BOURBON: Financial information Q3 and 9 months 2016
(Thomson Reuters ONE) -
Paris, November 3, 2016
BOURBON Financial information Q3 and 9 months 2016
Adjusted revenues for the first 9 months amounted to ?858.2 million, down 22.2%;
3(rd) quarter adjusted revenues were down 9% compared with previous quarter
As anticipated, the offshore oil and gas marine services market is hitting a low
point in the second half of 2016.
* The decrease of 4.5 points in fleet utilization rates compared with the
previous quarter, to 59.7%, was primarily due to the slowdown in activity in
the Shallow and Deepwater offshore segments.
* The number of stacked vessels at end-September, excluding Crew boats, was
85 vessels.
* Prices remained stable compared with the previous quarter, but have
decreased by 15% year-on-year.
* The current quarter is expected to see comparable performances, with a
slight improvement in the Subsea and Crew boat segments, and activity
remaining challenging in Shallow and Deepwater offshore.
+-------+-------+-------+-------+-------+-------+-------+
|Q3 2016|Q2 2016|Q1 2016|Q4 2015|Q3 2015|Q2 2015|Q1 2015|
+----------------------+-------+-------+-------+-------+-------+-------+-------+
|Adjusted revenues (in | 259.1 | 284.7 | 314.5 | 334.2 | 344.1 | 375.2 | 383.6 |
|? millions) | -9.0% | -9.5% | -5.9% | -2.9% | -8.3% | -2.2% | |
|Sequential change | | | | | | | |
+----------------------+-------+-------+-------+-------+-------+-------+-------+
|Average utilization | | | | | | | |
|rate (excl. Crew | | | | | | | |
|boats) | | | | | | | |
|Deepwater offshore | 58.3% | 64.5% | 71.7% | 76.7% |76.0 % | 79.5% | 84.3% |
|vessels | 66.4% |69.7 % |77.2 % |82.6 % |79.8 % |84.0 % |86.0 % |
|Shallow water offshore| 53.1% |62.5 % |71.3 % |76.5 % |75.5 % |78.3 % |84.5 % |
|vessels | 57.0% |56.0 % |52.3 % |54.0 % |64.3 % |70.2 % |75.9 % |
|Subsea | | | | | | | |
| | | | | | | | |
| | | | | | | | |
+----------------------+-------+-------+-------+-------+-------+-------+-------+
|Average daily rate | | | | | | | |
|(excl Crew boats |15,260 |15,265 |16,299 |16,809 |17,858 |18,640 |19,301 |
|US$/d) | | | | | | | |
+----------------------+-------+-------+-------+-------+-------+-------+-------+
"The expectations of a potential rebalancing of oil supply and demand in 2017 on
account of the sharp drop in investment by oil companies, as well as the search
for agreements between producer countries, may mark the start of a recovery in
activity", declared Jacques de Chateauvieux, Chairman and Chief Executive
Officer of BOURBON Corporation.
"In this perspective, BOURBON is focusing on operational excellence and cost
control, with a long-term vision where the benefits of the digital revolution
could prove decisive."
+-----------------------------------+------------------------+
| Quarter | 9 months |
In ? millions, +-------+-------+-----------+-------+-----+------+-----------+
unless otherwise |Q3 2016|Q3 2015| Var 2016/ |Q2 2016|2016 | 2015 | Var 2016/ |
noted | | | 2015 | | | | 2015 |
+-----------------+-------+-------+-----------+-------+-----+------+-----------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of vessels| 513.0 | 502.8 | +2.0% | 511.2 |511.9|501.3 | +2.1% |
|(FTE)* | | | | | | | |
| | | | | | | | |
|Number of vessels| 514 | 507 |+ 7 vessels| 513 | 514 | 507 |+ 7 vessels|
|(end of period)**| | | | | | | |
| | | | | | | | |
|Average | | | | | | | |
|utilization rate | 59.7% | 73.7% | -14 pts | 64.2% |64.4%|76.6% | -12.2 pts |
|(%) | | | | | | | |
| | | | | | | | |
|Average daily | 9,494 |11,167 | -15.0% | 9,627 |9,829|11,632| -15.5% |
|rate (US$/day) | | | | | | | |
+-----------------+-------+-------+-----------+-------+-----+------+-----------+
(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+---------------------------+------+------+-------+------+------+-------+------+
|Adjusted Revenues ((a)) | | | | | | | |
| | | | | | | | |
|Marine Services |203.2 |279.0 |-27.2% |218.5 |681.1 | 891.0 |-23.6%|
| | | | | | | | |
|Deepwater offshore vessels | 81.4 |101.9 |-20.1 %| 84.2 |264.2 | 325.3 |-18.8%|
| | | | | | | | |
|Shallow water offshore | 60.9 |107.2 |-43.1 %| 73.6 |229.1 | 346.7 |-33.9%|
|vessels | | | | | | | |
| | | | | | | | |
|Crew boats | 60.8 | 69.9 |-13.0 %| 60.7 |187.8 | 219.0 |-14.2%|
| | | | | | | | |
|Subsea Services | 50.0 | 61.0 |-18.0% | 60.9 |160.8 | 199.0 |-19.2%|
| | | | | | | | |
|Other | 5.9 | 4.1 |+43.6% | 5.3 | 16.3 | 12.9 |+25.8%|
+---------------------------+------+------+-------+------+------+-------+------+
|Total adjusted revenues |259.1 |344.1 |-24.7% |284.7 |858.2 |1,102.9|-22.2%|
|(change at constant rates) | | |-26.2 %| | | |-21.7%|
| | | | | | | | |
+---------------------------+------+------+-------+------+------+-------+------+
|IFRS 11 impact*** |(19.4)|(23.8)| n/s |(20.1)|(62.0)|(81.4) | n/s |
+---------------------------+------+------+-------+------+------+-------+------+
|GROUP TOTAL |239.7 |320.2 |-25.2% |264.6 |796.2 |1,021.6|-22.1%|
+---------------------------+------+------+-------+------+------+-------+------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
+-----------------------+------+------+---------+------+------+------+---------+
|Average utilization |58.3% |76.0% |-17.7 pts|64.5% |64.8% |79.8% |-15,0 pts|
|rate (excl. Crew boats)| | | | | | | |
| | | | | | | | |
|Average daily rate | | | | | | | |
|(excl. Crew boats |15,260|17,858| -14.5% |15,265|15,626|18,599| -16.0% |
|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.
Adjusted comparative figures are restated accordingly.
MARINE SERVICES
+-----------------------------------+-----------------------+
| Quarter | 9 months |
+-------+-------+-----------+-------+-----+-----+-----------+
|Q3 2016|Q3 2015| Var 2016/ |Q2 2016|2016 | 2015| Var 2016/ |
| | | 2015 | | | | 2015 |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Adjusted Revenues | 203.2 | 279.0 | -27.2% | 218.5 |681.1|891.0| -23.6% |
|(in ? millions) | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Number of vessels | 491 | 484 |+ 7 vessels| 490 | 491 | 484 |+ 7 vessels|
|(end of period)* | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Average | 59.9% | 74.1% | -14.2 pts | 64.5% |64.9%|76.9%| -12.0 pts |
|utilization rate | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues continue to suffer from the decrease in demand in both
Deepwater and Shallow water offshore. This is amplified by vessel overcapacity
in these two segments. In contrast, the Crew boats segment is proving robust.
Marine Services: Deepwater offshore vessels
+----------------------------------+-------------------------+
| Quarter | 9 months |
+-------+-------+----------+-------+------+------+-----------+
|Q3 2016|Q3 2015|Var 2016/ |Q2 2016| 2016 | 2015 | Var 2016/ |
| | | 2015 | | | | 2015 |
+-----------------+-------+-------+----------+-------+------+------+-----------+
|Adjusted Revenues| 81.4 | 101.9 | -20.1% | 84.2 |264.2 |325.3 | -18.8% |
|(in ? millions) | | | | | | | |
+-----------------+-------+-------+----------+-------+------+------+-----------+
|Number of vessels| 89 | 86 |+3 vessels| 89 | 89 | 86 |+ 3 vessels|
|(end of period)* | | | | | | | |
+-----------------+-------+-------+----------+-------+------+------+-----------+
|Average | 66.4% | 79.8% |-13.4 pts | 69.7% |71.0% |83.1% | -12.1 pts |
|utilization rate | | | | | | | |
+-----------------+-------+-------+----------+-------+------+------+-----------+
|Average daily |16,492 |19,518 | -15.5% |16,537 |16,939|20,543| -17.5% |
|rate (US$/day) | | | | | | | |
+-----------------+-------+-------+----------+-------+------+------+-----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted 3(rd) quarter revenues in the Deepwater offshore segment resisted from
one quarter to the next, in particular thanks to higher utilization and daily
rates in the Europe/MMI and Americas regions. West Africa area continued to
suffer from a very tense market. BOURBON accordingly continued its proactive
cost reduction measures, stacking up to 22 vessels in the 3(rd) quarter.
Marine Services: Shallow water offshore vessels
+---------------------------------+-----------------------+
| Quarter | 9 months |
+-------+-------+---------+-------+------+------+---------+
|Q3 2016|Q3 2015|Var 2016/|Q2 2016| 2016 | 2015 |Var 2016/|
| | | 2015 | | | | 2015 |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Adjusted Revenues | 60.9 | 107.2 | -43.1% | 73.6 |229.1 |346.7 | -33.9% |
|(in ? millions) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Number of vessels | 133 | 134 |-1 vessel| 133 | 133 | 134 |-1 vessel|
|(end of period)* | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average utilization | 53.1% | 75.5% |-22.4 pts| 62.5% |62.3% |79.4% |-17.1 pts|
|rate | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average daily rate |10,365 |12,880 | -19.5% |10,712 |11,061|13,457| -17.8% |
|(in US$/day) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Third quarter revenues were hit by a market that deteriorated severely
particularly in this segment (-9.4 pts in utilization rates compared with
the previous quarter) and especially in West Africa, in addition to the region's
annual seasonal effect during this period. The Europe/MMI region benefited from
long-term contracts, notably in Egypt and Saudi Arabia.
BOURBON continued to adapt its costs to market conditions over the quarter,
stacking up to 59 vessels.
Marine Services: Crew boat vessels
+-----------------------------------+-----------------------+
| Quarter | 9 months |
+-------+-------+-----------+-------+-----+-----+-----------+
|Q3 2016|Q3 2015| Var 2016/ |Q2 2016|2016 |2015 | Var 2016/ |
| | | 2015 | | | | 2015 |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Adjusted Revenues | 60.8 | 69.9 | -13.0% | 60.7 |187.8|219.0| -14.2% |
|(in ? millions) | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Number of vessels | 269 | 264 |+ 5 vessels| 268 | 269 | 264 |+ 5 vessels|
|(end of period) | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Average | 61.1% | 71.5% | -10.4 pts | 63.8% |64.1%|73.6%| -9.5 pts |
|utilization rate | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
|Average daily rate| 4,473 | 4,632 | -3.4% | 4,405 |4,477|4,771| -6.2% |
|(in US$/day) | | | | | | | |
+------------------+-------+-------+-----------+-------+-----+-----+-----------+
Adjusted revenues in the Crew boats segment rose slightly compared with the
previous quarter, with heightened demand for large Crew boats representing an
economic alternative to transport by helicopter. This is the only segment to see
average daily rates increase slightly.
Subsea Services
+---------------------------------+-----------------------+
| Quarter | 9 months |
+-------+-------+---------+-------+------+------+---------+
|Q3 2016|Q3 2015|Var 2016/|Q2 2016| 2016 | 2015 |Var 2016/|
| | | 2015 | | | | 2015 |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Adjusted Revenues | 50.0 | 61.0 | -18.0% | 60.9 |160.8 |199.0 | -19.2% |
|(in ? millions) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Number of vessels | 22 | 22 |No change| 22 | 22 | 22 |No change|
|(end of period)* | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average utilization | 57.0% | 64.3% |-7.3 pts | 56.0% |55,1% |70.1% | -15 pts |
|rate | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average daily rate |37,182 |47,657 | -22.0% |39,583 |40,001|48,679| -17.8% |
|(in US$/day) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues remained down, with 6 vessels being stacked in the 3(rd)
quarter.
The 1-point improvement in the utilization rate compared with the previous
quarter reflects BOURBON's proactive strategy of entering new Shallow water
offshore markets thanks to its partners' network, in particular in East Asia,
where 2 Bourbon Evolution vessels are now operating. BOURBON is continuing its
strategy of diversification by extending its range of services:
installation/laying, inspection & assistance, ROV, diving support, well
stimulation, flotels, etc.
Other
+---------------------------------+-------------------+
| Quarter | 9 months |
+-------+-------+---------+-------+----+----+---------+
|Q3 2016|Q3 2015|Var 2016/|Q2 2016|2016|2015|Var 2016/|
| | | 2015 | | | | 2015 |
+------------------------+-------+-------+---------+-------+----+----+---------+
|Adjusted Revenues (in ? | 5.9 | 4.1 | +43.6% | 5.3 |16.3|12.9| +25.8% |
|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
In a context marked by the upward revision of the demand for oil in 2017,
inventory stagnation and an offering that is expected to contract, given the
reduction in investment over the past two years, we are seeing signs of a return
to growth, albeit with a time lag.
Clients are going to increase maintenance operations on installations and embark
on projects to extend existing facilities.
In the first half of 2017, the impact on our Deepwater and Shallow water
offshore supply vessel segments will be very limited, with drilling activity
remaining at very low levels; however, this impact will in all likelihood be
more visible in our Crew boat and Subsea/ maintenance support activities from
early 2017.
BOURBON is therefore continuing its efforts to streamline operations reduce
costs and preserve cash, with the same objective of "operational excellence".
ADDITIONAL INFORMATION
BOURBON's results will continue to be influenced by the ?/US$ exchange rate.
FINANCIAL CALENDAR
4(th) Quarter 2016 & full year 2016 financial information February 9, 2017
press release
2016 Annual Results press release and presentation March, 16 2017
APPENDIX
Quarterly adjusted revenue breakdown
+--------------------+ +---------------------------+
| 2016 | | 2015 |
In millions of euros | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Marine Services | |203.2 |218.5 |259.5 | |275.7 |279.0 |299.8 |312.2 |
| | | | | | | | | | |
|Deepwater offshore | | 81.4 |84.2 | 98.6 | |106.1 |101.9 |109.6 |113.8 |
|vessels | | | | | | | | | |
| | | | | | | | | | |
|Shallow water offshore | | 60.9 |73.6 | 94.6 | |103.0 |107.2 |116.1 |123.5 |
|vessels | | | | | | | | | |
| | | | | | | | | | |
|Crew boats | | 60.8 |60.7 | 66.3 | | 66.6 | 69.9 | 74.2 | 74.9 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Subsea Services | | 50.0 | 60.9 | 50.0 | | 53.3 | 61.0 | 70.9 | 67.1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Other | | 5.9 | 5.3 | 5.0 | | 5.2 | 4.1 | 4.5 | 4.3 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Total adjusted revenues | |259.1 |284.7 |314.5 | |334.2 |344.1 |375.2 |383.6 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Adjustments* | |(19.4)|(20.1)|(22.5)| |(26.1)|(23.8)|(30.1)|(27.4)|
+-------------------------+ +------+------+------+ +------+------+------+------+
|TOTAL CONSOLIDATED(**) | |239.7 |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 % | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|Marine Services | |59.9|64.5|70.3| |73.0|74.1|77.4|79.2|
| | | | | | | | | | |
|Deepwater offshore vessels | |66.4|69.7|77.2| |82.6|79.8|84.0|86.0|
| | | | | | | | | | |
|Shallow water offshore vessels | |53.1|62.5|71.3| |76.5|75.5|78.3|84.5|
| | | | | | | | | | |
|Crew boats | |61.1|63.8|67.5| |68.0|71.5|75.0|74.4|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|Subsea Services | |57.0|56.0|52.3| |54.0|64.3|70.2|75.9|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|"Total fleet excluding Crew boats" | |58.3|64.5|71.7| |76.7|76.0|79.5|84.3|
+--------------------------------------+ +----+----+----+ +----+----+----+----+
|"Total fleet" average utilization rate| |59.7|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 | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Deepwater offshore | |16,492|16,537|17,630| |18,360|19,518|20,286|21,942|
|vessels | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Shallow water offshore | |10,365|10,712|11,967| |12,205|12,880|13,507|13,882|
|vessels | | | | | | | | | |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Crew boats | |4,473 |4,405 |4,538 | |4,530 |4,632 |4,732 |4,934 |
+-------------------------+ +------+------+------+ +------+------+------+------+
|Subsea Services | |37,182|39,583|44,119| |47,232|47,657|48,847|50,118|
+-------------------------+ +------+------+------+ +------+------+------+------+
|"Total fleet excluding | | | | | | | | | |
|Crew boats" average daily| |15,260|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* | | | | | | | | |
|Q3 |Q2 |Q1 | |Q4 |Q3 |Q2 |Q1 |
+------------------------------+ +---+---+---+ +---+---+---+---+
|Marine Services | |491|490|492| |488|484|483|479|
| | | | | | | | | | |
|Deepwater offshore vessels | |89 |89 |89 | |88 |86 |82 |79 |
| | | | | | | | | | |
|Shallow water offshore vessels| |133|133|133| |133|134|138|138|
| | | | | | | | | | |
|Crew boats | |269|268|270| |267|264|263|262|
+------------------------------+ +---+---+---+ +---+---+---+---+
|Subsea Services | |22 |22 |22 | |22 |22 |22 |21 |
+------------------------------+ +---+---+---+ +---+---+---+---+
|FLEET TOTAL | |513|512|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 | | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+--------------------------------+ +----+----+----+ +----+----+----+----+
| Marine Services | | 1 | 0 | 4 | | 5 | 6 | 4 | 0 |
| | | | | | | | | | |
| Deepwater offshore vessels | | 0 | 0 | 1 | | 2 | 4 | 3 | 0 |
| | | | | | | | | | |
| Shallow water offshore vessels | | 0 | 0 | 0 | | 0 | 0 | 0 | 0 |
| | | | | | | | | | |
| Crew boats | | 1 | 0 | 3 | | 3 | 2 | 1 | 0 |
+--------------------------------+ +----+----+----+ +----+----+----+----+
| Subsea Services | | 0 | 0 | 0 | | 0 | 0 | 1 | 0 |
+--------------------------------+ +----+----+----+ +----+----+----+----+
| FLEET TOTAL | | 1 | 0 | 4 | | 5 | 6 | 5 | 0 |
+--------------------------------+ +----+----+----+ +----+----+----+----+
Nine months adjusted revenue breakdown
+------------------+
| 9 months |
In millions of euros | | |
| 2016 | 2015 |
+--------------------------------+ +--------+---------+
| Marine Services | | 681.1 | 891.0 |
| | | | |
| Deepwater offshore vessels | | 264.2 | 325.3 |
| | | | |
| Shallow water offshore vessels | | 229.1 | 346.7 |
| | | | |
| Crew boats | | 187.8 | 219.0 |
+--------------------------------+ +--------+---------+
| Subsea Services | | 160.8 | 199.0 |
+--------------------------------+ +--------+---------+
| Other | | 16.3 | 12.9 |
+--------------------------------+ +--------+---------+
| Total adjusted revenues | | 858.2 | 1,102.9 |
+--------------------------------+ +--------+---------+
| Adjustments* | | (62.0) | (81.4) |
+--------------------------------+ +--------+---------+
| TOTAL CONSOLIDATED** | | 796.2 | 1,021.6 |
+--------------------------------+ +--------+---------+
* Effect of consolidation of joint ventures using the equity method.
Nine month average utilization rates for the BOURBON offshore fleet
+-------------+
| 9 months |
In % | | |
| 2016 | 2015 |
+----------------------------------------+ +------+------+
| Marine Services | | 64.9 | 76.9 |
| | | | |
| Deepwater offshore vessels | | 71.0 | 83.1 |
| | | | |
| Shallow water offshore vessels | | 62.3 | 79.4 |
| | | | |
| Crew boats | | 64.1 | 73.6 |
+----------------------------------------+ +------+------+
| Subsea Services | | 55.1 | 70.1 |
+----------------------------------------+ +------+------+
| "Total fleet excluding Crew boats" | | 64,8 | 79.8 |
+----------------------------------------+ +------+------+
| "Total fleet" average utilization rate | | 64,4 | 76.6 |
+----------------------------------------+ +------+------+
Nine month average daily rates for the BOURBON offshore fleet
+-----------------+
| 9 months |
In US$/day | | |
| 2016 | 2015 |
+-------------------------------------------------------+ +--------+--------+
| Deepwater offshore vessels | | 16,939 | 20,543 |
+-------------------------------------------------------+ +--------+--------+
| Shallow water offshore vessels | | 11,061 | 13,457 |
+-------------------------------------------------------+ +--------+--------+
| Crew boats | | 4,477 | 4,771 |
+-------------------------------------------------------+ +--------+--------+
| Subsea Services | | 40,001 | 48,679 |
+-------------------------------------------------------+ +--------+--------+
| "Total fleet excluding Crew boats" average daily rate | | 15,626 | 18,599 |
+-------------------------------------------------------+ +--------+--------+
Nine month deliveries of vessels
+-------------+
| 9 months |
In number of vessels | | |
| 2016 | 2015 |
+----------------------------+ +------+------+
| Marine Services | | 5 | 10 |
| | | | |
| Deepwater Offshore vessels | | 1 | 7 |
| | | | |
| Shallow water Offshore | | 0 | 0 |
| | | | |
| Crew boats | | 4 | 3 |
+----------------------------+ +------+------+
| Subsea Services | | 0 | 1 |
+----------------------------+ +------+------+
| FLEET TOTAL | | 5 | 11 |
+----------------------------+ +------+------+
Breakdown of BOURBON adjusted revenues by geographical region
+----------------------+------------------+
| Third quarter | 9 months |
In millions of euros | | | | | | |
|Q3 2016|Q3 2015|Change|2016 |2015 |Change|
+----------------------------------+-------+-------+------+-----+-----+------+
|Africa | 131.0 | 188.7 |-30.6%|480.4|621.0|-22.6%|
+----------------------------------+-------+-------+------+-----+-----+------+
|Europe & Mediterranean/Middle East| 45.7 | 53.2 |-14.1%|116.3|169.5|-31.4%|
+----------------------------------+-------+-------+------+-----+-----+------+
|Americas | 52.9 | 68.1 |-22.3%|171.2|201.2|-14.9%|
+----------------------------------+-------+-------+------+-----+-----+------+
|Asia | 29.5 | 34.1 |-13.5%|90.3 |111.2|-18.8%|
+----------------------------------+-------+-------+------+-----+-----+------+
Other key indicators
Quarterly breakdown
+--------------+ +-------------------+
| 2016 | | 2015 |
| | | | | | | | |
| Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|Average ?/US$ exchange rate for the | | | | | | | | | |
|quarter | |1.12|1.13|1.10| |1.10|1.11|1.11|1.13|
|(in ?) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|?/US$ exchange rate at closing | |1.12|1.11|1.14| |1.09|1.12|1.12|1.08|
|(in ?) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
|Average price of Brent for the quarter | | 46 | 46 | 34 | | 44 | 50 | 62 | 54 |
|(in US$/bbl) | | | | | | | | | |
+---------------------------------------+ +----+----+----+ +----+----+----+----+
Nine month breakdown
+-------------+
| 9 months |
| | |
| 2016 | 2015 |
+------------------------------------------------+ +------+------+
| Average nine month ?/US$ exchange rate (in ?) | | 1.12 | 1.11 |
+------------------------------------------------+ +------+------+
| ?/US$ exchange rate at closing (in ?) | | 1.12 | 1.12 |
+------------------------------------------------+ +------+------+
| Average nine month price of Brent (in US$/bbl) | | 42 | 55 |
+------------------------------------------------+ +------+------+
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 10,000 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 September
30, 2016, the company operated a fleet of 514 vessels.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON Media relations agency
Publicis Consultants
Relations investisseurs, analystes, actionnaires Vilizara Lazarova
+33 410 138 607 +33 144 824 634
investor-relations(at)bourbon-online.com James.fraser(at)bourbon-
online.comjames.fraser(at)bourbon-online.com
vilizara.lazarova(at)consultants.publicis.fr
Communication Groupe
Christelle Loisel
+33 491 136 732
christelle.loisel(at)bourbon-online.com
PDF version:
http://hugin.info/159569/R/2053808/768726.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2016 - 07:01 Uhr
Sprache: Deutsch
News-ID 504641
Anzahl Zeichen: 42059
contact information:
Town:
Paris
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"BOURBON: Financial information Q3 and 9 months 2016"
steht unter der journalistisch-redaktionellen Verantwortung von
BOURBON (Nachricht senden)
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