BOURBON : 1st Quarter 2016 financial information
(Thomson Reuters ONE) -
Paris, May 4, 2016
BOURBON 1(st) Quarter 2016 Financial information
In the 1(st) quarter 2016, BOURBON adjusted revenues reached ?314.5 million (-
5.9% compared with 4(th) quarter 2015), illustrating the strong resilience in a
market that is still declining
* Good resistance for the revenues of BOURBON in a market still with
significant decline in activity, but with an oil price that is recovering
+-------------+ +---------------------------+ +------+
| 2014 | | 2015 | | 2016 |
+------+------+ +------+------+------+------+ +------+
| Q3 | Q4 | | Q1 | Q2 | Q3 | Q4 | | Q1 |
+-------------------------+------+------+ +------+------+------+------+ +------+
|Adjusted revenues (a) (in|361.7 | | |383.6 |375.2 |344.1 |334.2 | |314.5 |
|? millions) | |388.5 | | | | | | | |
| | | | | | | | | | |
|Sequential change | - | 7.4% | |-1.3% |-2.2% |-8.3% |-2.9% | |-5.9% |
| | | | | | | | | | |
|Year on year change | - |17.2% | |15.2% |11.0% |-4.9% |-14.0%| |-18.0%|
+-------------------------+------+------+ +------+------+------+------+ +------+
|Average utilization rate |79.4% |81.7% | |79.1% |77.1% |73.7% |72.1% | |69.5% |
|(%) | | | | | | | | | |
| | | | | | | | | | |
|Average daily rate (in |12,604|12,429| | | | | | |10,324|
|US$/d) | | | |12,169|11,558|11,167|10,781| | |
+-------------------------+------+------+ +------+------+------+------+ +------+
|Average exchange rate | 1.33 | 1.25 | | 1.13 | 1.11 | 1.11 | 1.10 | | 1.10 |
|?/US$ (in ?) | | | | | | | | | |
+-------------------------+------+------+ +------+------+------+------+ +------+
(a) See page 2
* BOURBON is the company within the offshore oil services industry that is
best resisting the drop in the market
* BOURBON's good resilience originates from the clients' preferences, which is
reflected in the average utilization rate of the fleet
Source: BOURBON, Sec filings, published accounts
Source: BOURBON, IHS Petrodata
"In a market where prices are imposed upon everyone, BOURBON is focusing on what
it can control: safety, fleet availability, cost control and cash preservation
by a proactive policy to stack vessels if necessary" says Christian Lefèvre,
Chief Executive Officer of BOURBON. "The group is impacted by the market decline
with less intensity and time lag. BOURBON is putting everything in place to be
the first one ready for the resumption of activity when it will happen, reducing
costs and anticipating the evolution of the clients' needs vis-à-vis vessels
with, as a new paradigm, the digital revolution."
The impact of further spending reductions by oil & gas companies is being felt
globally, with the most significant effects being felt in Asia and the
Europe/Mediterranean/Middle East regions.
Market impacts on BOURBON performance are reflected in lower adjusted revenues
when compared to Q4 2015 at current rates (-5.9%), resulting mainly from:
* Average utilization rate excluding Crew boats declining by 5.0 points to
71.7%, mainly due to increased stacking of vessels
* Average daily rate excluding Crew boats declining 3.0%
There were 47 supply vessels stacked as of March 31, 2016.
Crew Boats segment remained resilient with stable results for revenues as well
as for average utilization and daily rates.
+-----------------------------------+
| Quarter |
+-------+-------+-----------+-------+
|Q1 2016|Q1 2015| Variation |Q4 2015|
In ? millions, except as noted | | | 2016/2015 | |
+------------------------------------------+-------+-------+-----------+-------+
|Operational indicators | | | | |
| | | | | |
|Number of vessels (FTE)* | 511.4 | 500.0 | +2.3% | 508.0 |
| | | | | |
|Number of vessels (end of period)** | 515 | 501 |+14 vessels| 511 |
+------------------------------------------+-------+-------+-----------+-------+
(*) FTE: Full Time Equivalent
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
+------------------------------------------+-------+-------+-----------+-------+
|Adjusted Revenues(a) | | | | |
| | | | | |
|Marine Services | 259.5 | 312.2 | -16.9% | 275.7 |
| | | | | |
|Deepwater offshore vessels | 98.6 | 113.8 | -13.4% | 106.1 |
| | | | | |
|Shallow water offshore vessels | 94.6 | 123.5 | -23.4% | 103.0 |
| | | | | |
|Crew boats | 66.3 | 74.9 | -11.5% | 66.6 |
| | | | | |
|Subsea Services | 50.0 | 67.1 | -25.5% | 53.3 |
| | | | | |
|Other | 5.0 | 4.3 | +15.9% | 5.2 |
+------------------------------------------+-------+-------+-----------+-------+
|Total adjusted revenues | 314.5 | 383.6 | -18.0% | 334.2 |
|(change at constant rate) | | | -18.6% | -7.5% |
+------------------------------------------+-------+-------+-----------+-------+
|IFRS 11 impact*** |(22.5) |(27.4) | |(26.1) |
+------------------------------------------+-------+-------+-----------+-------+
|Group TOTAL | 292.0 | 356.3 | -18.0% | 308.1 |
+------------------------------------------+-------+-------+-----------+-------+
(***) Effect of consolidation of jointly controlled companies using the equity
method
+------------------------------------------+-------+-------+-----------+-------+
|Average utilization rate (excl. Crew | 71.7% | 84.3% | -12.6 pts | 76.7% |
|boats) | | | | |
+------------------------------------------+-------+-------+-----------+-------+
|Average daily rate (excl. Crew boats) |16,299 |19,301 | -15.6% |16,809 |
+------------------------------------------+-------+-------+-----------+-------+
(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 |
+-------+-------+-----------+-------+
|Q1 2016|Q1 2015| Variation |Q4 2015|
| | | 2016/2015 | |
+----------------------------------+-------+-------+-----------+-------+
|Adjusted Revenues (in ? millions) | 259.5 | 312.2 | -16.9% | 275.7 |
+----------------------------------+-------+-------+-----------+-------+
|Number of vessels (end of period)*| 492 | 479 |+13 vessels| 488 |
+----------------------------------+-------+-------+-----------+-------+
|Average utilization rate | 70.3% | 79.2% | -8.9 pts | 73.0% |
+----------------------------------+-------+-------+-----------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues declined in all segments of Marine Services during the 1(st)
quarter. West Africa, Asia and the Europe/Mediterranean/Middle East regions felt
the greatest impact of declines in average utilization rates and average daily
rates in the quarter. Overall, adjusted revenues in the Americas region
increased slightly. Brazil showed an improvement in average utilization rates
during the quarter, while the average daily rates were negatively impacted by
the weakening of the Brazilian real.
Marine Services: Deepwater offshore vessels
+-----------------------------------+
| Quarter |
+-------+-------+-----------+-------+
|Q1 2016|Q1 2015| Variation |Q4 2015|
| | | 2016/2015 | |
+----------------------------------+-------+-------+-----------+-------+
|Adjusted Revenues (in ? millions) | 98.6 | 113.8 | -13.4% | 106.1 |
+----------------------------------+-------+-------+-----------+-------+
|Number of vessels (end of period)*| 89 | 79 |+10 vessels| 88 |
+----------------------------------+-------+-------+-----------+-------+
|Average utilization rate | 77.2% | 86.0% | -8.8 pts | 82.6% |
+----------------------------------+-------+-------+-----------+-------+
|Average daily rate (US$/day) |17,630 |21,942 | -19.7% |18,360 |
+----------------------------------+-------+-------+-----------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
The 1(st) quarter of 2016 was highlighted by the delivery and first operation in
the North Sea of the Bourbon Arctic, a brand new AHTS vessel with more than 300
tons of bollard pull capability. The increase in the number of vessels in the
fleet versus a year ago was offset by the proactive measures to reduce costs,
notably by the stacking of up to 13 vessels in the 1(st) quarter 2016,
contributing to a decline in adjusted revenues of 13.4%. The impact of the
increase in the number of stacked vessels is seen in the average utilization
rate for the quarter having declined both year on year and sequentially. Average
daily rates versus a year ago declined almost 20% as a result of the market
conditions in the global OSV sector.
Marine Services: Shallow water offshore vessels
+----------------------------------+
| Quarter |
+-------+-------+----------+-------+
|Q1 2016|Q1 2015|Variation |Q4 2015|
| | |2016/2015 | |
+----------------------------------+-------+-------+----------+-------+
|Adjusted Revenues (in ? millions) | 94.6 | 123.5 | -23.4% | 103.0 |
+----------------------------------+-------+-------+----------+-------+
|Number of vessels (end of period)*| 133 | 138 |-5 vessels| 133 |
+----------------------------------+-------+-------+----------+-------+
|Average utilization rate | 71.3% | 84.5% |-13.2 pts | 76.5% |
+----------------------------------+-------+-------+----------+-------+
|Average daily rate (in US$/day) |11,967 |13,882 | -13.8% |12,205 |
+----------------------------------+-------+-------+----------+-------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues in the current quarter declined compared with the year ago
period due to the combined effect of vessel sales and market conditions. During
the quarter, there were up to 28 vessels stacked, thus significantly impacting
the utilization rate, which declined over 13 points. The average daily rate was
mostly impacted by declines in West Africa, Asia and Europe/Mediterranean/Middle
East regions.
Marine Services: Crew boat vessels
+------------------------------------------+
| Quarter |
+---------+---------+------------+---------+
| Q1 2016 | Q1 2015 | Variation | Q4 2015 |
| | | 2016/2015 | |
+-----------------------------------+---------+---------+------------+---------+
| Adjusted Revenues (in ? millions) | 66.3 | 74.9 | -11.5% | 66.6 |
+-----------------------------------+---------+---------+------------+---------+
| Number of vessels (end of period) | 270 | 262 | +8 vessels | 267 |
+-----------------------------------+---------+---------+------------+---------+
| Average utilization rate | 67.5% | 74.4% | -6.9 pts | 68.0% |
+-----------------------------------+---------+---------+------------+---------+
| Average daily rate (in US$/day) | 4,538 | 4,934 | -8.0% | 4,530 |
+-----------------------------------+---------+---------+------------+---------+
The Crew Boats segment continues to show its resilience as a preferred solution
by clients in order to minimize their costs versus the use of helicopters. The
impact of fewer projects is seen with the reduction in activity versus a year
ago. However, sequentially, performance was stable with flat adjusted revenues
benefiting from stable average utilization rates and average daily rates.
Subsea Services
+-----------------------------------------+
| Quarter |
+---------+---------+-----------+---------+
| Q1 2016 | Q1 2015 | Variation | Q4 2015 |
| | | 2016/2015 | |
+------------------------------------+---------+---------+-----------+---------+
| Adjusted Revenues (in ? millions) | 50.0 | 67.1 | -25.5% | 53.3 |
+------------------------------------+---------+---------+-----------+---------+
| Number of vessels (end of period)* | 22 | 21 | +1 vessel | 22 |
+------------------------------------+---------+---------+-----------+---------+
| Average utilization rate | 52.3% | 75.9% | -23.6 pts | 54.0% |
+------------------------------------+---------+---------+-----------+---------+
| Average daily rate (in US$/day) | 44,119 | 50,118 | -12.0% | 47,232 |
+------------------------------------+---------+---------+-----------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues declined 6.2% versus the 4(th) quarter 2015, reflecting the
continued difficult market conditions. The effect of the proactive measures to
stack up to 11 vessels during the 1(st) quarter 2016 is seen in the utilization
rates, reaching 52% for the period, which was relatively stable versus the
4(th) quarter 2015.
Other
+-----------------------------------------+
| Quarter |
+---------+---------+-----------+---------+
| Q1 2016 | Q1 2015 | Variation | Q4 2015 |
| | | 2016/2015 | |
+-----------------------------------+---------+---------+-----------+---------+
| Adjusted Revenues (in ? millions) | 5.0 | 4.3 | +15.9% | 5.2 |
+-----------------------------------+---------+---------+-----------+---------+
Activities included are those that do not 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
Oil prices have recently increased from their lows and expectations are that the
current imbalance between oil supply and demand should become more balance later
in the year or next year. While the demand for offshore supply vessels remains
very difficult, 2016 will likely see a low point in the cycle with probably a
slight rebound in the second half of the year. This improvement will be mainly
in the areas of maintaining production of existing oil fields and maintenance of
production units.
BOURBON will focus on excellence in service execution and will strive to
maintain a high utilization rate of the fleet in operation (excluding stacked
vessels) utilizing its international network, mainly with local partnerships.
The group will continue to stack vessels in its supply fleet if there are no
commercial opportunities in the medium term in order to reduce operational
costs.
As the industry remains in this prolonged downturn, BOURBON remains focused on
what it can control: safety, fleet availability, cost control initiatives and
cash preservation.
ADDITIONAL INFORMATION
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate
FINANCIAL CALENDAR
Annual Shareholder's Meeting May 26, 2016
2016 1(st) Half Financial Information press release August 3, 2016
2016 1(st) Half Results press release and presentation September 8, 2016
2016 3(rd) Quarter Financial Information press release November 3, 2016
APPENDIX
Quarterly adjusted revenue breakdown
+------+ +---------------------------+
| 2016 | | 2015 |
In ? millions | | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+------------------------------+ +------+ +------+------+------+------+
|Marine Services | |259.5 | |275.7 |279.0 |299.8 |312.2 |
| | | | | | | | |
|Deepwater offshore vessels | | 98.6 | |106.1 |101.9 |109.6 |113.8 |
| | | | | | | | |
|Shallow water offshore vessels| | 94.6 | |103.0 |107.2 |116.1 |123.5 |
| | | | | | | | |
|Crew boats | | 66.3 | | 66.6 | 69.9 | 74.2 | 74.9 |
+------------------------------+ +------+ +------+------+------+------+
|Subsea Services | | 50.0 | | 53.3 | 61.0 | 70.9 | 67.1 |
+------------------------------+ +------+ +------+------+------+------+
|Other | | 5.0 | | 5.2 | 4.1 | 4.5 | 4.3 |
+------------------------------+ +------+ +------+------+------+------+
|Total adjusted revenues | |314.5 | |334.2 |344.1 |375.2 |383.6 |
+------------------------------+ +------+ +------+------+------+------+
|IFRS 11 impact* | |(22.5)| |(26.1)|(23.8)|(30.1)|(27.4)|
+------------------------------+ +------+ +------+------+------+------+
|TOTAL CONSOLIDATED(**) | |292.0 | |308.1 |320.2 |345.1 |356.3 |
+------------------------------+ +------+ +------+------+------+------+
* Effect of consolidation of joint ventures using the equity method.
Quarterly average utilization rates for the BOURBON offshore fleet
+----+ +-------------------+
|2016| | 2015 |
In % | | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------+ +----+ +----+----+----+----+
|Marine Services | |70.3| |73.0|74.1|77.4|79.2|
| | | | | | | | |
|Deepwater offshore vessels | |77.2| |82.6|79.8|84.0|86.0|
| | | | | | | | |
|Shallow water offshore vessels | |71.3| |76.5|75.5|78.3|84.5|
| | | | | | | | |
|Crew boats | |67.5| |68.0|71.5|75.0|74.4|
+--------------------------------------+ +----+ +----+----+----+----+
|Subsea Services | |52.3| |54.0|64.3|70.2|75.9|
+--------------------------------------+ +----+ +----+----+----+----+
|"Total fleet excluding Crew boats" | |71.7| |76.7|76.0|79.5|84.3|
+--------------------------------------+ +----+ +----+----+----+----+
|"Total fleet" average utilization rate| |69.5| |72.1|73.7|77.1|79.1|
+--------------------------------------+ +----+ +----+----+----+----+
Quarterly average daily rates for the BOURBON offshore fleet
+------+ +---------------------------+
| 2016 | | 2015 |
In US$/day | | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+---------------------------------------+ +------+ +------+------+------+------+
|Deepwater offshore vessels | |17,630| |18,360|19,518|20,286|21,942|
+---------------------------------------+ +------+ +------+------+------+------+
|Shallow water offshore vessels | |11,967| |12,205|12,880|13,507|13,882|
+---------------------------------------+ +------+ +------+------+------+------+
|Crew boats | |4,538 | |4,530 |4,632 |4,732 |4,934 |
+---------------------------------------+ +------+ +------+------+------+------+
|Subsea Services | |44,119| |47,232|47,657|48,847|50,118|
+---------------------------------------+ +------+ +------+------+------+------+
|"Total fleet excluding Crew boats' | | | | | | | |
| average daily | |16,299| |16,809|17,858|18,640|19,301|
|rate | | | | | | | |
+---------------------------------------+ +------+ +------+------+------+------+
Quarterly number of vessels (end of period)
+------+ +-----------------------+
| 2016 | | 2015 |
In number of vessels* | | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +------+ +-----+-----+-----+-----+
| Marine Services | | 492 | | 488 | 484 | 483 | 479 |
| | | | | | | | |
| Deepwater offshore vessels | | 89 | | 88 | 86 | 82 | 79 |
| | | | | | | | |
| Shallow water offshore vessels | | 133 | | 133 | 134 | 138 | 138 |
| | | | | | | | |
| Crew boats | | 270 | | 267 | 264 | 263 | 262 |
+--------------------------------+ +------+ +-----+-----+-----+-----+
| Subsea Services | | 22 | | 22 | 22 | 22 | 21 |
+--------------------------------+ +------+ +-----+-----+-----+-----+
| FLEET TOTAL | | 514 | | 510 | 506 | 505 | 500 |
+--------------------------------+ +------+ +-----+-----+-----+-----+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Quarterly deliveries of vessels
+------+ +-------------------+
| 2016 | | 2015 |
In number of vessels | | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +------+ +----+----+----+----+
| Marine Services | | 4 | | 5 | 6 | 4 | 0 |
| | | | | | | | |
| Deepwater offshore vessels | | 1 | | 2 | 4 | 3 | 0 |
| | | | | | | | |
| Shallow water offshore vessels | | 0 | | 0 | 0 | 0 | 0 |
| | | | | | | | |
| Crew boats | | 3 | | 3 | 2 | 1 | 0 |
+--------------------------------+ +------+ +----+----+----+----+
| Subsea Services | | 0 | | 0 | 0 | 1 | 0 |
+--------------------------------+ +------+ +----+----+----+----+
| FLEET TOTAL | | 4 | | 5 | 6 | 5 | 0 |
+--------------------------------+ +------+ +----+----+----+----+
Breakdown of BOURBON adjusted revenues by geographical region
+-----+ +-----------------------+
|2016 | | 2015 |
In ? millions | | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+----------------------------------+ +-----+ +-----+-----+-----+-----+
|Africa | |186.5| |193.3|188.7|212.5|219.8|
+----------------------------------+ +-----+ +-----+-----+-----+-----+
|Europe & Mediterranean/Middle East| |33.7 | |45.5 |53.2 |57.2 |59.1 |
+----------------------------------+ +-----+ +-----+-----+-----+-----+
|Americas | |66.4 | |62.6 |68.1 |68.9 |64.2 |
+----------------------------------+ +-----+ +-----+-----+-----+-----+
|Asia | |27.8 | |32.9 |34.1 |36.6 |40.5 |
+----------------------------------+ +-----+ +-----+-----+-----+-----+
Other key indicators
Quarterly breakdown
+----+ +-------------------+
|2016| | 2015 |
| | | | | | |
| Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------------------------------+ +----+ +----+----+----+----+
|Average ?/US$ exchange rate for the quarter (in | |1.10| |1.10|1.11|1.11|1.13|
|?) | | | | | | | |
+-------------------------------------------------+ +----+ +----+----+----+----+
|?/US$ exchange rate at closing (in ?) | |1.14| |1.09|1.12|1.12|1.08|
+-------------------------------------------------+ +----+ +----+----+----+----+
|Average price of Brent for the quarter (in | | 34 | | 44 | 50 | 62 | 54 |
|US$/bbl) | | | | | | | |
+-------------------------------------------------+ +----+ +----+----+----+----+
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 34
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 2015, BOURBON'S revenue came to ?1,329.6 million and as of March 31, 2016,
the company operated a fleet of 515 vessels.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment B.
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
Vilizara Lazarova
+33 144 824 634
vilizara.lazarova(at)consultants.publicis.fr
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Source: BOURBON via GlobeNewswire
[HUG#2009599]
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Datum: 04.05.2016 - 07:01 Uhr
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