BOURBON: Press Release 1st Half 2015 Revenues
(Thomson Reuters ONE) -
Paris, August 5, 2015
BOURBON 1(st) Half 2015 Revenues
Adjusted 1(st) Half 2015 revenues increased 13.1% to ?759 million at current
rates (-1.7% at constant rates), which demonstrates good operational resilience
in a very challenging market
* First Half 2015 adjusted revenues reached a company record of ?758.8
million, confirming BOURBON's position as a world leader in the OSV market
* Aside from the impact of a stronger US dollar on revenues, activity remained
robust, despite adverse market conditions, on the back of a:
* 2.6% increase in the fleet size
* 3.4 point decrease in the average utilization rate
* 2.6% decrease in the average daily rate (in US$)
* Compared with the second semester of 2014, adjusted revenues decreased by
6.8% at constant rates
* Compared with the preceding quarter, adjusted revenues decreased 2.2%,
reflecting the additional impact of average daily rate renegotiations and
further stacking of vessels
+------------------------------------+---------------------------+
In ? | Quarter | Half Year |
millions, +-------+----------+---------+-------+-------+----------+--------+
unless | | Q2 2014 |Var 2015/| | | H1 2014 | Var |
otherwise |Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
noted | | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of | | | | | | | |
|vessels | 501.2 | 491.8 | +1.9% | 500.0 | 500.6 | 487.9 | +2.6% |
|(FTE)* | | | | | | | |
| | | | | | | | |
|Number of | | | +5 | | | | +5 |
|vessels (end | 506 | 501 | vessels | 501 | 506 | 501 |vessels |
|of period)** | | | | | | | |
| | | | | | | | |
|Average | | | | | | | |
|utilization | 77.1% | 80.2% |-3.1 pts | 79.1% | 78.1% | 81.5% |-3.4 pts|
|rate (%) | | | | | | | |
| | | | | | | | |
|Average daily| | | | | | | |
|rate |11,558 | 12,274 | -5.8% |12,169 |11,885 | 12,207 | -2.6% |
|(US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-----------------------------+------+------+------+------+------+------+------+
|Adjusted Revenues ((a)) | | | | | | | |
| | | | | | | | |
|Marine Services |299.8 |277.5 |+8.1% |312.2 |612.0 |551.8 |+10.9%|
| | | | | | | | |
|Deepwater offshore vessels |109.6 | 98.9 |+10.8%|113.8 |223.4 |194.0 |+15.2%|
| | | | | | | | |
|Shallow water offshore |116.1 |108.3 |+7.2% |123.5 |239.6 |214.9 |+11.5%|
|vessels | | | | | | | |
| | | | | | | | |
|Crew boats | 74.2 | 70.3 |+5.5% | 74.9 |149.1 |142.9 |+4.3% |
| | | | | | | | |
|Subsea Services | 70.9 | 56.2 |+26.1%| 67.1 |138.0 |110.9 |+24.5%|
| | | | | | | | |
|Other | 4.5 | 4.2 |+7.4% | 4.3 | 8.8 | 8.3 |+6.6% |
+-----------------------------+------+------+------+------+------+------+------+
|Total adjusted revenues |375.2 |337.9 |+11.0%|383.6 |758.8 |670.9 |+13.1%|
|(change at constant rates) | | |-4.9% | | | |-1.7% |
| | | | | | | | |
+-----------------------------+------+------+------+------+------+------+------+
|IFRS 11 impact*** |(30.1)|(15.3)| n/s |(27.4)|(57.5)|(28.3)| n/s |
+-----------------------------+------+------+------+------+------+------+------+
|Group TOTAL |345.1 |322.6 |+7.0% |356.3 |701.3 |642.6 |+9.1% |
+-----------------------------+------+------+------+------+------+------+------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
(a) See page 2.
+---------------------------+------+------+--------+------+------+------+------+
|Average utilization rate |79.5% |87.3% |-7.8 pts|84.3% |81.9% |88.9% |-7 pts|
|(excl. Crew boats) | | | | | | | |
| | | | | | | | |
|Average daily rate (excl. |18,640|19,588| -4.8% |19,301|19,012|19,541|-2.7% |
|Crew boats US$/d) | | | | | | | |
+---------------------------+------+------+--------+------+------+------+------+
"The first half of 2015 was highlighted by a continued slowdown in activity in
most regions and negotiations with clients on commercial terms. Throughout this
difficult period, BOURBON has demonstrated resilience, evidenced by the revenue
progression, thanks to our strategy of operating a safe, modern and efficient
fleet", says Christian Lefèvre, Chief Executive Officer of BOURBON. "While the
duration of this downturn is uncertain, BOURBON is constantly adapting to the
market and is unwavering in its focus on excellence in service execution and
reducing its costs. This focus will not only improve the group's resilience in
the current cycle but will make it even stronger going forward."
(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). As of January 1, 2015, the 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.
Adjusted comparative figures are restated accordingly.
OPERATIONAL HIGHLIGHTS
MARINE SERVICES
* The market was especially difficult for larger vessels and traditional
propulsion vessels (non DP2) in shallow water
* To adapt to market conditions and to optimize costs, in the Deepwater and
Shallow water segments combined, up to 26 supply vessels were temporarily
stacked during the 1(st) half; many of these were non-strategic vessels (non
DP, non-diesel electric); the majority of the vessels stacked were in the
Shallow water segment
* Almost all regions showed a significant decline in activity, the greatest
impact being seen in the North Sea, Mediterranean/Middle East/India and
Asia, while there was good resiliency in the Americas and West Africa
Deepwater offshore
* The first half reflects client decisions to postpone or cancel projects in
exploration and development with less impact on production projects
* Demand in the North Sea and Asia declined significantly and activity in West
Africa started to decline during the period
* Average daily rates decreased both sequentially and year on year, with
effects coming from newer contracts at lower rates as well as renegotiation
of some existing contracts
Shallow water offshore
* All regions other than the Americas were impacted by the current market
conditions
* Almost 40% of BOURBON's non-strategic vessels have been stacked, while the
Bourbon Liberty vessels have been showing relatively better resilience in
this market
Crew boats
* The Crew boats segment has been resisting, due in part to this means of
transport being a cost effective option compared to the use of helicopters
SUBSEA SERVICES
* To adapt to current conditions, BOURBON stacked as many as 5 vessels during
the period
* BOURBON took delivery of the 9(th) Bourbon Evolution 800 series MPSV on June
30, 2015, with the final vessel in the investment program expected to be
delivered in the 2(nd) half 2015
* Bourbon ROVs installed on its own vessels provided the necessary reactivity
for the spot IMR market which has developed in a difficult market
* The Subsea geographic operating area had further diversified, with 2 Bourbon
Evolution 800 vessels working in the Persian Gulf to the satisfaction of the
clients
* In the renewable energy market, BOURBON completed the installation of a
submarine cable in a tidal turbine connection project off the island of
Ushant in France
MARINE SERVICES
+------------------------------------+---------------------------+
| Quarter | Half Year |
+-------+----------+---------+-------+-------+----------+--------+
| | Q2 2014 |Var 2015/| | | H1 2014 | Var |
|Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
| | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in | 299.8 | 277.5 | +8.1% | 312.2 | 612.0 | 551.8 | +10.9% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Number of | | | +2 | | | | +2 |
|vessels (end | 483 | 481 | vessels | 479 | 483 | 481 |vessels |
|of period)* | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average | | | | | | | |
|utilization | 77.4% | 80.0% |-2.6 pts | 79.2% | 78.3% | 81.2% |-2.9 pts|
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Overall, adjusted revenues increased by over 10%, due partly to a strong
worldwide client network, local partnerships, a modern fleet and a favorable
foreign exchange rate with the US dollar. This helped to offset the effects of a
decline in average daily rates and average utilization rates in all segments
versus the 1(st) half of 2014. The decline in average utilization rates for the
1(st) half 2015 compared with the same period a year ago was most pronounced in
the Shallow water segment, though in both Deepwater and Shallow water almost all
regions experienced a decline.
Marine Services: Deepwater offshore vessels
+------------------------------------+---------------------------+
| Quarter | Half Year |
+-------+----------+---------+-------+-------+----------+--------+
| | Q2 2014 |Var 2015/| | | H1 2014 | Var |
|Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
| | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in | 109.6 | 98.9 | +10.8% | 113.8 | 223.4 | 194.0 | +15.2% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Number of | | | +8 | | | | +8 |
|vessels (end | 82 | 74 | vessels | 79 | 82 | 74 |vessels |
|of period)* | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average | | | | | | | |
|utilization | 84.0% | 87.2% |-3.2 pts | 86.0% | 84.9% | 87.9% | -3 pts |
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average daily| | | | | | | |
|rate |20,286 | 23,219 | -12.6% |21,942 |21,097 | 23,008 | -8.3% |
|(US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues increased on the strength of new vessels joining the fleet and
the positive foreign currency effects. The decline in overall average daily
rates reflects the renegotiation of contracts with clients. The North Sea
experienced the most significant decline in average daily rates, where BOURBON
has only a small number of vessels. Average utilization rates in Deepwater only
declined 3.2 points, largely due to the relatively higher level of
contractualization and longer term contracts in this segment and up to 6 vessels
were stacked during the period.
Marine Services: Shallow water offshore vessels
+------------------------------------+---------------------------+
| Quarter | Half Year |
+-------+----------+---------+-------+-------+----------+--------+
| | Q2 2014 |Var 2015/| | | H1 2014 | Var |
|Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
| | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in | 116.1 | 108.3 | +7.2% | 123.5 | 239.6 | 214.9 | +11.5% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Number of | | | +5 | | | | +5 |
|vessels (end | 138 | 133 | vessels | 138 | 138 | 133 |vessels |
|of period)* | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average | | | | | | | |
|utilization | 78.3% | 87.8% |-9.5 pts | 84.5% | 81.4% | 89.5% |-8.1 pts|
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average daily| | | | | | | |
|rate (in |13,507 | 14,006 | -3.6% |13,882 |13,732 | 14,070 | -2.4% |
|US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
The Bourbon Liberty vessels showed resistance during the period, with average
utilization rates more than 10 points above the non-strategic vessels in the
fleet. Average daily rates saw significant decreases in Asia, with a smaller
decrease in West Africa while The Americas region increased compared with the
1(st) half one year ago on the strength of new contracts. The average daily rate
decline was partially countered by a mix effect of stacking non-strategic
vessels (non DP, non-diesel electric) which generally have lower daily rates
than similar sized strategic vessels.
Marine Services: Crew boat vessels
+------------------------------------+---------------------------+
| Quarter | Half Year |
+-------+----------+---------+-------+-------+----------+--------+
| | Q2 2014 |Var 2015/| | | H1 2014 | Var |
|Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
| | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in | 74.2 | 70.3 | +5.5% | 74.9 | 149.1 | 142.9 | +4.3% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Number of | | | -11 | | | | -11 |
|vessels (end | 263 | 274 | vessels | 262 | 263 | 274 |vessels |
|of period) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average | | | | | | | |
|utilization | 75.0% | 74.3% |+0.7 pts | 74.4% | 74.7% | 75.5% |-0.8 pts|
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average daily| | | | | | | |
|rate (in | 4,732 | 5,197 | -8.9% | 4,934 | 4,837 | 5,250 | -7.9% |
|US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
Adjusted revenues increased during the period despite a reduction of 11 vessels
compared with the same period last year. The positive effects of the US dollar
helped offset the impact of the decline in average daily rates. Average daily
rates declined partly due to the reduction in average daily rates of the FSIVs
in the fleet, which have higher daily rates than the smaller crew boats. There
was good resistance in average utilization rates, primarily due to crew boats
providing a cost effective alternative to the use of helicopters.
Subsea Services
+------------------------------------+---------------------------+
| Quarter | Half Year |
+-------+----------+---------+-------+-------+----------+--------+
| | Q2 2014 |Var 2015/| | | H1 2014 | Var |
|Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
| | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in | 70.9 | 56.2 | +26.1% | 67.1 | 138.0 | 110.9 | +24.5% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Number of | | | +3 | | | | +3 |
|vessels (end | 22 | 19 | vessels | 21 | 22 | 19 |vessels |
|of period)* | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average | | | | | | | -15.7 |
|utilization | 70.2% | 83.9% |-13.7 pts| 75.9% | 73.1% | 88.8% | pts |
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Average daily| | | | | | | |
|rate (in |48,847 | 46,868 | +4.2% |50,118 |49,718 | 46,452 | +7.0% |
|US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Compared with the same period a year ago, revenues in the 1(st) half of 2015
increased primarily as a result of both an increase in the average daily rate
and a favorable foreign exchange rate impact. Average daily rates increased due
to the mix effect of new, larger vessels that joined the fleet. The stacking of
several vessels had the primary impact on the decline in utilization rates. The
Subsea fleet has been repositioned to be present in all of BOURBON's main
regions of activity and is equipped and ready with ROVs on board (including the
new ROVs delivered this year) in order to meet the specific needs of our clients
all over the world.
Other
+------------------------------------+---------------------------+
| Quarter | Half Year |
+-------+----------+---------+-------+-------+----------+--------+
| | Q2 2014 |Var 2015/| | | H1 2014 | Var |
|Q2 2015|(restated)| 2014 |Q1 2015|H1 2015|(restated)| 2015/ |
| | | | | | | 2014 |
+-------------+-------+----------+---------+-------+-------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in | 4.5 | 4.2 | +7.4% | 4.3 | 8.8 | 8.3 | +6.6% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+-------+----------+--------+
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
The market environment in the oil services industry has been significantly
impacted by the effects of the oil price drop and the resulting reduction in
capital investments by BOURBON's clients, which have been reported to decrease
15% for the majors and up to 30% for the independents. More recently, several
large oil companies have been suggesting even further cuts to come for 2016.
These cuts are in addition to significant cost reduction plans already underway.
BOURBON will continue to adapt to conditions and maintain its focus on cost
control. Among the measures taken, BOURBON will continue to temporarily stack
certain vessels which have no anticipated activity for 3 months. Today, 26
supply vessels are stacked.
It is in this context that BOURBON's strategy to operate a modern, standardized
fleet, combined with its strong worldwide client network and local partnerships,
contributes to its resiliency as its advantages become an even greater
differentiator during difficult market conditions. This strategy has helped
BOURBON achieve a high technical availability rate of its vessels with more
predictable operating costs, which, combined with the low fuel consumption
advantages of its diesel electric motors, delivers significant cost savings to
clients to meet their offshore needs.
ADDITIONAL INFORMATION
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate
FINANCIAL CALENDAR
2015 1(st) Half Results press release September 9, 2015
2015 3(rd) Quarter Financial Information press release November 4, 2015
APPENDIX
Quarterly adjusted revenue breakdown
+-------------+ +---------------------------+
| 2015 | | 2014 (restated) |
In ? millions | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+------------------------------+ +------+------+ +------+------+------+------+
|Marine Services | |299.8 |312.2 | |314.3 |289.8 |277.5 |274.3 |
| | | | | | | | | |
|Deepwater offshore vessels | |109.6 |113.8 | |111.4 |106.3 | 98.9 | 95.1 |
| | | | | | | | | |
|Shallow water offshore vessels| |116.1 |123.5 | |127.8 |112.9 |108.3 |106.6 |
| | | | | | | | | |
|Crewboats | |74.2 | 74.9 | | 75.0 | 70.6 | 70.3 | 72.6 |
+------------------------------+ +------+------+ +------+------+------+------+
|Subsea Services | | 70.9 | 67.1 | | 67.6 | 65.7 | 56.2 | 54.6 |
+------------------------------+ +------+------+ +------+------+------+------+
|Other | | 4.5 | 4.3 | | 6.6 | 6.1 | 4.2 | 4.1 |
+------------------------------+ +------+------+ +------+------+------+------+
|Total adjusted revenues | |375.2 |383.6 | |388.5 |361.7 |337.9 |333.0 |
+------------------------------+ +------+------+ +------+------+------+------+
|IFRS 11 impact* | |(30.1)|(27.4)| |(25.5)|(20.8)|(15.3)|(13.0)|
+------------------------------+ +------+------+ +------+------+------+------+
|TOTAL CONSOLIDATED (**) | |345.1 |356.3 | |363.0 |340.8 |322.6 |320.0 |
+------------------------------+ +------+------+ +------+------+------+------+
* Effect of consolidation of joint ventures using the equity method.
**Consolidated 2014 figures have been restated according to the implementation
of the new accounting standards.
Quarterly average utilization rates for the BOURBON offshore fleet
+---------+ +-------------------+
| 2015 | | 2014 |
In % | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------+ +----+----+ +----+----+----+----+
|Marine Services | |77.4|79.2| |81.7|79.4|80.0|82.4|
| | | | | | | | | |
|Deepwater offshore vessels | |84.0|86.0| |85.8|85.7|87.2|88.6|
| | | | | | | | | |
|Shallow water offshore vessels | |78.3|84.5| |89.1|86.6|87.8|91.2|
| | | | | | | | | |
|Crewboats | |75.0|74.4| |76.7|74.0|74.3|76.6|
+--------------------------------------+ +----+----+ +----+----+----+----+
|Subsea Services | |70.2|75.9| |82.8|81.1|83.9|94.4|
+--------------------------------------+ +----+----+ +----+----+----+----+
|"Total fleet excluding Crewboats" | |79.5|84.3| |87.5|85.8|87.3|90.6|
+--------------------------------------+ +----+----+ +----+----+----+----+
|"Total fleet" average utilization rate| |77.1|79.1| |81.7|79.4|80.2|82.8|
+--------------------------------------+ +----+----+ +----+----+----+----+
Quarterly average daily rates for the BOURBON offshore fleet
+-------------+ +---------------------------+
| 2015 | | 2014 |
In US$/day | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +------+------+ +------+------+------+------+
|Deepwater offshore vessels | |20,286|21,942| |23,093|23,887|23,219|22,839|
+--------------------------------+ +------+------+ +------+------+------+------+
|Shallow water offshore vessels | |13,507|13,882| |14,452|14,152|14,006|14,199|
+--------------------------------+ +------+------+ +------+------+------+------+
|Crewboats | |4,732 |4,934 | |5,067 |5,113 |5,197 |5,323 |
+--------------------------------+ +------+------+ +------+------+------+------+
|Subsea Services | |48,847|50,118| |48,063|50,992|46,868|45,407|
+--------------------------------+ +------+------+ +------+------+------+------+
|"Total fleet excluding| | | | | | | | |
|Crewboats" average daily | |18,640|19,301| |19,871|20,247|19,588|19,497|
|rate | | | | | | | | |
+--------------------------------+ +------+------+ +------+------+------+------+
Quarterly number of vessels (end of period)
+-----------+ +-----------------------+
| 2015 | | 2014 |
In number of vessels* | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
| Marine Services | | 483 | 479 | | 483 | 481 | 481 | 479 |
| | | | | | | | | |
| Deepwater offshore vessels | | 82 | 79 | | 79 | 75 | 74 | 73 |
| | | | | | | | | |
| Shallow water offshore vessels | | 138 | 138 | | 139 | 135 | 133 | 130 |
| | | | | | | | | |
| Crewboats | | 263 | 262 | | 265 | 271 | 274 | 276 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
| Subsea Services | | 22 | 21 | | 21 | 19 | 19 | 18 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
| FLEET TOTAL | | 505 | 500 | | 504 | 500 | 500 | 497 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
* Vessels operated by BOURBON (including vessels owner or on bareboat charter).
Quarterly deliveries of vessels
+---------+ +-------------------+
| 2015 | | 2014 |
In number of vessels | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +----+----+ +----+----+----+----+
| Marine Services | | 4 | 0 | | 10 | 5 | 8 | 12 |
| | | | | | | | | |
| Deepwater offshore vessels | | 3 | 0 | | 5 | 1 | 1 | 2 |
| | | | | | | | | |
| Shallow water offshore vessels | | 0 | 0 | | 4 | 2 | 3 | 6 |
| | | | | | | | | |
| Crewboats | | 1 | 0 | | 1 | 2 | 4 | 4 |
+--------------------------------+ +----+----+ +----+----+----+----+
| Subsea Services | | 1 | 0 | | 2 | 0 | 1 | 2 |
+--------------------------------+ +----+----+ +----+----+----+----+
| FLEET TOTAL | | 5 | 0 | | 12 | 5 | 9 | 14 |
+--------------------------------+ +----+----+ +----+----+----+----+
Half Year adjusted revenue breakdown
+--------+ +-----------------+
| 2015 | | 2014 (restated) |
In ? millions | H1 | | | |
| | | H2 | H1 |
+--------------------------------+ +--------+ +--------+--------+
| Marine Services | | 612.0 | | 604.1 | 551.8 |
| | | | | | |
| Deepwater offshore vessels | | 223.4 | | 217.7 | 194.0 |
| | | | | | |
| Shallow water offshore vessels | | 239.6 | | 240.8 | 214.9 |
| | | | | | |
| Crewboats | | 149.1 | | 145.6 | 142.9 |
+--------------------------------+ +--------+ +--------+--------+
| Subsea Services | | 138.0 | | 133.3 | 110.9 |
+--------------------------------+ +--------+ +--------+--------+
| Other | | 8.8 | | 12.7 | 8.3 |
+--------------------------------+ +--------+ +--------+--------+
| Total adjusted revenues | | 758.8 | | 750.2 | 670.9 |
+--------------------------------+---+--------+---+--------+--------+
| IFRS 11 impact* | | (57.5) | | (46.4) | (28.3) |
+--------------------------------+ +--------+ +--------+--------+
| TOTAL CONSOLIDATED ** | | 701.3 | | 703.8 | 642.6 |
+--------------------------------+ +--------+ +--------+--------+
* Effect of consolidation of joint ventures using the equity method.
** Consolidated 2014 figures have been restated according to the implementation
of the new accounting standards.
Half Year average utilization rates for the BOURBON offshore fleet
+------+ +-------------+
| 2015 | | 2014 |
In % | H1 | | | |
| | | H2 | H1 |
+----------------------------------------+ +------+ +------+------+
| Marine Services | | 78.3 | | 80.5 | 81.2 |
| | | | | | |
| Deepwater offshore vessels | | 84.9 | | 85.8 | 87.9 |
| | | | | | |
| Shallow water offshore vessels | | 81.4 | | 87.8 | 89.5 |
| | | | | | |
| Crewboats | | 74.7 | | 75.3 | 75.5 |
+----------------------------------------+ +------+ +------+------+
| Subsea Services | | 73.1 | | 81.7 | 88.8 |
+----------------------------------------+ +------+ +------+------+
| "Total fleet excluding Crewboats" | | 81.9 | | 86.6 | 88.9 |
+----------------------------------------+ +------+ +------+------+
| "Total fleet" average utilization rate | | 78.1 | | 80.5 | 81.5 |
+----------------------------------------+ +------+ +------+------+
Half Year average daily rates for the BOURBON offshore fleet
+------+ +-------------+
| 2015 | | 2014 |
In US$/day | H1 | | | |
| | | H2 | H1 |
+----------------------------------------------------+ +------+ +------+------+
|Deepwater offshore vessels | |21,097| |23,350|23,008|
+----------------------------------------------------+ +------+ +------+------+
|Shallow water offshore vessels | |13,732| |14,307|14,070|
+----------------------------------------------------+ +------+ +------+------+
|Crewboats | |4,837 | |5,066 |5,250 |
+----------------------------------------------------+ +------+ +------+------+
|Subsea Services | |49,718| |48,622|46,452|
+----------------------------------------------------+ +------+ +------+------+
|"Total fleet excluding Crewboats" average daily rate| |19,012| |19,938|19,541|
+----------------------------------------------------+ +------+ +------+------+
Half Year deliveries of vessels
+------+ +---------+
| 2015 | | 2014 |
In number of vessels | H1 | | | |
| | | H2 | H1 |
+----------------------------+ +------+ +----+----+
| Marine Services | | 4 | | 15 | 20 |
| | | | | | |
| Deepwater Offshore vessels | | 3 | | 6 | 3 |
| | | | | | |
| Shallow water Offshore | | 0 | | 6 | 9 |
| | | | | | |
| Crewboats | | 1 | | 3 | 8 |
+----------------------------+ +------+ +----+----+
| Subsea Services | | 1 | | 2 | 3 |
+----------------------------+ +------+ +----+----+
| FLEET TOTAL | | 5 | | 17 | 23 |
+----------------------------+ +------+ +----+----+
Breakdown of BOURBON adjusted revenues by geographical region
+-------------------------+-------------------------+
| Second quarter | First half |
In ? millions | | | | | | |
|Q2 2015| Q2 2014 |Change|H1 2015| H1 2014 |Change|
| |(restated)| | |(restated)| |
+--------------------------+-------+----------+------+-------+----------+------+
|Africa | 212.5 | 190.8 |+11.4%| 432.3 | 385.2 |+12.2%|
+--------------------------+-------+----------+------+-------+----------+------+
|Europe &| 57.2 | 55.9 |+2.3% | 116.3 | 110.0 |+5.7% |
|Mediterranean/Middle East | | | | | | |
+--------------------------+-------+----------+------+-------+----------+------+
|Americas | 68.9 | 46.9 |+47.0%| 133.1 | 90.6 |+46.9%|
+--------------------------+-------+----------+------+-------+----------+------+
|Asia | 36.6 | 44.4 |-17.5%| 77.1 | 85.1 |-9.3% |
+--------------------------+-------+----------+------+-------+----------+------+
Breakdown of BOURBON adjusted revenues by geographical region
+-----------+ +-----------------------+
| 2015 | | 2014 (restated) |
| | | | | | | |
In ? millions | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Africa | |212.5|219.8| |227.2|205.3|190.8|194.4|
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Europe & Mediterranean/Middle East| |57.2 |59.1 | |65.3 |60.6 |55.9 |54.2 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Americas | |68.9 |64.2 | |49.6 |49.1 |46.9 |43.8 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Asia | |36.6 |40.5 | |46.4 |46.8 |44.4 |40.7 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
Other key indicators
Quarterly breakdown
+---------+ +-------------------+
| 2015 | | 2014 |
| | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------------+ +----+----+ +----+----+----+----+
|Average ?/US$ exchange rate for the quarter | |1.11|1.13| |1.25|1.33|1.37|1.37|
|(in ?) | | | | | | | | |
+--------------------------------------------+ +----+----+ +----+----+----+----+
|?/US$ exchange rate at closing (in ?) | |1.12|1.08| |1.21|1.26|1.37|1.38|
+--------------------------------------------+ +----+----+ +----+----+----+----+
|Average price of Brent for the quarter (in | | 62 | 54 | | 76 |102 |110 |108 |
|US$/bbl) | | | | | | | | |
+--------------------------------------------+ +----+----+ +----+----+----+----+
Half-yearly breakdown
+----+ +---------+
|2015| | 2014 |
| H1 | | | |
| | | H2 | H1 |
+-----------------------------------------------------+ +----+ +----+----+
|Average ?/US$ exchange rate for the half year (in ?) | |1.12| |1.29|1.37|
+-----------------------------------------------------+ +----+ +----+----+
|?/US$ exchange rate at closing (in ?) | |1.12| |1.21|1.37|
+-----------------------------------------------------+ +----+ +----+----+
|Average price of Brent for the half year (in US$/bbl)| | 58 | | 89 |109 |
+-----------------------------------------------------+ +----+ +----+----+
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 almost 12,000 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 two operating Activities (Marine Services and Subsea Services)
and also protects the French coastline for the French Navy.
In 2014, BOURBON'S revenue came to ?1,346.4 million and the company operated a
fleet of 506 vessels as of June 30, 2015.
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/1943624/703860.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: BOURBON via GlobeNewswire
[HUG#1943624]
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2015 - 07:03 Uhr
Sprache: Deutsch
News-ID 411572
Anzahl Zeichen: 49223
contact information:
Town:
Paris
Kategorie:
Business News
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"BOURBON: Press Release 1st Half 2015 Revenues"
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