497| |484|478|471|464|
+-------------------------------+ +---+---+---+ +---+---+---+---+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Quarterly deliveries of vessels
+--------------+ +-------------------+
| 2014 | | 2013 |
In number of vessels | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
| Marine Services | | 5 | 8 | 12 | | 10 | 9 | 9 | 9 |
| | | | | | | | | | |
| Deepwater offshore vessels | | 1 | 1 | 2 | | 1 | 0 | 1 | 1 |
| | | | | | | | | | |
| Shallow water offshore vessels | | 2 | 3 | 6 | | 5 | 8 | 4 | 3 |
| | | | | | | | | | |
| Crew boats | | 2 | 4 | 4 | | 4 | 1 | 4 | 5 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
| Subsea Services | | 0 | 1 | 2 | | 0 | 0 | 0 | 1 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
| FLEET TOTAL | | 5 | 9 | 14 | | 10 | 9 | 9 | 10 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
Nine month adjusted revenue breakdown
+------------------+
| 9 months |
In millions of euros | | |
| 2014 | 2013 |
+---------------------------------+ +---------+--------+
| Marine Services | | 826.2 | 794.3 |
| | | | |
| Deepwater offshore vessels | | 294.7 | 295.9 |
| | | | |
| Shallow water offshore vessels | | 321.8 | 276.0 |
| | | | |
| Crew boats | | 209.7 | 222.5 |
+---------------------------------+ +---------+--------+
| Subsea Services | | 167.2 | 167.8 |
+---------------------------------+ +---------+--------+
| Other | | 15.6 | 18.1 |
+---------------------------------+ +---------+--------+
| Total adjusted revenues | | 1,009.0 | 980.3 |
+---------------------------------+ +---------+--------+
| Adjustments* | | (25.6) | (16.3) |
+---------------------------------+ +---------+--------+
| TOTAL CONSOLIDATED** | | 983.4 | 964.0 |
+---------------------------------+ +---------+--------+
* Effect of consolidation of joint ventures using the equity method.
** Consolidated 2013 figures have been restated according to the implementation
of the new accounting standards.
Nine month average utilization rates for the BOURBON offshore fleet
+-------------+
| 9 months |
In % | | |
| 2014 | 2013 |
+----------------------------------------+ +------+------+
| Marine Services | | 80.6 | 83.0 |
| | | | |
| Deepwater offshore vessels | | 87.1 | 88.5 |
| | | | |
| Shallow water offshore vessels | | 88.5 | 89.7 |
| | | | |
| Crew boats | | 75.0 | 78.8 |
+----------------------------------------+ +------+------+
| Subsea Services | | 86.0 | 90.7 |
+----------------------------------------+ +------+------+
| "Total fleet excluding Crew boats" | | 87.8 | 89.4 |
+----------------------------------------+ +------+------+
| "Total fleet" average utilization rate | | 80.8 | 83.3 |
+----------------------------------------+ +------+------+
Nine month average daily rates for the BOURBON offshore fleet
+-----------------+
| 9 months |
In US$/day | | |
| 2014 | 2013 |
+-------------------------------------------------------+ +--------+--------+
| Deepwater offshore vessels | | 23,189 | 22,093 |
+-------------------------------------------------------+ +--------+--------+
| Shallow water offshore vessels | | 14,065 | 13,958 |
+-------------------------------------------------------+ +--------+--------+
| Crew boats | | 5,161 | 5,128 |
+-------------------------------------------------------+ +--------+--------+
| Subsea Services | | 48,057 | 40,545 |
+-------------------------------------------------------+ +--------+--------+
| "Total fleet excluding Crew boats" average daily rate | | 19,728 | 19,474 |
+-------------------------------------------------------+ +--------+--------+
Nine month deliveries of vessels
+-------------+
| 9 months |
In number of vessels | | |
| 2014 | 2013 |
+-----------------------------+ +------+------+
| Marine Services | | 25 | 27 |
| | | | |
| Deepwater Offshore vessels | | 4 | 2 |
| | | | |
| Shallow water Offshore | | 11 | 15 |
| | | | |
| Crew boats | | 10 | 10 |
+-----------------------------+ +------+------+
| Subsea Services | | 3 | 1 |
+-----------------------------+ +------+------+
| FLEET TOTAL | | 28 | 28 |
+-----------------------------+ +------+------+
Breakdown of BOURBON adjusted revenues by geographical region
+----------------------+------------------+
| Third quarter | 9 months |
In millions of euros | | | | | | |
|Q3 2014|Q3 2013|Change|2014 |2013 |Change|
+----------------------------------+-------+-------+------+-----+-----+------+
|Africa | 198.5 | 186.8 |+6.3% |576.1|564.3|+2.1% |
+----------------------------------+-------+-------+------+-----+-----+------+
|Europe & Mediterranean/Middle East| 58.9 | 63.3 |-7.0% |165.3|171.3|-3.5% |
+----------------------------------+-------+-------+------+-----+-----+------+
|Americas | 49.1 | 44.6 |+10.1%|140.0|140.8|-0.6% |
+----------------------------------+-------+-------+------+-----+-----+------+
|Asia | 44.9 | 37.7 |+18.9%|127.6|103.9|+22.8%|
+----------------------------------+-------+-------+------+-----+-----+------+
Other key indicators
Quarterly breakdown
+--------------+ +-------------------+
| 2014 | | 2013 |
| | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|Average ?/US$ exchange rate for the | | | | | | | | | |
|quarter | |1.33|1.37|1.37| |1.36|1.32|1.31|1.32|
|(in ?) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|?/US$ exchange rate at closing | |1.26|1.37|1.38| |1.38|1.35|1.31|1.28|
|(in ?) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|Average price of Brent for the quarter | |102 |110 |108 | |109 |110 |102 |112 |
|(in US$/bbl) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
Nine month breakdown
+-------------+
| 9 months |
| | |
| 2014 | 2013 |
+------------------------------------------------+ +------+------+
| Average nine month ?/US$ exchange rate (in ?) | | 1.35 | 1.32 |
+------------------------------------------------+ +------+------+
| ?/US$ exchange rate at closing (in ?) | | 1.26 | 1.35 |
+------------------------------------------------+ +------+------+
| Average nine month price of Brent (in US$/bbl) | | 106 | 108 |
+------------------------------------------------+ +------+------+
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 11,000 skilled employees. Through its 28
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 two operating Activities (Marine Services and Subsea Services)
and also protects the French coastline for the French Navy.
In the 1st half of 2014, BOURBON'S revenue came to ?642.6 million and the
company operated a fleet of 501 vessels as of June 30, 2014. Under the "BOURBON
2015 Leadership Strategy" plan, the group has built a vast fleet of innovative,
high-performance mass produced offshore vessels.
The latest action plan "Transforming for beyond", financially provides for the
sale of existing vessels or those under construction totaling $2.5 billion and
then chartering these bareboat vessels over a period of 10 years. The first part
of the program involved a contract for 51 vessels worth $1.5 billion with ICBC
Financial Leasing. Through the "Transforming for beyond" action plan, BOURBON
intends to expand its strategic scope to new possibilities beyond 2015 ensuring
the creation of future value growth.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment A.
Contacts
BOURBON
Investor Relations, analysts, shareholders
James Fraser, CFA
+33 491 133 545
james.fraser(at)bourbon-online.com
Corporate Communications
Christelle Loisel
+33 491 136 732
christelle.loisel(at)bourbon-online.com
Media relations agency
Publicis Consultants
Jérôme Goaer
+33 144 824 624
jerome.goaer(at)consultants.publicis.fr
Véronique Duhoux
+33 144 824 633
veronique.duhoux(at)consultants.publicis.fr
Vilizara Lazarova
+33 144 824 634
vilizara.lazarova(at)consultants.publicis.fr
PDF version:
http://hugin.info/159569/R/1868606/656822.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: BOURBON via GlobeNewswire
[HUG#1868606]
Unternehmensinformation / Kurzprofil:
Datum: 05.11.2014 - 07:00 Uhr
Sprache: Deutsch
News-ID 349744
Anzahl Zeichen: 43835
contact information:
Town:
Paris
Kategorie:
Business News
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"BOURBON : Third Quarter 2014 - revenues up 5.7% year on year"
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