BOURBON - Press Release: Financial information Q3 and 9 months 2015
(Thomson Reuters ONE) -
Paris, November 4, 2015
BOURBON financial information Q3 and 9 months 2015
Adjusted revenues for first 9 months maintained their resilience with an
increase of 6.8% to ?1,103 million at current rates (-5.5% at constant rates) in
a difficult offshore market
* 3(rd) quarter 2015 average utilization rate of over 73% (-5.7 pts versus one
year ago) showed good resistance in a very weak market while average daily
rates declined 11%, reflecting the lower rates negotiated with clients on
long term contracts as well as reduced rates on spot contracts compared with
a year ago
* Positive foreign currency impact enabled 9 month 2015 revenues to reach over
?1.1 billion also helped by BOURBON's modern, standardized fleet, combined
with its strong worldwide client network and local partnerships
* Revenues increased in the Americas versus the 3(rd) quarter 2014 while the
most significant impact of the market downturn was felt in Asia, where
revenues declined 27% over the same period
* Compared with the preceding quarter, adjusted revenues decreased 8.3%,
impacted by stacked vessels and contracting of vessels at lower rates
+------------------------------------+---------------------------+
In ? | Quarter | 9 months |
millions, +-------+----------+---------+-------+------+----------+---------+
unless | | Q3 2014 |Var 2015/| | | 2014 |Var 2015/|
otherwise |Q3 2015|(restated)| 2014 |Q2 2015| 2015 |(restated)| 2014 |
noted | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of | | | | | | | |
|vessels | 502.8 | 495.8 | +1.4% | 501.2 |501.3 | 490.6 | +2.2% |
|(FTE)* | | | | | | | |
| | | | | | | | |
|Number of | | | +6 | | | | +6 |
|vessels (end | 507 | 501 | vessels | 506 | 507 | 501 | vessels |
|of period)** | | | | | | | |
| | | | | | | | |
|Average | | | | | | | |
|utilization | 73.7% | 79.4% |-5.7 pts | 77.1% |76.6% | 80.8% |-4.2 pts |
|rate (%) | | | | | | | |
| | | | | | | | |
|Average daily| | | | | | | |
|rate |11,167 | 12,604 | -11.4% |11,558 |11,632| 12,292 | -5.4% |
|(US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+---------------------------+------+------+------+------+-------+-------+------+
|Adjusted Revenues ((a)) | | | | | | | |
| | | | | | | | |
|Marine Services |279.0 |289.8 |-3.7% |299.8 | 891.0 | 841.6 |+5.9% |
| | | | | | | | |
|Deepwater offshore vessels |101.9 |106.3 |-4.1% |109.6 | 325.3 | 300.3 |+8.3% |
| | | | | | | | |
|Shallow water offshore |107.2 |112.9 |-5.1% |116.1 | 346.7 | 327.8 |+5.8% |
|vessels | | | | | | | |
| | | | | | | | |
|Crew boats | 69.9 | 70.6 |-1.0% | 74.2 | 219.0 | 213.5 |+2.6% |
| | | | | | | | |
|Subsea Services | 61.0 | 65.7 |-7.2% | 70.9 | 199.0 | 176.6 |+12.7%|
| | | | | | | | |
|Other | 4.1 | 6.1 |-32.8%| 4.5 | 12.9 | 14.4 |-10.2%|
+---------------------------+------+------+------+------+-------+-------+------+
|Total adjusted revenues |344.1 |361.7 |-4.9% |375.2 |1,102.9|1,032.6|+6.8% |
|(change at constant rates) | | |-12.9%| | | |-5.5% |
| | | | | | | | |
+---------------------------+------+------+------+------+-------+-------+------+
|IFRS 11 impact*** |(23.8)|(20.8)| |(30.1)|(81.4) |(49.2) | |
+---------------------------+------+------+------+------+-------+-------+------+
|Group TOTAL |320.2 |340.8 |-6.0% |345.1 |1,021.6| 983.4 |-3.9% |
+---------------------------+------+------+------+------+-------+-------+------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
(a) See page 2.
+---------------------------+------+------+--------+------+------+------+------+
|Average utilization rate |76.0% |85.8% |-9.8 pts|79.5% |79.8% |87.8% |-8 pts|
|(excl. Crew boats) | | | | | | | |
| | | | | | | | |
|Average daily rate (excl. |17,858|20,247| -11.8% |18,640|18,599|19,728|-5.7% |
|Crew boats US$/d) | | | | | | | |
+---------------------------+------+------+--------+------+------+------+------+
"In today's market environment, BOURBON remains determined in the search of
operational excellence and is focusing on what it can control: safety, cost
control initiatives and operational efficiency", says Christian Lefèvre, Chief
Executive Officer of BOURBON. "The objectives in the coming quarters will be to
maximize the utilization of the fleet by extending the scope of services on the
full range of vessels and extend the portfolio of clients thanks to its network
and strong partnerships overseas."
(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.
MARINE SERVICES
+------------------------------------+--------------------------+
| Quarter | 9 months |
+-------+----------+---------+-------+-----+----------+---------+
| | Q3 2014 |Var 2015/| | | 2014 | Var |
|Q3 2015|(restated)| 2014 |Q2 2015|2015 |(restated)| 2015/ |
| | | | | | | 2014 |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Adjusted | | | | | | | |
|Revenues (in ?| 279.0 | 289.8 | -3.7% | 299.8 |891.0| 841.6 | +5.9% |
|millions) | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Number of | | | +3 | | | | +3 |
|vessels (end | 484 | 481 | vessels | 483 | 484 | 481 | vessels |
|of period)* | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Average | | | | | | | |
|utilization | 74.1% | 79.4% |-5.3 pts | 77.4% |76.9%| 80.6% |-3.7 pts |
|rate | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
All segments had declines in utilization rates and average daily rates both year
on year and sequentially, reflecting the continued difficulty in the offshore
services market. Stronger foreign exchange rates and an increase in the size of
the fleet contributed to offset the decline of the utilization and daily rates,
resulting in an increase in adjusted revenues for the 9 month period.
Marine Services: Deepwater offshore vessels
+------------------------------------+---------------------------+
| Quarter | 9 months |
+-------+----------+---------+-------+------+----------+---------+
|Q3 2015| Q3 2014 |Var 2015/|Q2 2015| 2015 | 2014 |Var 2015/|
| |(restated)| 2014 | | |(restated)| 2014 |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Adjusted | | | | | | | |
|Revenues (in | 101.9 | 106.3 | -4.1% | 109.6 |325.3 | 300.3 | +8.3% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Number of | | | +11 | | | | +11 |
|vessels (end | 86 | 75 | vessels | 82 | 86 | 75 | vessels |
|of period)* | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Average | | | | | | | |
|utilization | 79.8% | 85.7% |-5.9 pts | 84.0% |83.1% | 87.1% | -4 pts |
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Average daily| | | | | | | |
|rate |19,518 | 23,887 | -18.3% |20,286 |20,543| 23,189 | -11.4% |
|(US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues increased more than 8% for the 9 months period compared with
the year ago period due to a significant increase in the size of the fleet and a
favorable exchange rate, and these two factors combined to help offset a
reduction in average utilization and average daily rates. Almost all regions
were affected by the downturn.
Compared with the 2(nd) quarter 2015, the greatest decline in utilization was
seen in Asia, while average daily rates declined as new contracts began at lower
rates than the expiring contracts. With a 3(rd) quarter utilization rate of
almost 80%, BOURBON has demonstrated strong resistance in a depressed market
where some regions have seen more significant reductions in activity than
others. There were up to 8 deepwater vessels stacked during the quarter.
Marine Services: Shallow water offshore vessels
+------------------------------------+--------------------------+
| Quarter | 9 months |
+-------+----------+---------+-------+------+----------+--------+
| | Q3 2014 |Var 2015/| | | 2014 | Var |
|Q3 2015|(restated)| 2014 |Q2 2015| 2015 |(restated)| 2015/ |
| | | | | | | 2014 |
+--------------+-------+----------+---------+-------+------+----------+--------+
|Adjusted | | | | | | | |
|Revenues (in ?| 107.2 | 112.9 | -5.1% | 116.1 |346.7 | 327.8 | +5.8% |
|millions) | | | | | | | |
+--------------+-------+----------+---------+-------+------+----------+--------+
|Number of | | | | | | | -1 |
|vessels (end | 134 | 135 |-1 vessel| 138 | 134 | 135 | vessel |
|of period)* | | | | | | | |
+--------------+-------+----------+---------+-------+------+----------+--------+
|Average | | | | | | | |
|utilization | 75.5% | 86.6% |-11.1 pts| 78.3% |79.4% | 88.5% |-9.1 pts|
|rate | | | | | | | |
+--------------+-------+----------+---------+-------+------+----------+--------+
|Average daily | | | | | | | |
|rate (in |12,880 | 14,152 | -9.0% |13,507 |13,457| 14,065 | -4.3% |
|US$/day) | | | | | | | |
+--------------+-------+----------+---------+-------+------+----------+--------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues increased for the 9 months period due to the positive effects
of the foreign exchange rates, which helped to offset the declines in the market
conditions. Asia had the greatest declines in both average utilization rates and
average daily rate over this same period.
During the 3(rd) quarter 2015, BOURBON sold 4 vessels that are non-conforming
with its strategy of diesel electric, DP2 technology. This further concentrates
its fleet so that BOURBON is able to leverage its competitive advantage of
providing low fuel consumption vessels to its customers.
Compared with the 2(nd) quarter 2015, all regions showed declines in average
utilization rates and average daily rates in the 3(rd) quarter. There were up to
22 vessels stacked during the quarter.
Due to the nature of the shallow water market being generally comprised of low
per-barrel production cost projects, this market has demonstrated good
resilience. It was impacted by reduced activity in exploration and maintenance
projects that was first visible in Q2 2015 continued in Q3 and mostly affected
markets in Asia, MMI and West Africa.
Marine Services: Crew boat vessels
+------------------------------------+--------------------------+
| Quarter | 9 months |
+-------+----------+---------+-------+-----+----------+---------+
|Q3 2015| Q3 2014 |Var 2015/|Q2 2015|2015 | 2014 |Var 2015/|
| |(restated)| 2014 | | |(restated)| 2014 |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Adjusted | | | | | | | |
|Revenues (in ?| 69.9 | 70.6 | -1.0% | 74.2 |219.0| 213.5 | +2.6% |
|millions) | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Number of | | | -7 | | | | -7 |
|vessels (end | 264 | 271 | vessels | 263 | 264 | 271 | vessels |
|of period) | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Average | | | | | | | |
|utilization | 71.5% | 74.0% |-2.5 pts | 75.0% |73.6%| 75.0% |-1.4 pts |
|rate | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
|Average daily | | | | | | | |
|rate (in | 4,632 | 5,113 | -9.4% | 4,732 |4,771| 5,161 | -7.6% |
|US$/day) | | | | | | | |
+--------------+-------+----------+---------+-------+-----+----------+---------+
Adjusted revenues for the first 9 months of 2015 were supported by the positive
foreign exchange impacts while there were fewer vessels in the fleet and both
average daily rates and average utilization rates declined. Similar to what was
seen in prior quarters, the reduction in demand for the FSIVs had the greatest
impact on the segment while the smaller crew boats continued to show greater
resilience in utilization as a cost effective means of transportation during a
difficult market.
Subsea Services
+------------------------------------+---------------------------+
| Quarter | 9 months |
+-------+----------+---------+-------+------+----------+---------+
|Q3 2015| Q3 2014 |Var 2015/|Q2 2015| 2015 | 2014 |Var 2015/|
| |(restated)| 2014 | | |(restated)| 2014 |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Adjusted | | | | | | | |
|Revenues (in | 61.0 | 65.7 | -7.2% | 70.9 |199.0 | 176.6 | +12.7% |
|? millions) | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Number of | | | +3 | | | | +3 |
|vessels (end | 22 | 19 | vessels | 22 | 22 | 19 | vessels |
|of period)* | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Average | | | | | | | |
|utilization | 64.3% | 81.1% |-16.8 pts| 70.2% |70.1% | 86.0% |-15.9 pts|
|rate | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
|Average daily| | | | | | | |
|rate (in |47,657 | 50,992 | -6.5% |48,847 |48,679| 48,057 | +1.3% |
|US$/day) | | | | | | | |
+-------------+-------+----------+---------+-------+------+----------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Three new vessels were added to the fleet compared with last year and the mix
effect of the new, larger vessels resulted in a higher average daily rate for
the 9 months period compared with a prior year. In combination with the
favorable exchange rates, this lead to an increase in revenues of almost 13% for
the period. Utilization rates declined as level of activity reduced in this
segment and a few contracts were not being extended as clients were looking to
reduce their own operating costs. This resulted in much of the
Subsea fleet working in the spot market.
Other
+------------------------------------+-------------------------+
| Quarter | 9 months |
+-------+----------+---------+-------+----+----------+---------+
|Q3 2015| Q3 2014 |Var 2015/|Q2 2015|2015| 2014 |Var 2015/|
| |(restated)| 2014 | | |(restated)| 2014 |
+---------------+-------+----------+---------+-------+----+----------+---------+
|Adjusted | | | | | | | |
|Revenues (in ? | 4.1 | 6.1 | -32.8% | 4.5 |12.9| 14.4 | -10.2% |
|millions) | | | | | | | |
+---------------+-------+----------+---------+-------+----+----------+---------+
Activities included are those that do not properly fit into either Marine
Services or Subsea Services. Making up the majority of the total are earnings
from such items as miscellaneous ship management activities, logistics as well
as from the cement carrier Endeavor.
OUTLOOK
The market environment in the oil services industry continues to be impacted by
the effects of the oil price drop and the resulting reduction in capital
investments by BOURBON's clients. Previously, capital spending plans had been
reported to decrease 15% for the majors and up to 30% for the independents.
Several large oil companies have recently announced even further cuts to come
for 2016 as they indicate that they are planning for a prolonged period of
relatively low oil prices.
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. BOURBON is
choosing to stack vessels to minimize costs and to preserve the utilization
rates on the vessels that remain in operation. Today, 31 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.
ADDITIONAL INFORMATION
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate
FINANCIAL CALENDAR
4(th) Quarter 2015 & full year 2015 financial information February 3, 2016
press release
2015 Annual Results press release and presentation March 10, 2016
APPENDIX
Quarterly adjusted revenue breakdown
+--------------------+ +---------------------------+
| 2015 | | 2014 (restated) |
In millions of euros | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Marine Services | |279.0 |299.8 |312.2 | |314.3 |289.8 |277.5 |274.3 |
| | | | | | | | | | |
|Deepwater offshore | |101.9 |109.6 |113.8 | |111.4 |106.3 | 98.9 | 95.1 |
| vessels | | | | | | | | | |
| | | | | | | | | | |
|Shallow water offshore | |107.2 |116.1 |123.5 | |127.8 |112.9 |108.3 |106.6 |
| vessels | | | | | | | | | |
| | | | | | | | | | |
|Crew boats | | 69.9 | 74.2 | 74.9 | | 75.0 | 70.6 | 70.3 | 72.6 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Subsea Services | | 61.0 | 70.9 | 67.1 | | 67.6 | 65.7 | 56.2 | 54.6 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Other | | 4.1 | 4.5 | 4.3 | | 6.6 | 6.1 | 4.2 | 4.1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Total adjusted revenues | |344.1 |375.2 |383.6 | |388.5 |361.7 |337.9 |333.0 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Adjustments* | |(23.8)|(30.1)|(27.4)| |(25.5)|(20.8)|(15.3)|(13.0)|
+-------------------------+ +------+------+------+ +------+------+------+------+
|TOTAL CONSOLIDATED(**) | |320.2 |345.1 |356.3 | |363.0 |340.8 |322.6 |320.0 |
+-------------------------+ +------+------+------+ +------+------+------+------+
* 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.
Quarterly average utilization rates for the BOURBON offshore fleet
+--------------+ +-------------------+
| 2015 | | 2014 |
In % | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|Marine Services | |74.1|77.4|79.2| |81.7|79.4|80.0|82.4|
| | | | | | | | | | |
|Deepwater offshore vessels | |79.8|84.0|86.0| |85.8|85.7|87.2|88.6|
| | | | | | | | | | |
|Shallow water offshore vessels | |75.5|78.3|84.5| |89.1|86.6|87.8|91.2|
| | | | | | | | | | |
|Crew boats | |71.5|75.0|74.4| |76.7|74.0|74.3|76.6|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|Subsea Services | |64.3|70.2|75.9| |82.8|81.1|83.9|94.4|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|"Total fleet excluding Crew boats" | |76.0|79.5|84.3| |87.5|85.8|87.3|90.6|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|"Total fleet" average utilization rate| |73.7|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 | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Deepwater offshore | |19,518|20,286|21,942| |23,093|23,887|23,219|22,839|
|vessels | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Shallow water offshore | |12,880|13,507|13,882| |14,452|14,152|14,006|14,199|
|vessels | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Crew boats | |4,632 |4,732 |4,934 | |5,067 |5,113 |5,197 |5,323 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Subsea Services | |47,657|48,847|50,118| |48,063|50,992|46,868|45,407|
+-------------------------+ +------+------+------+ +------+------+------+------+
|"Total fleet excluding | | | | | | | | | |
|Crew boats" average daily| |17,858|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* | | | | | | | | |
|Q3 |Q2 |Q1 | |Q4 |Q3 |Q2 |Q1 |
+-------------------------------+ +---+---+---+ +---+---+---+---+
|Marine Services | |484|483|479| |483|481|481|479|
| | | | | | | | | | |
|Deepwater offshore vessels | |86 |82 |79 | |79 |75 |74 |73 |
| | | | | | | | | | |
|Shallow water offshore vessels| |134|138|138| |139|135|133|130|
| | | | | | | | | | |
|Crew boats | |264|263|262| |265|271|274|276|
+-------------------------------+ +---+---+---+ +---+---+---+---+
|Subsea Services | |22 |22 |21 | |21 |19 |19 |18 |
+-------------------------------+ +---+---+---+ +---+---+---+---+
|FLEET TOTAL | |506|505|500| |504|500|500|497|
+-------------------------------+ +---+---+---+ +---+---+---+---+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Quarterly deliveries of vessels
+--------------+ +-------------------+
| 2015 | | 2014 |
In number of vessels | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
| Marine Services | | 6 | 4 | 0 | | 10 | 5 | 8 | 12 |
| | | | | | | | | | |
| Deepwater offshore vessels | | 4 | 3 | 0 | | 5 | 1 | 1 | 2 |
| | | | | | | | | | |
| Shallow water offshore vessels | | 0 | 0 | 0 | | 4 | 2 | 3 | 6 |
| | | | | | | | | | |
| Crew boats | | 2 | 1 | 0 | | 1 | 2 | 4 | 4 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
| Subsea Services | | 0 | 1 | 0 | | 2 | 0 | 1 | 2 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
| FLEET TOTAL | | 6 | 5 | 0 | | 12 | 5 | 9 | 14 |
+---------------------------------+ +----+----+----+ +----+----+----+----+
Nine months adjusted revenue breakdown
+----------------------+
| 9 months |
In millions of euros | | |
| 2015 | 2014 |
| | (restated) |
+---------------------------------+ +---------+------------+
| Marine Services | | 891.0 | 841.6 |
| | | | |
| Deepwater offshore vessels | | 325.3 | 300.3 |
| | | | |
| Shallow water offshore vessels | | 346.7 | 327.8 |
| | | | |
| Crew boats | | 219.0 | 213.5 |
+---------------------------------+ +---------+------------+
| Subsea Services | | 199.0 | 176.6 |
+---------------------------------+ +---------+------------+
| Other | | 12.9 | 14.4 |
+---------------------------------+ +---------+------------+
| Total adjusted revenues | | 1,102.9 | 1,032.6 |
+---------------------------------+ +---------+------------+
| Adjustments* | | (81.4) | (49.2) |
+---------------------------------+ +---------+------------+
| TOTAL CONSOLIDATED** | | 1,021.6 | 983.4 |
+---------------------------------+ +---------+------------+
* 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 % | | |
| 2015 | 2014 |
+----------------------------------------+ +------+------+
| Marine Services | | 76.9 | 80.6 |
| | | | |
| Deepwater offshore vessels | | 83.1 | 87.1 |
| | | | |
| Shallow water offshore vessels | | 79.4 | 88.5 |
| | | | |
| Crew boats | | 73.6 | 75.0 |
+----------------------------------------+ +------+------+
| Subsea Services | | 70.1 | 86.0 |
+----------------------------------------+ +------+------+
| "Total fleet excluding Crew boats" | | 79.8 | 87.8 |
+----------------------------------------+ +------+------+
| "Total fleet" average utilization rate | | 76.6 | 80.8 |
+----------------------------------------+ +------+------+
Nine month average daily rates for the BOURBON offshore fleet
+-----------------+
| 9 months |
In US$/day | | |
| 2015 | 2014 |
+-------------------------------------------------------+ +--------+--------+
| Deepwater offshore vessels | | 20,543 | 23,189 |
+-------------------------------------------------------+ +--------+--------+
| Shallow water offshore vessels | | 13,457 | 14,065 |
+-------------------------------------------------------+ +--------+--------+
| Crew boats | | 4,771 | 5,161 |
+-------------------------------------------------------+ +--------+--------+
| Subsea Services | | 48,679 | 48,057 |
+-------------------------------------------------------+ +--------+--------+
| "Total fleet excluding Crew boats" average daily rate | | 18,599 | 19,728 |
+-------------------------------------------------------+ +--------+--------+
Nine month deliveries of vessels
+-------------+
| 9 months |
In number of vessels | | |
| 2015 | 2014 |
+-----------------------------+ +------+------+
| Marine Services | | 10 | 25 |
| | | | |
| Deepwater Offshore vessels | | 7 | 4 |
| | | | |
| Shallow water Offshore | | 0 | 11 |
| | | | |
| Crew boats | | 3 | 10 |
+-----------------------------+ +------+------+
| Subsea Services | | 1 | 3 |
+-----------------------------+ +------+------+
| FLEET TOTAL | | 11 | 28 |
+-----------------------------+ +------+------+
Breakdown of BOURBON adjusted revenues by geographical region
+-------------------------+-----------------------+
| Third quarter | 9 months |
In millions of euros | | | | | | |
|Q3 2015| Q3 2014 |Change|2015 | 2014 |Change|
| |(restated)| | |(restated)| |
+----------------------------+-------+----------+------+-----+----------+------+
|Africa | 188.7 | 205.3 |-8.1% |621.0| 590.4 |+5.2% |
+----------------------------+-------+----------+------+-----+----------+------+
|Europe & | 53.2 | 60.6 |-12.2%|169.5| 170.6 |-0.7% |
|Mediterranean/Middle East | | | | | | |
+----------------------------+-------+----------+------+-----+----------+------+
|Americas | 68.1 | 49.1 |+38.7%|201.2| 139.7 |+44.0%|
+----------------------------+-------+----------+------+-----+----------+------+
|Asia | 34.1 | 46.8 |-27.0%|111.2| 131.8 |-15.6%|
+----------------------------+-------+----------+------+-----+----------+------+
Other key indicators
Quarterly breakdown
+--------------+ +-------------------+
| 2015 | | 2014 |
| | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|Average ?/US$ exchange rate for the | | | | | | | | | |
|quarter | |1.11|1.11|1.13| |1.25|1.33|1.37|1.37|
|(in ?) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|?/US$ exchange rate at closing | |1.12|1.12|1.08| |1.21|1.26|1.37|1.38|
|(in ?) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|Average price of Brent for the quarter | | 50 | 62 | 54 | | 76 |102 |110 |108 |
|(in US$/bbl) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
Nine month breakdown
+-------------+
| 9 months |
| | |
| 2015 | 2014 |
+------------------------------------------------+ +------+------+
| Average nine month ?/US$ exchange rate (in ?) | | 1.11 | 1.35 |
+------------------------------------------------+ +------+------+
| ?/US$ exchange rate at closing (in ?) | | 1.12 | 1.26 |
+------------------------------------------------+ +------+------+
| Average nine month price of Brent (in US$/bbl) | | 55 | 106 |
+------------------------------------------------+ +------+------+
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 507 vessels as of September 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
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/1963818/716657.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#1963818]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 431752
Anzahl Zeichen: 45208
contact information:
Town:
Paris
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"BOURBON - Press Release: Financial information Q3 and 9 months 2015"
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BOURBON (Nachricht senden)
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