BOURBON: 2nd Quarter and 1st Half 2016 Revenues
(Thomson Reuters ONE) -
Paris, August 3, 2016
BOURBON 2(nd) Quarter and 1(st) Half 2016 Revenues
The impact of the oil market cycle reaching its bottom is felt in BOURBON 1st
Half 2016 adjusted revenues of ?599.2 million, a 21.0% decline year on year and
11.7% reduction compared to 2(nd) half 2015 (both at current rates)
BOURBON is the most resilient OSV company in the market and has been impacted,
however less and later, by the deep reduction in the level of activity of the
oil companies following the sharp and sudden reduction of the oil price.
Therefore the performance during 2016 is and will reflect the full impact of the
down cycle, as illustrated by the quarter on quarter reduction of BOURBON
adjusted revenues.
+-------+-------+-------+-------+-------+-------+
|Q2 2016|Q1 2016|Q4 2015|Q3 2015|Q2 2015|Q1 2015|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Adjusted Revenues (in ? | 284.7 | 314.5 | 334.2 | 344.1 | 375.2 | 383.6 |
|millions) | -9.5% | -5.9% | -2.9% | -8.3% | -2.2% | |
|Sequential change | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Average utilization rate | | | | | | |
|(excl. Crew boats) | 64.5% | 71.7% | 76.7% | 76.0% | 79.5% | 84.3% |
|Deep | 69.7% | 77.2% | 82.6% | 79.8% | 84.0% | 86.0% |
|Shallow | 62.5% | 71.3% | 76.5% | 75.5% | 78.3% | 84.5% |
|Subsea | 56.0% | 52.3% | 54.0% | 64.3% | 70.2% | 75.9% |
| | | | | | | |
| | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Average daily rate (excl. Crew|15,265 |16,299 |16,809 |17,858 |18,640 |19,301 |
|boats US$/d) | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
The evaluation of performances segment by segment shows that:
* The bottom of the market in the Subsea segment was reached in Q1 2016, and
it is anticipated that the improvement in utilization rates in the second
quarter will continue in the quarters to come
* The bottom of the market has been in Q2 2016 for the Crew boat segment;
reduced helicopter activity for cost savings purposes and the increase of
activity in production of existing fields are expected to improve the use of
crew boats going forward
* In the segments Deep and Shallow water, BOURBON anticipates the bottom of
the market in Q3 2016, due to the late cyclical nature of this business.
With average utilization rates that for several years remained around 8 to 12
points above most of its competitors, BOURBON strongly benefits from the
preference of customers for its performances in safety, reliability and positive
impacts on customers' own costs. BOURBON also has a specific advantage in its
access to markets through long established local partnerships and from the
diversification of its revenues among the four different segments of the market.
"More than ever, BOURBON is focusing on what the teams control: safety,
reliability, cost control and improved efficiency to the customers benefit",
says Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON
Corporation. "While the world's largest oil field services company thinks the
crude oil market has bottomed, BOURBON is ready to benefit in the first place
from the market recovery when it will materialize".
BOURBON anticipates the low point of adjusted revenues in Q3 2016, with a
possible improvement at the end of 2016.
BOURBON has continued its cash preservation strategy with proactive stacking of
vessels whenever appropriate. At the end of June 2016, 67 supply vessels were
stacked, representing 27% of the supply fleet. Looking forward to full year
2016 adjusted revenues, BOURBON now anticipates a full year adjusted revenue
reduction in the order of magnitude experienced year on year during the first
semester and a slight decrease in adjusted EBITDAR/revenues margin.
+----------------------------------+--------------------------+
| Quarter | Half Year |
+-------+-------+----------+-------+-------+-------+----------+
| | | | | | | |
| | |Var 2016/ | | | |Var 2016/ |
In ? millions, |Q2 2016|Q2 2015| 2015 |Q1 2016|H1 2016|H1 2015| 2015 |
unless otherwise| | | | | | | |
noted | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of | 511.2 | 501.2 | +2.0% | 511.4 | 511.3 | 500.6 | +2.1% |
|vessels (FTE)* | | | | | | | |
| | | | | | | | |
|Number of | | | | | | | |
|vessels (end of | 513 | 506 |+7 vessels| 515 | 513 | 506 |+7 vessels|
|period)** | | | | | | | |
| | | | | | | | |
|Average | | | | | | | |
|utilization rate| 64.2% | 77.1% |-12.9 pts | 69.5% | 66.8% | 78.1% |-11.3 pts |
|(%) | | | | | | | |
| | | | | | | | |
|Average daily | 9,627 |11,558 | -16.7% |10,324 | 9,961 |11,885 | -16.2% |
|rate (US$/day) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+-----------------------------+------+------+------+------+------+------+------+
|Adjusted Revenues ((a)) | | | | | | | |
| | | | | | | | |
|Marine Services |218.5 |299.8 |-27.1%|259.5 |478.0 |612.0 |-21.9%|
| | | | | | | | |
|Deepwater offshore vessels | 84.2 |109.6 |-23.2%| 98.6 |182.8 |223.4 |-18.2%|
| | | | | | | | |
|Shallow water offshore | 73.6 |116.1 |-36.6%| 94.6 |168.2 |239.6 |-29.8%|
|vessels | | | | | | | |
| | | | | | | | |
|Crew boats | 60.7 | 74.2 |-18.2%| 66.3 |127.0 |149.1 |-14.8%|
| | | | | | | | |
|Subsea Services | 60.9 | 70.9 |-14.1%| 50.0 |110.8 |138.0 |-19.7%|
| | | | | | | | |
|Other | 5.3 | 4.5 |+19.1%| 5.0 | 10.4 | 8.8 |+17.5%|
+-----------------------------+------+------+------+------+------+------+------+
|Total adjusted revenues |284.7 |375.2 |-24.1%|314.5 |599.2 |758.8 |-21.0%|
|(change at constant rates) | | |-20.7%| | | |-19.6%|
| | | | | | | | |
+-----------------------------+------+------+------+------+------+------+------+
|IFRS 11 impact*** |(20.1)|(30.1)| n/s |(22.5)|(42.6)|(57.5)| n/s |
+-----------------------------+------+------+------+------+------+------+------+
|Group TOTAL |264.6 |345.1 |-23.3%|292.0 |556.6 |701.3 |-20.6%|
+-----------------------------+------+------+------+------+------+------+------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
+-----------------------+------+------+---------+------+------+------+---------+
|Average utilization |64.5% |79.5% |-15.0 pts|71.7% |68.1% |81.9% |-13.8 pts|
|rate (excl. Crew boats)| | | | | | | |
+-----------------------+------+------+---------+------+------+------+---------+
|Average daily rate | | | | | | | |
|(excl. Crew boats |15,265|18,640| -18.1% |16,299|15,741|19,012| -17.2% |
|US$/d) | | | | | | | |
+-----------------------+------+------+---------+------+------+------+---------+
(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.
MARINE SERVICES
+----------------------------------+--------------------------+
| Quarter | Half Year |
+-------+-------+----------+-------+-------+-------+----------+
|Q2 2016|Q2 2015| Var 2016/|Q1 2016|H1 2016|H1 2015|Var 2016/ |
| | | 2015 | | | | 2015 |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Adjusted | | | | | | | |
|Revenues (in ? | 218.5 | 299.8 | -27.1% | 259,5 | 478.0 | 612.0 | -21.9% |
|millions) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Number of | | | | | | | |
|vessels (end of | 490 | 483 |+7 vessels| 492 | 490 | 483 |+7 vessels|
|period)* | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average | 64.5% | 77.4% |-12.9 pts | 70.3% | 67.4% | 78.3% |-10.9 pts |
|utilization rate| | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues decreased in all segments in the 1(st) half 2016 as market
conditions continued to decline. This is reflected in the 10.9 point decline in
the average utilization rate compared to the year ago period. The small increase
in the fleet does not compensate for the reduction in average daily rates and
average utilization rates.
Marine Services: Deepwater offshore vessels
+----------------------------------+--------------------------+
| Quarter | Half Year |
+-------+-------+----------+-------+-------+-------+----------+
|Q2 2016|Q2 2015|Var 2016/ |Q1 2016|H1 2016|H1 2015|Var 2016/ |
| | | 2015 | | | | 2015 |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Adjusted | | | | | | | |
|Revenues (in ? | 84.2 | 109.6 | -23.2% | 98.6 | 182.8 | 223.4 | -18.2% |
|millions) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Number of | | | | | | | |
|vessels (end of | 89 | 82 |+7 vessels| 89 | 89 | 82 |+7 vessels|
|period)* | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average | 69.7% | 84.0% |-14.3 pts | 77.2% | 73.4% | 84.9% |-11.5 pts |
|utilization rate| | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average daily |16,537 |20,286 | -18.5% |17,630 |17,114 |21,097 | -18.9% |
|rate (US$/day) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Upon entry into the fleet, the Bourbon Arctic has earned praise from clients for
safety, cost effectiveness and reliability and is currently on charter into the
4(th) quarter of this year. Overall, global market conditions continue to put
downward pressure on the average daily rate and the average utilization rate.
Almost half of BOURBON's deepwater fleet is located in West Africa, where
average utilization rates for the 1(st) half 2016 remained stable compared with
the year ago period and sequentially. Up to 17 vessels were stacked in Q2.
Marine Services: Shallow water offshore vessels
+----------------------------------+--------------------------+
| Quarter | Half Year |
+-------+-------+----------+-------+-------+-------+----------+
|Q2 2016|Q2 2015|Var 2016/ |Q1 2016|H1 2016|H1 2015|Var 2016/ |
| | | 2015 | | | | 2015 |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Adjusted | | | | | | | |
|Revenues (in ? | 73.6 | 116.1 | -36.6% | 94.6 | 168.2 | 239.6 | -29.8% |
|millions) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Number of | | | | | | | |
|vessels (end of | 133 | 138 |-5 vessels| 133 | 133 | 138 |-5 vessels|
|period)* | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average | 62.5% | 78.3% |-15.8 pts | 71.3% | 66.9% | 81.4% |-14.5 pts |
|utilization rate| | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average daily | | | | | | | |
|rate (in |10,712 |13,507 | -20.7% |11,967 |11,289 |13,732 | -17.8% |
|US$/day) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues in the 1(st) half 2016 declined significantly due to market
forces having a proportionally greater impact on the shallow water market
compared with the deepwater market, with the most significant decline being seen
in West Africa. BOURBON therefore chose to take further proactive cost reduction
measures by stacking additional vessels. Up to 46 vessels were stacked in the
2(nd) quarter of this year.
Marine Services: Crew boat vessels
+----------------------------------+--------------------------+
| Quarter | Half Year |
+-------+-------+----------+-------+-------+-------+----------+
|Q2 2016|Q2 2015|Var 2016/ |Q1 2016|H1 2016|H1 2015|Var 2016/ |
| | | 2015 | | | | 2015 |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Adjusted | | | | | | | |
|Revenues (in ? | 60.7 | 74.2 | -18.2% | 66.3 | 127.0 | 149.1 | -14.8% |
|millions) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Number of | | | | | | | |
|vessels (end of | 268 | 263 |+5 vessels| 270 | 268 | 263 |+5 vessels|
|period) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average | 63.8% | 75.0% |-11.2 pts | 67.5% | 65.6% | 74.7% | -9.1 pts |
|utilization rate| | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
|Average daily | | | | | | | |
|rate (in | 4,405 | 4,732 | -6.9% | 4,538 | 4,478 | 4,837 | -7.4% |
|US$/day) | | | | | | | |
+----------------+-------+-------+----------+-------+-------+-------+----------+
The Crew boat segment remains the most resilient among the Marine Services
segments due to it being a cost effective alternative to the use of helicopters.
1(st) half 2016 adjusted revenues declined versus the prior year reflecting the
difficult conditions faced in the market. The larger impact of the market
downturn was on the FSIVs with average utilization rates declining more for
these vessels than for the smaller crew boats in the fleet.
Subsea Services
+---------------------------------+-------------------------+
| Quarter | Half Year |
+-------+-------+---------+-------+-------+-------+---------+
|Q2 2016|Q2 2015|Var 2016/|Q1 2016|H1 2016|H1 2015|Var 2016/|
| | | 2015 | | | | 2015 |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Adjusted Revenues | 60.9 | 70.9 | -14.1% | 50.0 | 110.8 | 138.0 | -19.7% |
|(in ? millions) | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Number of vessels | 22 | 22 |No change| 22 | 22 | 22 |No change|
|(end of period)* | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Average | 56.0% | 70.2% |-14.2 pts| 52.3% | 54.1% | 73.1% |-19.0 pts|
|utilization rate | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Average daily rate|39,583 |48,847 | -19.0% |44,119 |41,501 |49,718 | -16.5% |
|(in US$/day) | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Lower adjusted revenues compared with the prior year are due to the market
conditions and their effect upon the average daily rate and average utilization
rate. There were up to 8 Subsea vessels stacked during the 2(nd) quarter 2016,
having a significant negative impact on the average utilization rate compared
with the year ago period. There were fewer stacked vessels than in the prior
quarter and this helps explain the slight increase in the average utilization
rate and higher adjusted revenues compared with the prior quarter.
Other
+---------------------------------+-------------------------+
| Quarter | Half Year |
+-------+-------+---------+-------+-------+-------+---------+
|Q2 2016|Q2 2015|Var 2016/|Q1 2016|H1 2016|H1 2015|Var 2016/|
| | | 2015 | | | | 2015 |
+------------------+-------+-------+---------+-------+-------+-------+---------+
|Adjusted Revenues | 5.3 | 4.5 | +19.1% | 5.0 | 10.4 | 8.8 | +17.5% |
|(in ? millions) | | | | | | | |
+------------------+-------+-------+---------+-------+-------+-------+---------+
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
The largest oil & gas companies' CEO's express the view that even if the harsh
downturn is not yet over, there are some signs of improvement. The drastic
reduction of the level of investments of oil & gas companies over the past
couple years has resulted in persistently low prices and a large oversupply of
vessels in the offshore services market. Rather than to focus on additional cost
cutting campaigns, clients are now thinking of the future. While recovery will
take slightly more time to impact the offshore service vessel industry due to
its late cyclical nature, this provides some optimism in the industry.
ADDITIONAL INFORMATION
* BOURBON's results will continue to be influenced by the ?/US$ exchange rate
FINANCIAL CALENDAR
2016 1(st) Half Results press release September 8, 2016
2016 3(rd) Quarter financial information press release November 3, 2016
APPENDIX
Quarterly adjusted revenue breakdown
+-------------+ +---------------------------+
| 2016 | | 2015 |
In ? millions | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+------------------------------+ +------+------+ +------+------+------+------+
|Marine Services | |218.5 |259.5 | |275.7 |279.0 |299.8 |312.2 |
| | | | | | | | | |
|Deepwater offshore vessels | |84.2 | 98.6 | |106.1 |101.9 |109.6 |113.8 |
| | | | | | | | | |
|Shallow water offshore vessels| |73.6 | 94.6 | |103.0 |107.2 |116.1 |123.5 |
| | | | | | | | | |
|Crew boats | |60.7 | 66.3 | | 66.6 | 69.9 |74.2 | 74.9 |
+------------------------------+ +------+------+ +------+------+------+------+
|Subsea Services | | 60.9 | 50.0 | | 53.3 | 61.0 | 70.9 | 67.1 |
+------------------------------+ +------+------+ +------+------+------+------+
|Other | | 5.3 | 5.0 | | 5.2 | 4.1 | 4.5 | 4.3 |
+------------------------------+ +------+------+ +------+------+------+------+
|Total adjusted revenues | |284.7 |314.5 | |334.2 |344.1 |375.2 |383.6 |
+------------------------------+ +------+------+ +------+------+------+------+
|IFRS 11 impact* | |(20.1)|(22.5)| |(26.1)|(23.8)|(30.1)|(27.4)|
+------------------------------+ +------+------+ +------+------+------+------+
|TOTAL CONSOLIDATED | |264.6 |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 % | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------+ +----+----+ +----+----+----+----+
|Marine Services | |64.5|70.3| |73.0|74.1|77.4|79.2|
| | | | | | | | | |
|Deepwater offshore vessels | |69.7|77.2| |82.6|79.8|84.0|86.0|
| | | | | | | | | |
|Shallow water offshore vessels | |62.5|71.3| |76.5|75.5|78.3|84.5|
| | | | | | | | | |
|Crew boats | |63.8|67.5| |68.0|71.5|75.0|74.4|
+--------------------------------------+ +----+----+ +----+----+----+----+
|Subsea Services | |56.0|52.3| |54.0|64.3|70.2|75.9|
+--------------------------------------+ +----+----+ +----+----+----+----+
|"Total fleet excluding Crewboats" | |64.5|71.7| |76.7|76.0|79.5|84.3|
+--------------------------------------+ +----+----+ +----+----+----+----+
|"Total fleet" average utilization rate| |64.2|69.5| |72.1|73.7|77.1|79.1|
+--------------------------------------+ +----+----+ +----+----+----+----+
Quarterly average daily rates for the BOURBON offshore fleet
+-------------+ +---------------------------+
| 2016 | | 2015 |
In US$/day | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +------+------+ +------+------+------+------+
|Deepwater offshore vessels | |16,537|17,630| |18,360|19,518|20,286|21,942|
+--------------------------------+ +------+------+ +------+------+------+------+
|Shallow water offshore vessels | |10,712|11,967| |12,205|12,880|13,507|13,882|
+--------------------------------+ +------+------+ +------+------+------+------+
|Crew boats | |4,405 |4,538 | |4,530 |4,632 |4,732 |4,934 |
+--------------------------------+ +------+------+ +------+------+------+------+
|Subsea Services | |39,583|44,119| |47,232|47,657|48,847|50,118|
+--------------------------------+ +------+------+ +------+------+------+------+
|"Total fleet excluding| | | | | | | | |
|Crewboats" average daily | |15,265|16,299| |16,809|17,858|18,640|19,301|
|rate | | | | | | | | |
+--------------------------------+ +------+------+ +------+------+------+------+
Quarterly number of vessels (end of period)
+-----------+ +-----------------------+
| 2016 | | 2015 |
In number of vessels* | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
| Marine Services | | 490 | 492 | | 488 | 484 | 483 | 479 |
| | | | | | | | | |
| Deepwater offshore vessels | | 89 | 89 | | 88 | 86 | 82 | 79 |
| | | | | | | | | |
| Shallow water offshore vessels | | 133 | 133 | | 133 | 134 | 138 | 138 |
| | | | | | | | | |
| Crew boats | | 268 | 270 | | 267 | 264 | 263 | 262 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
| Subsea Services | | 22 | 22 | | 22 | 22 | 22 | 21 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
| FLEET TOTAL | | 512 | 514 | | 510 | 506 | 505 | 500 |
+--------------------------------+ +-----+-----+ +-----+-----+-----+-----+
* Vessels operated by BOURBON (including vessels owner or on bareboat charter).
Quarterly deliveries of vessels
+---------+ +-------------------+
| 2016 | | 2015 |
In number of vessels | | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +----+----+ +----+----+----+----+
| Marine Services | | 0 | 4 | | 5 | 6 | 4 | 0 |
| | | | | | | | | |
| Deepwater offshore vessels | | 0 | 1 | | 2 | 4 | 3 | 0 |
| | | | | | | | | |
| Shallow water offshore vessels | | 0 | 0 | | 0 | 0 | 0 | 0 |
| | | | | | | | | |
| Crew boats | | 0 | 3 | | 3 | 2 | 1 | 0 |
+--------------------------------+ +----+----+ +----+----+----+----+
| Subsea Services | | 0 | 0 | | 0 | 0 | 1 | 0 |
+--------------------------------+ +----+----+ +----+----+----+----+
| FLEET TOTAL | | 0 | 4 | | 5 | 6 | 5 | 0 |
+--------------------------------+ +----+----+ +----+----+----+----+
Half Year adjusted revenue breakdown
+--------+ +-----------------+
| 2016 | | 2015 |
In ? millions | H1 | | | |
| | | H2 | H1 |
+--------------------------------+ +--------+ +--------+--------+
| Marine Services | | 478.0 | | 554.7 | 612.0 |
| | | | | | |
| Deepwater offshore vessels | | 182.8 | | 208.1 | 223.4 |
| | | | | | |
| Shallow water offshore vessels | | 168.2 | | 210.2 | 239.6 |
| | | | | | |
| Crew boats | | 127.0 | | 136.4 | 149.1 |
+--------------------------------+ +--------+ +--------+--------+
| Subsea Services | | 110.8 | | 114.3 | 138.0 |
+--------------------------------+ +--------+ +--------+--------+
| Other | | 10.4 | | 9.3 | 8.8 |
+--------------------------------+ +--------+ +--------+--------+
| Total adjusted revenues | | 599.2 | | 678.3 | 758.8 |
+--------------------------------+---+--------+---+--------+--------+
| IFRS 11 impact* | | (42.6) | | (50.0) | (57.5) |
+--------------------------------+ +--------+ +--------+--------+
| TOTAL CONSOLIDATED | | 556.6 | | 628.3 | 701.3 |
+--------------------------------+ +--------+ +--------+--------+
* Effect of consolidation of joint ventures using the equity method.
Half Year average utilization rates for the BOURBON offshore fleet
+------+ +-------------+
| 2016 | | 2015 |
In % | H1 | | | |
| | | H2 | H1 |
+----------------------------------------+ +------+ +------+------+
| Marine Services | | 67.4 | | 73.6 | 78.3 |
| | | | | | |
| Deepwater offshore vessels | | 73.4 | | 81.4 | 84.9 |
| | | | | | |
| Shallow water offshore vessels | | 66.9 | | 76.0 | 81.4 |
| | | | | | |
| Crew boats | | 65.6 | | 69.9 | 74.7 |
+----------------------------------------+ +------+ +------+------+
| Subsea Services | | 54.1 | | 59.0 | 73.1 |
+----------------------------------------+ +------+ +------+------+
| "Total fleet excluding Crewboats" | | 68.1 | | 76.4 | 81.9 |
+----------------------------------------+ +------+ +------+------+
| "Total fleet" average utilization rate | | 66.8 | | 73.0 | 78.1 |
+----------------------------------------+ +------+ +------+------+
Half Year average daily rates for the BOURBON offshore fleet
+------+ +-------------+
| 2016 | | 2015 |
In US$/day | H1 | | | |
| | | H2 | H1 |
+----------------------------------------------------+ +------+ +------+------+
|Deepwater offshore vessels | |17,114| |18,718|21,097|
+----------------------------------------------------+ +------+ +------+------+
|Shallow water offshore vessels | |11,289| |12,507|13,732|
+----------------------------------------------------+ +------+ +------+------+
|Crew boats | |4,478 | |4,579 |4,837 |
+----------------------------------------------------+ +------+ +------+------+
|Subsea Services | |41,501| |47,459|49,718|
+----------------------------------------------------+ +------+ +------+------+
|"Total fleet excluding Crewboats" average daily rate| |15,741| |17,237|19,012|
+----------------------------------------------------+ +------+ +------+------+
Half Year deliveries of vessels
+------+ +---------+
| 2016 | | 2015 |
In number of vessels | H1 | | | |
| | | H2 | H1 |
+----------------------------+ +------+ +----+----+
| Marine Services | | 4 | | 11 | 4 |
| | | | | | |
| Deepwater Offshore vessels | | 1 | | 6 | 3 |
| | | | | | |
| Shallow water Offshore | | 0 | | 0 | 0 |
| | | | | | |
| Crew boats | | 3 | | 5 | 1 |
+----------------------------+ +------+ +----+----+
| Subsea Services | | 0 | | 0 | 1 |
+----------------------------+ +------+ +----+----+
| FLEET TOTAL | | 4 | | 11 | 5 |
+----------------------------+ +------+ +----+----+
Breakdown of BOURBON adjusted revenues by geographical region
+----------------------+----------------------+
| Second quarter | First half |
In ? millions | | | | | | |
|Q2 2016|Q2 2015|Change|H1 2016|H1 2015|Change|
+--------------------------------+-------+-------+------+-------+-------+------+
|Africa | 162.9 | 212.5 |-23.3%| 349.5 | 432.3 |-19.2%|
+--------------------------------+-------+-------+------+-------+-------+------+
|Europe & Mediterranean/Middle| 36.9 | 57.2 |-35.4%| 70.6 | 116.3 |-39.3%|
|East | | | | | | |
+--------------------------------+-------+-------+------+-------+-------+------+
|Americas | 51.9 | 68.9 |-24.7%| 118.3 | 133.1 |-11.2%|
+--------------------------------+-------+-------+------+-------+-------+------+
|Asia | 32.9 | 36.6 |-10.0%| 60.8 | 77.1 |-21.2%|
+--------------------------------+-------+-------+------+-------+-------+------+
Breakdown of BOURBON adjusted revenues by geographical region
+-----------+ +-----------------------+
| 2016 | | 2015 |
| | | | | | | |
In ? millions | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Africa | |162.9|186.5| |193.3|188.7|212.5|219.8|
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Europe & Mediterranean/Middle East| |36.9 |33.7 | |45.5 |53.2 |57.2 |59.1 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Americas | |51.9 |66.4 | |62.6 |68.1 |68.9 |64.2 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
|Asia | |32.9 |27.8 | |32.9 |34.1 |36.6 |40.5 |
+----------------------------------+ +-----+-----+ +-----+-----+-----+-----+
Other key indicators
Quarterly breakdown
+---------+ +-------------------+
| 2016 | | 2015 |
| | | | | | | |
| Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------------+ +----+----+ +----+----+----+----+
|Average ?/US$ exchange rate for the quarter | |1.13|1.10| |1.10|1.11|1.11|1.13|
|(in ?) | | | | | | | | |
+--------------------------------------------+ +----+----+ +----+----+----+----+
|?/US$ exchange rate at closing (in ?) | |1.11|1.14| |1.09|1.12|1.12|1.08|
+--------------------------------------------+ +----+----+ +----+----+----+----+
|Average price of Brent for the quarter (in | | 46 | 34 | | 44 | 50 | 62 | 54 |
|US$/bbl) | | | | | | | | |
+--------------------------------------------+ +----+----+ +----+----+----+----+
Half-yearly breakdown
+----+ +---------+
|2016| | 2015 |
| H1 | | | |
| | | H2 | H1 |
+-----------------------------------------------------+ +----+ +----+----+
|Average ?/US$ exchange rate for the half year (in ?) | |1.12| |1.11|1.12|
+-----------------------------------------------------+ +----+ +----+----+
|?/US$ exchange rate at closing (in ?) | |1.11| |1.11|1.12|
+-----------------------------------------------------+ +----+ +----+----+
|Average price of Brent for the half year (in US$/bbl)| | 40 | | 47 | 58 |
+-----------------------------------------------------+ +----+ +----+----+
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 June 30, 2016, the
company operated a fleet of 513 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
PDF version:
http://hugin.info/159569/R/2032648/756680.pdf
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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#2032648]
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 486943
Anzahl Zeichen: 45782
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 229 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BOURBON: 2nd Quarter and 1st Half 2016 Revenues"
steht unter der journalistisch-redaktionellen Verantwortung von
BOURBON (Nachricht senden)
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