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 February 3, 2016 - 1:13 AM EST
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BOURBON: Annual & 4th Quarter 2015 Revenues

Adjusted annual revenues increased 1.1% to €1,437 million at current rates, remained resilient during the prolonged oil industry downturn

 PARIS, Feb. 3, 2016 (GLOBE NEWSWIRE) --

  • Regionally, adjusted revenues in 2015 in Africa continued to be resilient, steady versus the prior year and in the Americas, adjusted revenues increased almost 40% partly due to additional vessels in the fleet, while adjusted revenues in Asia continued to decline (-19%)
  • Adjusted revenues were positively impacted by foreign exchange rates with an increase of 1.1% at current rates in 2015 compared with 2014, and decreased 8.6% at constant rates
  • Average daily rates declined for the year in all segments of Marine Services, reflecting the impact of the difficult market conditions throughout the year
  • Average utilization rates excluding crew boats in the 4th quarter declined more than 10 points versus the prior year period; average utilization rates were steady versus the 3rd quarter 2015
 

2015 figures are unaudited

 

In € millions, unless otherwise noted
Quarter Full Year
Q4 2015 Q4 2014
(restated)
Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Operational indicators              
Number of vessels (FTE)* 508.0 497.5 +2.1% 502.8 503.0 492.2 +2.2%
Number of vessels (end of period)** 511 505 +6 vessels 507 511 505 +6 vessels
Average utilization rate (%) 72.1% 81.7% -9.6 pts 73.7% 75.5% 81.0% -5.5 pts
Average daily rate (US$/day) 10,781 12,429 -13.3% 11,167 11,381 12,254 -7.1%

(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Adjusted Revenues (a)              
Marine Services 275.7 314.3 -12.3% 279.0 1,166.7 1,155.9 +0.9%
Deepwater offshore vessels 106.1 111.4 -4.7% 101.9 431.5 411.7 +4.8%
Shallow water offshore vessels 103.0 127.8 -19.4% 107.2 449.8 455.7 -1.3%
Crew boats 66.6 75.0 -11.3% 69.9 285.5 288.5 -1.0%
Subsea Services 53.3 67.6 -21.1% 61.0 252.3 244.2 +3.3%
Other 5.2 6.6 -21.8% 4.1 18.1 21.0 -13.8%
Total adjusted revenues
(change at constant rates)
334.2

 
388.5

 
-14.0%
-17.5%
344.1

 
1,437.1

 
1,421.1

 
+1.1%
-8.6%
IFRS 11 impact*** (26.1) (25.5)   (23.8) (107.5) (74.7)  
Group TOTAL 308.1 363.0 -15.1% 320.2 1,329.6 1,346.4 -1.2%

(***) Effect of consolidation of jointly controlled companies using the equity method.
(a) See page 2.

Average utilization rate (excl. Crew boats) 76.7% 87.5% -10.8 pts 76.0% 79.1% 87.7% -8.6 pts
Average daily rate (excl. Crew boats US$/d) 16,809 19,871 -15.4% 17,858 18,089 19,658 -8.0%

"In 2015, BOURBON achieved adjusted revenues of €1,437 million, showing resiliency despite a very difficult market", says Christian Lefèvre, Chief Executive Officer of BOURBON . "As the industry remains in this prolonged downturn, BOURBON remains focused on what it can control: safety, cost control initiatives and operational efficiency".
(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.

OPERATIONAL HIGHLIGHTS

  • The focus on safety continues to place BOURBON's performance among the leaders in the sector, with a TRIR (Total Recordable Incident Rate per million hours worked) improving to 0.55
  • BOURBON's proactive cost reduction campaign remains a priority which is reflected in the stacking of vessels during the year, enabling BOURBON to reduce vessel operating costs and drydock maintenance program; on December 31, 2015, there were 44 supply vessels stacked
  • With the delivery of 16 vessels in 2015, BOURBON has reached the end of its newbuilding programs, and the associated large capital expenditures, with only 3 supply vessels remaining to be delivered in 2016
  • The strategy of staying close to, and listening to its clients has enabled BOURBON to preserve its utilization rates, with average utilization rates in 2015 declining less than 5 points compared to the prior year for the Marine Services fleet of 488 vessels
  • Average utilization rates in Subsea were strongly affected by the reduced activity, especially in Q4 2015 by reductions in activity in the Middle East and the monsoon season in Asia; the average utilization rate declined 19 points for the full year versus the prior year

             

MARINE SERVICES

  Quarter Full Year
Q4 2015 Q4 2014
(restated)
 Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Adjusted Revenues (in € millions) 275.7 314.3 -12.3% 279.0 1,166.7 1,155.9 +0.9%
Number of vessels (end of period)* 488 483 +5 vessels 484 488 483 +5 vessels
Average utilization rate 73.0% 81.7% -8.7 pts 74.1% 75.9% 80.8% -4.9 pts

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Adjusted revenues increased slightly in 2015 versus the prior year due in part to a positive foreign exchange impact and additional vessels entering the fleet in Deepwater and Crew boat segments. 4th quarter 2015 average utilization rates only declined slightly versus the 3rd quarter 2015 and the full year average utilization rate declined less than 5 points, showing good resistance in a global market downturn.

Marine Services: Deepwater offshore vessels

  Quarter Full Year
Q4 2015 Q4 2014
(restated)
Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Adjusted Revenues (in € millions) 106.1 111.4 -4.7% 101.9 431.5 411.7 +4.8%
Number of vessels (end of period)* 88 79 +9 vessels 86 88 79 +9 vessels
Average utilization rate 82.6% 85.8% -3.2 pts 79.8% 83.1% 86.9% -3.8 pts
Average daily rate (US$/day) 18,360 23,093 -20.5% 19,518 19,804 22,967 -13.8%

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

The increase in adjusted annual revenues compared with 2014 was primarily due to the positive foreign currency effect and the average utilization rate increase in Africa, where more than half of the deepwater fleet is located.  During 2015, there were up to 10 vessels stacked at its maximum point, thus reducing the average utilization rate compared to the prior year. Compared to the 3rd quarter, utilization rates increased due to stable activity and fewer vessels in drydock maintenance in the 4th quarter.

Marine Services: Shallow water offshore vessels

  Quarter Full Year
Q4 2015 Q4 2014
(restated)
Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Adjusted Revenues (in € millions) 103.0 127.8 -19.4% 107.2 449.8 455.7 -1.3%
Number of vessels (end of period)* 133 139 -6 vessels 134 133 139 -6 vessels
Average utilization rate 76.5% 89.1% -12.6 pts 75.5% 78.7% 88.6% -9.9 pts
Average daily rate (in US$/day) 12,205 14,452 -15.5% 12,880 13,137 14,177 -7.3%

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Adjusted revenues for the year declined by only 1.3% compared with 2014 due to a combination of positive foreign exchange rate impacts and a better resistance in the shallow water market compared with the deepwater market. Up to 24 vessels were stacked during 2015, contributing to a nearly 10 point decline in average utilizations rate for the full year compared to the prior year. Overall, there was a slight increase in the average utilization rate compared with the 3rd quarter, partly due to better performance of the maintenance program in the 4th quarter of 2015.

Marine Services: Crew boat vessels

 

 
Quarter Full Year
Q4 2015 Q4 2014
(restated)
Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Adjusted Revenues (in € millions) 66.6 75.0 -11.3% 69.9 285.5 288.5 -1.0%
Number of vessels (end of period) 267 265 +2 vessels 264 267 265 +2 vessels
Average utilization rate 68.0% 76.7% -8.7 pts 71.5% 72.3% 75.4% -3.1 pts
Average daily rate (in US$/day) 4,530 5,067 -10.6% 4,632 4,697 5,100 -7.9%

The Crew boat segment is resilient, especially in a time of market crisis, due to it being a cost effective alternative to the use of helicopters. Full year adjusted revenues in 2015 were stable versus the prior year, with the positive foreign exchange impact offsetting the reductions in average utilization rates and average daily rates. The larger impact of the market downturn was on the FSIVs with both average utilization rates and average daily rates declining more for these vessels than for the smaller crew boats in the fleet.

Subsea Services

  Quarter Full Year
Q4 2015 Q4 2014
(restated)
Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Adjusted Revenues (in € millions) 53.3 67.6 -21.1% 61.0 252.3 244.2 +3.3%
Number of vessels (end of period)* 22 21 +1 vessel 22 22 21 +1 vessel
Average utilization rate 54.0% 82.8% -28.8 pts 64.3% 65.8% 85.0% -19.2 pts
Average daily rate (in US$/day) 47,232 48,063 -1.7% 47,657 48,365 47,470 +1.9%

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Adjusted revenues for 2015 increased partly due to the positive foreign exchange impact offsetting the reduction in activity, most notably in the second half of the year. There were up to 10 Subsea vessels stacked during 2015, having a significant negative impact on the average utilization rate. Average daily rates for the year increased due to the mix effect of the larger new vessels that joined the fleet at the end of 2014 and in the first half of 2015.

 

Other

  Quarter Full Year
Q4 2015 Q4 2014
(restated)
Var 2015/
2014
Q3 2015 2015 2014
(restated)
Var 2015/
2014
Adjusted Revenues (in € millions) 5.2 6.6 -21.8% 4.1 18.1 21.0 -13.8%

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 deteriorating offshore oils services market, the demand for offshore service vessels is decreasing. BOURBON will strive to maintain a high utilization of its fleet in operation (excluding stacked vessels), relying on its worldwide commercial network. The group will continue to temporarily stack up to 20% of its vessels which have no anticipated activity in the medium term in order to reduce its operating costs.

It is in this context that BOURBON's strategy of operating a modern and standardized fleet for international clients, relying on a network of local partners is a factor of resilience and differentiation.

ADDITIONAL INFORMATION

  • BOURBON's results will continue to be influenced by the €/US$ exchange rate

FINANCIAL CALENDAR

2015 Annual Results press release and presentation March 10, 2016
2016 1st Quarter financial information press release May 4, 2016
Annual Shareholder's Meeting May 26, 2016

APPENDIX

Quarterly adjusted revenue breakdown

In millions of euros   2015   2014 (restated)
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Marine Services   275.7 279.0 299.8 312.2   314.3 289.8 277.5 274.3
Deepwater offshore  vessels   106.1 101.9 109.6 113.8   111.4 106.3 98.9 95.1
Shallow water offshore  vessels   103.0 107.2 116.1 123.5   127.8 112.9 108.3 106.6
Crew boats   66.6 69.9 74.2 74.9   75.0 70.6 70.3 72.6
Subsea Services   53.3 61.0 70.9 67.1   67.6 65.7 56.2 54.6
Other   5.2 4.1 4.5 4.3   6.6 6.1 4.2 4.1
Total adjusted revenues   334.2 344.1 375.2 383.6   388.5 361.7 337.9 333.0
IFRS 11 impact*   (26.1) (23.8) (30.1) (27.4)   (25.5) (20.8) (15.3) (13.0)
TOTAL CONSOLIDATED   308.1 320.2 345.1 356.3   363.0 340.8 322.6 320.0

* Effect of consolidation of joint ventures using the equity method.

Quarterly average utilization rates for the BOURBON offshore fleet

In %   2015   2014
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Marine Services   73.0 74.1 77.4 79.2   81.7 79.4 80.0 82.4
Deepwater offshore  vessels   82.6 79.8 84.0 86.0   85.8 85.7 87.2 88.6
Shallow water offshore  vessels   76.5 75.5 78.3 84.5   89.1 86.6 87.8 91.2
Crew boats   68.0 71.5 75.0 74.4   76.7 74.0 74.3 76.6
Subsea Services   54.0 64.3 70.2 75.9   82.8 81.1 83.9 94.4
"Total fleet excluding Crew boats"   76.7 76.0 79.5 84.3   87.5 85.8 87.3 90.6
"Total fleet" average utilization rate   72.1 73.7 77.1 79.1   81.7 79.4 80.2 82.8

Quarterly average daily rates for the BOURBON offshore fleet

In US$/day   2015   2014
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Deepwater offshore vessels   18,360 19,518 20,286 21,942   23,093 23,887 23,219 22,839
Shallow water offshore vessels   12,205 12,880 13,507 13,882   14,452 14,152 14,006 14,199
Crew boats   4,530 4,632 4,732 4,934   5,067 5,113 5,197 5,323
Subsea Services   47,232 47,657 48,847 50,118   48,063 50,992 46,868 45,407
"Total fleet excluding Crew boats" average daily
rate
  16,809 17,858 18,640 19,301   19,871 20,247 19,588 19,497

Quarterly number of vessels (end of period)

In number of vessels*   2015   2014
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Marine Services   488 484 483 479   483 481 481 479
Deepwater offshore  vessels   88 86 82 79   79 75 74 73
Shallow water offshore  vessels 133 134 138 138 139 135 133 130
Crew boats 267 264 263 262 265 271 274 276
Subsea Services   22 22 22 21   21 19 19 18
FLEET  TOTAL   510 506 505 500   504 500 500 497

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Quarterly deliveries of vessels

In number of vessels   2015   2014
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Marine Services   5 6 4 0   10 5 8 12
Deepwater offshore  vessels   2 4 3 0   5 1 1 2
Shallow water offshore  vessels 0 0 0 0 4 2 3 6
Crew boats 3 2 1 0 1 2 4 4
Subsea Services   0 0 1 0   2 0 1 2
FLEET  TOTAL   5 6 5 0   12 5 9 14

Yearly adjusted revenue breakdown

In millions of euros   Full Year
  2015 2014 (restated)
Marine Services   1,166.7 1,155.9
Deepwater offshore  vessels   431.5 411.7
Shallow water offshore  vessels   449.8 455.7
Crew boats   285.5 288.5
Subsea Services   252.3 244.2
Other   18.1 21.0
Total adjusted revenues   1,437.1 1,421.1
IFRS 11 impact*   (107.5) (74.7)
TOTAL CONSOLIDATED   1,329.6 1,346.4

* Effect of consolidation of joint ventures using the equity method.

Yearly average utilization rates for the BOURBON offshore fleet

In %   Full Year
  2015 2014
Marine Services   75.9 80.8
Deepwater offshore  vessels   83.1 86.9
Shallow water offshore  vessels   78.7 88.6
Crew boats   72.3 75.4
Subsea Services   65.8 85.0
"Total fleet excluding Crew boats"   79.1 87.7
"Total fleet" average utilization rate   75.5 81.0

Yearly average daily rates for the BOURBON offshore fleet

In US$/day   Full Year
  2015 2014
Deepwater offshore vessels   19,804 22,967
Shallow water offshore vessels   13,137 14,177
Crew boats   4,697 5,100
Subsea Services   48,365 47,470
"Total fleet excluding Crew boats" average daily rate   18,089 19,658

Yearly deliveries of vessels

In number of vessels   Full Year
  2015 2014
Marine Services   15 35
Deepwater Offshore  vessels   9 9
Shallow water Offshore 0 15
Crew boats 6 11
Subsea Services   1 5
FLEET TOTAL   16 40

Breakdown of BOURBON adjusted revenues by geographical region

In millions of euros 4th quarter Full Year
Q4 2015 Q4 2014
(restated)
Change 2015 2014
(restated)
Change
Africa 193.3 227.2 -14.9% 814.3 817.7 -0.4%
Europe & Mediterranean/Middle East 45.5 65.3 -30.3% 215.0 235.9 -8.8%
Americas 62.6 49.6 +26.2% 263.8 189.3 +39.3%
Asia 32.9 46.4 -29.1% 144.1 178.2 -19.2%

 

 

Other key indicators

Quarterly breakdown

    2015   2014
  Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
Average €/US$ exchange rate for the quarter (in €)   1.10 1.11 1.11 1.13   1.25 1.33 1.37 1.37
€/US$ exchange rate at closing
(in €)
  1.09 1.12 1.12 1.08   1.21 1.26 1.37 1.38
Average price of Brent for the quarter
(in US$/bbl)
  44 50 62 54   76 102 110 108

Annual breakdown

    Full Year
  2015 2014
Average 12-month €/US$ exchange rate (in €)   1.11 1.33
€/US$ exchange rate at closing (in €)   1.09 1.21
Average 12-month price of Brent (in US$/bbl)   52 99

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 28 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 the company operated a fleet of 511 vessels as of December 31, 2015. Under the "BOURBON 2015 Leadership Strategy" plan, the group has built a vast fleet of innovative, high-performance mass produced offshore 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@bourbon-online.com

Corporate Communications
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com

 

Media relations agency
Publicis Consultants

Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr

 
 
 

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Source: GlobeNewswire (February 3, 2016 - 1:13 AM EST)

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