BOURBON: Annual & 4th Quarter 2016 Revenues
(Thomson Reuters ONE) -
Paris, February 9, 2017
BOURBON Annual & 4(th) Quarter 2016 Revenues
Adjusted revenues reached ?1.1 billion in 2016, a decrease of 23.3% compared
with 2015 in a strongly declining market
The decline in adjusted revenues was limited to 5.7% in the 4(th) quarter
compared with previous quarter; adjusted revenues amounted to ?244.4 million
* Despite the reduction in investment by oil companies for the 2(nd) year in a
row resulting in a sharp decline in activity, BOURBON recorded revenues of
more than ?1 billion.
* 4(th) quarter revenues reflect a further reduction in activity in the Deep
and Shallow offshore segments, a recovery of activity in Subsea and, to a
lesser extent, the anticipated recovery in Crew boats.
* To maximize the utilization rate and revenue of vessels in operation,
BOURBON has maintained an active stacking policy. There were 104 vessels
stacked, excluding Crew boats, as of December 31, 2016.
+-------+-------+-------+-------+-------+-------+
|Q4 2016|Q3 2016|Q2 2016|Q1 2016| 2016 | 2015 |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Adjusted revenues (in ? | 244.4 | 259.1 | 284.7 | 314.5 |1,102.6|1,437.1|
|millions) | -5.7% | -9.0% | -9.5% | |-23.3% | |
|Sequential change | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Average utilization rate | | | | | | |
|(excl. Crew boats) | 52.1% | 58.3% | 64.5% | 71.7% | 61.6% | 79.1% |
|Deepwater offshore vessels | 60.5% | 66.4% | 69.7% | 77.2% | 68.4% | 83.1% |
|Shallow water offshore vessels| 44.6% | 53.1% | 62.5% | 71.3% | 57.9% | 78.7% |
|Subsea | 63.3% | 57.0% | 56.0% | 52.3% | 57.1% | 72.3% |
| | | | | | | |
| | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Average daily rate (excl. Crew|15,081 |15,260 |15,265 |16,299 |15,466 |18,089 |
|boats US$/j) | | | | | | |
+------------------------------+-------+-------+-------+-------+-------+-------+
"The rise in oil prices and production limitation agreements are expected to
have a favorable effect on oil companies' investments. However, the anticipated
effect on offshore activity will be delayed in time, as new investments
recovered initially in onshore operations", declared Jacques de Chateauvieux,
Chairman and CEO of BOURBON Corporation.
"In this context, BOURBON is strengthening the diversification of its service
offerings and building on its network of local partners across the world. Beyond
the "Stronger for longer" action plan, our teams are working on innovative
solutions to meet the expectations of our customers who are changing their
operations to adapt to an oil price under $60".
+----------------------------------+-----------------------+
| Quarter | Full Year |
+-------+-------+----------+-------+-----+------+----------+
2016 figures are |Q4 2016|Q4 2015|Var 2016/ |Q3 2016|2016 | 2015 | |
unaudited | | | 2015 | | | | |
| | | | | | | |
| | | | | | |Var 2016/ |
| | | | | | | 2015 |
In ? millions, | | | | | | | |
unless otherwise | | | | | | | |
noted | | | | | | | |
+-------------------+-------+-------+----------+-------+-----+------+----------+
|Operational | | | | | | | |
|indicators | | | | | | | |
| | | | | | | | |
|Number of vessels | 514.0 | 508.0 | +1.2% | 513.0 |511.4|503.0 | +1.7% |
|(FTE)* | | | | | | | |
| | | | | | | | |
|Number of vessels | 514 | 511 |+3 vessels| 514 | 514 | 511 |+3 vessels|
|(end of period)** | | | | | | | |
| | | | | | | | |
|Average utilization| 57.4% | 72.1% |-14.7 pts | 59.7% |62.7%|75.5% |-12.8 pts |
|rate (%) | | | | | | | |
| | | | | | | | |
|Average daily rate | 8,989 |10,781 | -16.6% | 9,494 |9,586|11,381| -15.8% |
|(US$/day) | | | | | | | |
+-------------------+-------+-------+----------+-------+-----+------+----------+
(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat
charter).
+---------------------------+------+------+------+------+-------+-------+------+
|Adjusted Revenues ((a)) | | | | | | | |
| | | | | | | | |
|Marine Services |182.9 |275.7 |-33.6%|203.2 | 864.1 |1,166.7|-25.9%|
| | | | | | | | |
|Deepwater offshore vessels | 72.8 |106.1 |-31.4%| 81.4 | 337.0 | 431.5 |-21.9%|
| | | | | | | | |
|Shallow water offshore | 50.1 |103.0 |-51.3%| 60.9 | 279.2 | 449.8 |-37.9%|
|vessels | | | | | | | |
| | | | | | | | |
|Crew boats | 60.0 | 66.6 |-9.8% | 60.8 | 247.8 | 285.5 |-13.2%|
| | | | | | | | |
|Subsea Services | 56.4 | 53.3 |+5.7% | 50.0 | 217.2 | 252.3 |-13.9%|
| | | | | | | | |
|Other | 5.1 | 5.2 |-2.0% | 5.9 | 21.3 | 18.1 |+17.9%|
+---------------------------+------+------+------+------+-------+-------+------+
|Total adjusted revenues |244.4 |334.2 |-26.9%|259.1 |1,102.6|1,437.1|-23.3%|
|(change at constant rates) | | |-28.1%| | | |-23.2%|
| | | | | | | | |
+---------------------------+------+------+------+------+-------+-------+------+
|IFRS 11 impact*** |(20.0)|(26.1)| |(19.4)|(82.0) |(107.5)| |
+---------------------------+------+------+------+------+-------+-------+------+
|Group TOTAL |224.4 |308.1 |-27.2%|239.7 |1,020.6|1,329.6|-23.2%|
+---------------------------+------+------+------+------+-------+-------+------+
(***) Effect of consolidation of jointly controlled companies using the equity
method.
+-----------------------+------+------+---------+------+------+------+---------+
|Average utilization |52.1% |76.7% |-24.6 pts|58.3% |61.6% |79.1% |-17.5 pts|
|rate (excl. Crew boats)| | | | | | | |
+-----------------------+------+------+---------+------+------+------+---------+
|Average daily rate |15,081|16,809| -10.3% |15,260|15,466|18,089| |
|(excl. Crew boats | | | | | | | -14.5% |
|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 | Full Year |
+-------+-------+----------+-------+-----+-------+----------+
|Q4 2016|Q4 2015|Var 2016/ |Q3 2016|2016 | 2015 |Var 2016/ |
| | | 2015 | | | | 2015 |
+------------------+-------+-------+----------+-------+-----+-------+----------+
|Adjusted Revenues | 182.9 | 275.7 | -33.6% | 203.2 |864.1|1,166.7| -25.9% |
|(in ? millions) | | | | | | | |
+------------------+-------+-------+----------+-------+-----+-------+----------+
|Number of vessels | 491 | 488 |+3 vessels| 491 | 491 | 488 |+3 vessels|
|(end of period)* | | | | | | | |
+------------------+-------+-------+----------+-------+-----+-------+----------+
|Average | 57,1% | 73.0% |-15.9 pts | 59.9% |62.9%| 75.9% |-13.0 pts |
|utilization rate | | | | | | | |
+------------------+-------+-------+----------+-------+-----+-------+----------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues continued to be affected by the challenging market conditions
and by the decrease in demand in both Deepwater and Shallow water offshore. This
was amplified by the over-capacity of vessels in both of these segments, thereby
pulling daily rates downwards. However, the Crew boats segment continued to
prove resilient.
Marine Services: Deepwater offshore vessels
+---------------------------------+-----------------------+
| Quarter | Full Year |
+-------+-------+---------+-------+------+------+---------+
|Q4 2016|Q4 2015|Var 2016/|Q3 2016| 2016 | 2015 |Var 2016/|
| | | 2015 | | | | 2015 |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Adjusted Revenues | 72.8 | 106.1 | -31.4% | 81.4 |337.0 |431.5 | -21.9% |
|(in ? millions) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Number of vessels | 89 | 88 |+1 vessel| 89 | 89 | 88 |+1 vessel|
|(end of period)* | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average utilization | 60.5% | 82.6% |-22.1 pts| 66.4% |68.4% |83.1% |-14.7 pts|
|rate | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average daily rate |15,526 |18,360 | -15.4% |16,492 |16,524|19,804| -16.6% |
|(US$/day) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
The market conditions in Deepwater offshore (particularly the over-capacity of
vessels given an ever-diminishing demand) have continued to impact daily rates
and utilization rates over the 4(th) quarter 2016, leading to a drop in adjusted
revenues. BOURBON has therefore decided to continue its proactive cost-reduction
measures with up to 27 vessels stacked during the 4(th) quarter.
Marine Services: Shallow water offshore vessels
+---------------------------------+-----------------------+
| Quarter | Full Year |
+-------+-------+---------+-------+------+------+---------+
|Q4 2016|Q4 2015|Var 2016/|Q3 2016| 2016 | 2015 |Var 2016/|
| | | 2015 | | | | 2015 |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Adjusted Revenues | 50.1 | 103.0 | -51.3% | 60.9 |279.2 |449.8 | -37.9% |
|(in ? millions) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Number of vessels | 133 | 133 | - | 133 | 133 | 133 | - |
|(end of period)* | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average utilization | 44.6% | 76.5% |-31.9 pts| 53.1% |57.9% |78.7% |-20.8 pts|
|rate | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average daily rate | 9,958 |12,205 | -18.4% |10,365 |10,848|13,137| -17.4% |
|(in US$/day) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Revenues for the 4(th) quarter 2016 continued to experience the effects of a
market lacking of new drilling or maintenance projects in this segment (-8.5 pts
on utilization rates quarter on quarter). This affected all the regions in which
BOURBON operates, and most particularly West Africa and Asia.
BOURBON continued to adjust its costs to these market conditions over the
quarter by stacking up to 73 vessels.
Marine Services: Crew boat vessels
+----------------------------------+----------------------+
| Quarter | Full Year |
+-------+-------+----------+-------+-----+-----+----------+
|Q4 2016|Q4 2015|Var 2016/ |Q3 2016|2016 |2015 |Var 2016/ |
| | | 2015 | | | | 2015 |
+--------------------+-------+-------+----------+-------+-----+-----+----------+
|Adjusted Revenues | 60.0 | 66.6 | -9.8% | 60.8 |247.8|285.5| -13.2% |
|(in ? millions) | | | | | | | |
+--------------------+-------+-------+----------+-------+-----+-----+----------+
|Number of vessels | 269 | 267 |+2 vessels| 269 | 269 | 267 |+2 vessels|
|(end of period) | | | | | | | |
+--------------------+-------+-------+----------+-------+-----+-----+----------+
|Average utilization | 62.2% | 68.0% | -5.8 pts | 61.1% |63.6%|72.3%| -8.7 pts |
|rate | | | | | | | |
+--------------------+-------+-------+----------+-------+-----+-----+----------+
|Average daily rate | 4,359 | 4,530 | -3.8% | 4,473 |4,394|4,697| -6.5% |
|(in US$/day) | | | | | | | |
+--------------------+-------+-------+----------+-------+-----+-----+----------+
Adjusted revenues for the Crew boats segment remained resilient in the 4(th)
quarter 2016 compared with the previous quarter. Demand continued to grow for
large Crew boats, which represent an economical alternative to helicopter
transportation. Average utilization rates, although still well below 2015 rates,
finally reached a plateau and showed a slight increase quarter on quarter
(+1.1%).
Subsea Services
+---------------------------------+-----------------------+
| Quarter | Full Year |
+-------+-------+---------+-------+------+------+---------+
|Q4 2016|Q4 2015|Var 2016/|Q3 2016| 2015 | 2015 |Var 2016/|
| | | 2015 | | | | 2015 |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Adjusted Revenues | 56.4 | 53.3 | +5.7% | 50.0 |217.2 |252.3 | -13.9% |
|(in ? millions) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Number of vessels | 22 | 22 | - | 22 | 22 | 22 | - |
|(end of period)* | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average utilization | 63.3% | 54.0% |+9.3 pts | 57.0% |57.1% |65.8% |-8.7 pts |
|rate | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
|Average daily rate |35,195 |47,232 | -25.5% |37,182 |38,624|48,365| -20.1% |
|(in US$/day) | | | | | | | |
+--------------------+-------+-------+---------+-------+------+------+---------+
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
The Subsea activity experienced a 6.3 points increase in its utilization rates
compared with the previous quarter; this reflects customers' confidence in
BOURBON's teams and in the vessels of the Bourbon Evolution 800 series, as well
as in the fleet of ROVs. Revenues followed this trend despite flagging average
daily rates.
BOURBON is pursuing its diversification strategy with its partners in its
traditional regions of operation by expanding its range of activity: ROV
construction support, diving, floatel and well stimulation.
Other
+---------------------------------+-------------------+
| Quarter | Full Year |
+-------+-------+---------+-------+----+----+---------+
|Q4 2016|Q4 2015|Var 2016/|Q3 2016|2016|2015|Var 2016/|
| | | 2015 | | | | 2015 |
+------------------------+-------+-------+---------+-------+----+----+---------+
|Adjusted Revenues (in ? | 5.1 | 5.2 | -2.0% | 5.9 |21.3|18.1| +17.9% |
|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
2016 witnessed both a low point in oil prices, dropping down to $26 in January
2016 and a high point at the end of the year at $55. Growth in demand for oil
and decisions by oil-producing countries to reduce the level of production could
have a favorable impact on oil prices, thereby boosting investments.
2017 would in that case see a gradual recovery of maintenance activity on
existing fields. Drilling is initially picking up onshore, with the prospect of
a recovery in the offshore segment in late 2017 and 2018.
In this context, we expect to see continued progress in utilization rates in the
Subsea and Crew boats segments. However, the Deepwater and Shallow water
offshore segments will continue to experience the effects of the low point of
the cycle in the first quarters of 2017.
BOURBON is therefore continuing its efforts to streamline operations, reduce
costs and preserve cash, with the same objective of operational excellence.
ADDITIONAL INFORMATION
BOURBON's results will continue to be influenced by the ?/US$ exchange rate.
FINANCIAL CALENDAR
2016 Annual Results press release and presentation March 16, 2017
2017 1(st) Quarter financial information press release May 4, 2017
Annual Shareholder's Meeting May 23, 2017
APPENDIX
Quarterly adjusted revenue breakdown
+---------------------------+ +---------------------------+
In millions of | 2016 | | 2015 |
euros | | | | | | | | | |
| Q4 | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Marine Services | |182.9 |203.2 |218.5 |259.5 | |275.7 |279.0 |299.8 |312.2 |
| | | | | | | | | | | |
|Deepwater offshore| | 72.8 | 81.4 |84.2 | 98.6 | |106.1 |101.9 |109.6 |113.8 |
|vessels | | | | | | | | | | |
| | | | | | | | | | | |
|Shallow water | | 50.1 | 60.9 |73.6 | 94.6 | |103.0 |107.2 |116.1 |123.5 |
|offshore vessels | | | | | | | | | | |
| | | | | | | | | | | |
|Crew boats | | 60.0 | 60.8 |60.7 | 66.3 | | 66.6 | 69.9 | 74.2 | 74.9 |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Subsea Services | | 56.4 | 50.0 | 60.9 | 50.0 | | 53.3 | 61.0 | 70.9 | 67.1 |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Other | | 5.1 | 5.9 | 5.3 | 5.0 | | 5.2 | 4.1 | 4.5 | 4.3 |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Total adjusted | |244.4 |259.1 |284.7 |314.5 | |334.2 |344.1 |375.2 |383.6 |
|revenues | | | | | | | | | | |
+------------------+ +------+------+------+------+ +------+------+------+------+
|IFRS 11 impact* | |(20.0)|(19.4)|(20.1)|(22.5)| |(26.1)|(23.8)|(30.1)|(27.4)|
+------------------+ +------+------+------+------+ +------+------+------+------+
|TOTAL CONSOLIDATED| |224.4 |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 % | | | | | | | | | |
| Q4 | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|Marine Services | |57.1|59.9|64.5|70.3| |73.0|74.1|77.4|79.2|
| | | | | | | | | | | |
|Deepwater offshore vessels | |60.5|66.4|69.7|77.2| |82.6|79.8|84.0|86.0|
| | | | | | | | | | | |
|Shallow water offshore vessels | |44.6|53.1|62.5|71.3| |76.5|75.5|78.3|84.5|
| | | | | | | | | | | |
|Crew boats | |62.2|61.1|63.8|67.5| |68.0|71.5|75.0|74.4|
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|Subsea Services | |63.3|57.0|56.0|52.3| |54.0|64.3|70.2|75.9|
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|"Total fleet excluding Crew boats"| |52.1|58.3|64.5|71.7| |76.7|76.0|79.5|84.3|
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|"Total fleet" average utilization | |57.4|59.7|64.2|69.5| |72.1|73.7|77.1|79.1|
|rate | | | | | | | | | | |
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
Quarterly average daily rates for the BOURBON offshore fleet
+---------------------------+ +---------------------------+
| 2016 | | 2015 |
In US$/day | | | | | | | | | |
| Q4 | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Deepwater offshore| |15,526|16,492|16,537|17,630| |18,360|19,518|20,286|21,942|
|vessels | | | | | | | | | | |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Shallow water | |9,958 |10,365|10,712|11,967| |12,205|12,880|13,507|13,882|
|offshore vessels | | | | | | | | | | |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Crew boats | |4,359 |4,473 |4,405 |4,538 | |4,530 |4,632 |4,732 |4,934 |
+------------------+ +------+------+------+------+ +------+------+------+------+
|Subsea Services | |35,195|37,182|39,583|44,119| |47,232|47,657|48,847|50,118|
+------------------+ +------+------+------+------+ +------+------+------+------+
|"Total fleet | | | | | | | | | | |
|excluding Crew | | | | | | | | | | |
|boats" average | |15,081|15,260|15,265|16,299| |16,809|17,858|18,640|19,301|
|daily | | | | | | | | | | |
|rate | | | | | | | | | | |
+------------------+ +------+------+------+------+ +------+------+------+------+
Quarterly number of vessels (end of period)
+---------------+ +---------------+
| 2016 | | 2015 |
In number of vessels* | | | | | | | | | |
|Q4 |Q3 |Q2 |Q1 | |Q4 |Q3 |Q2 |Q1 |
+-------------------------------+ +---+---+---+---+ +---+---+---+---+
|Marine Services | |491|491|490|492| |488|484|483|479|
| | | | | | | | | | | |
|Deepwater offshore vessels | |89 |89 |89 |89 | |88 |86 |82 |79 |
| | | | | | | | | | | |
|Shallow water offshore vessels| |133|133|133|133| |133|134|138|138|
| | | | | | | | | | | |
|Crew boats | |269|269|268|270| |267|264|263|262|
+-------------------------------+ +---+---+---+---+ +---+---+---+---+
|Subsea Services | |22 |22 |22 |22 | |22 |22 |22 |21 |
+-------------------------------+ +---+---+---+---+ +---+---+---+---+
|FLEET TOTAL | |513|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 | | | | | | | | | |
|Q4|Q3|Q2|Q1| |Q4|Q3|Q2|Q1|
+-------------------------------+ +--+--+--+--+ +--+--+--+--+
|Marine Services | |0 |1 |0 |4 | |5 |6 |4 |0 |
| | | | | | | | | | | |
|Deepwater offshore vessels | |0 |0 |0 |1 | |2 |4 |3 |0 |
| | | | | | | | | | | |
|Shallow water offshore vessels| |0 |0 |0 |0 | |0 |0 |0 |0 |
| | | | | | | | | | | |
|Crew boats | |0 |1 |0 |3 | |3 |2 |1 |0 |
+-------------------------------+ +--+--+--+--+ +--+--+--+--+
|Subsea Services | |0 |0 |0 |0 | |0 |0 |1 |0 |
+-------------------------------+ +--+--+--+--+ +--+--+--+--+
|FLEET TOTAL | |0 |1 |0 |4 | |5 |6 |5 |0 |
+-------------------------------+ +--+--+--+--+ +--+--+--+--+
Yearly adjusted revenue breakdown
+-------------------+
| Full Year |
In millions of euros | | |
| 2016 | 2015 |
+---------------------------------+ +---------+---------+
| Marine Services | | 864.1 | 1,166.7 |
| | | | |
| Deepwater offshore vessels | | 337.0 | 431.5 |
| | | | |
| Shallow water offshore vessels | | 279.2 | 449.8 |
| | | | |
| Crew boats | | 247.8 | 285.5 |
+---------------------------------+ +---------+---------+
| Subsea Services | | 217.2 | 252.3 |
+---------------------------------+ +---------+---------+
| Other | | 21.3 | 18.1 |
+---------------------------------+ +---------+---------+
| Total adjusted revenues | | 1,102.6 | 1,437.1 |
+---------------------------------+ +---------+---------+
| IFRS 11 impact* | | (82.0) | (107.5) |
+---------------------------------+ +---------+---------+
| TOTAL CONSOLIDATED | | 1,020.6 | 1,329.6 |
+---------------------------------+ +---------+---------+
* Effect of consolidation of joint ventures using the equity method.
Yearly average utilization rates for the BOURBON offshore fleet
+-------------+
| Full Year |
In % | | |
| 2016 | 2015 |
+----------------------------------------+ +------+------+
| Marine Services | | 62.9 | 75.9 |
| | | | |
| Deepwater offshore vessels | | 68.4 | 83.1 |
| | | | |
| Shallow water offshore vessels | | 57.9 | 78.7 |
| | | | |
| Crew boats | | 63.6 | 72.3 |
+----------------------------------------+ +------+------+
| Subsea Services | | 57.1 | 65.8 |
+----------------------------------------+ +------+------+
| "Total fleet excluding Crew boats" | | 61.6 | 79.1 |
+----------------------------------------+ +------+------+
| "Total fleet" average utilization rate | | 62.7 | 75.5 |
+----------------------------------------+ +------+------+
Yearly average daily rates for the BOURBON offshore fleet
+-----------------+
| Full Year |
In US$/day | | |
| 2016 | 2015 |
+-------------------------------------------------------+ +--------+--------+
| Deepwater offshore vessels | | 16,524 | 19,804 |
+-------------------------------------------------------+ +--------+--------+
| Shallow water offshore vessels | | 10,848 | 13,137 |
+-------------------------------------------------------+ +--------+--------+
| Crew boats | | 4,394 | 4,697 |
+-------------------------------------------------------+ +--------+--------+
| Subsea Services | | 38,624 | 48,365 |
+-------------------------------------------------------+ +--------+--------+
| "Total fleet excluding Crew boats" average daily rate | | 15,466 | 18,089 |
+-------------------------------------------------------+ +--------+--------+
Yearly deliveries of vessels
+-------------+
| Full Year |
In number of vessels | | |
| 2016 | 2015 |
+-----------------------------+ +------+------+
| Marine Services | | 5 | 15 |
| | | | |
| Deepwater Offshore vessels | | 1 | 9 |
| | | | |
| Shallow water Offshore | | 0 | 0 |
| | | | |
| Crew boats | | 4 | 6 |
+-----------------------------+ +------+------+
| Subsea Services | | 0 | 1 |
+-----------------------------+ +------+------+
| FLEET TOTAL | | 5 | 16 |
+-----------------------------+ +------+------+
Breakdown of BOURBON adjusted revenues by geographical region
+----------------------+------------------+
| 4(th) Quarter | Full Year |
In millions of euros | | | | | | |
|Q4 2016|Q4 2015|Change|2016 |2015 |Change|
+----------------------------------+-------+-------+------+-----+-----+------+
|Africa | 135.9 | 193.3 |-29.7%|616.4|814.3|-24.3%|
+----------------------------------+-------+-------+------+-----+-----+------+
|Europe & Mediterranean/Middle East| 42.0 | 45.5 |-7.6% |158.3|215.0|-26.4%|
+----------------------------------+-------+-------+------+-----+-----+------+
|Americas | 45.4 | 62.6 |-27.4%|216.6|263.8|-17.9%|
+----------------------------------+-------+-------+------+-----+-----+------+
|Asia | 21.0 | 32.9 |-36.2%|111.3|144.1|-22.8%|
+----------------------------------+-------+-------+------+-----+-----+------+
Other key indicators
Quarterly breakdown
+-------------------+ +-------------------+
| 2016 | | 2015 |
| | | | | | | | | |
| Q4 | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|Average ?/US$ exchange rate for | |1.08|1.12|1.13|1.10| |1.10|1.11|1.11|1.13|
|the quarter (in ?) | | | | | | | | | | |
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|?/US$ exchange rate at closing | |1.05|1.12|1.11|1.14| |1.09|1.12|1.12|1.08|
|(in ?) | | | | | | | | | | |
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
|Average price of Brent for the | | | | | | | | | | |
|quarter | | 49 | 46 | 46 | 34 | | 44 | 50 | 62 | 54 |
|(in US$/bbl) | | | | | | | | | | |
+----------------------------------+ +----+----+----+----+ +----+----+----+----+
Annual breakdown
+-------------+
| Full Year |
| | |
| 2016 | 2015 |
+----------------------------------------------+ +------+------+
| Average 12-month ?/US$ exchange rate (in ?) | | 1.11 | 1.11 |
+----------------------------------------------+ +------+------+
| ?/US$ exchange rate at closing (in ?) | | 1.05 | 1.09 |
+----------------------------------------------+ +------+------+
| Average 12-month price of Brent (in US$/bbl) | | 44 | 52 |
+----------------------------------------------+ +------+------+
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 9,500 skilled employees. Through its 37 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 2016, BOURBON'S revenue came to ?1,102.6 million and 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
Investor Relations, analysts, Vilizara Lazarova
shareholders
+33 140 138 607 +33 144 824 634
investor-relations(at)bourbon- vilizara.lazarova(at)consultants.publicis.fr
online.com
Corporate Communication
Christelle Loisel
+33 491 136 732
christelle.loisel(at)bourbon-online.com
PDF version:
http://hugin.info/159569/R/2077049/781242.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: 09.02.2017 - 07:02 Uhr
Sprache: Deutsch
News-ID 523014
Anzahl Zeichen: 42772
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 178 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BOURBON: Annual & 4th Quarter 2016 Revenues"
steht unter der journalistisch-redaktionellen Verantwortung von
BOURBON (Nachricht senden)
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