BOURBON : Fourth Quarter 2012 and Full-year 2012 Revenues

PARIS, February 6, 2013 /PRNewswire/ --

Strong growth in 2012

2012 revenues: up 17.7% to 1.187 billion euros

4th quarter 2012 revenues up 14.5%

«In a favorable oil and gas services market, BOURBON's growth is in line with the BOURBON 2015 Leadership Strategy plan. Average daily rates are still in a suitable range," says BOURBON's Chief Executive Officer Christian Lefèvre. "Our positioning in the deepwater mid-sized vessel market and high-end shallow water vessel market (diesel-electric and DP2 dynamic positioning) is paying off. The stability of the Brent price per barrel (US$ 110 on average in the last quarter of 2012) is helping to bolster major investments by our clients and hence the demand for vessels in the upcoming quarters.

Under these conditions, backed by its growing modern fleet of standardized, innovative vessels with an average age of 6 years, BOURBON is set to reap the full benefits of an offshore vessel market that is expected to improve even further in 2013."

                             BOURBON        Marine Services   Subsea Services
                         Q4 2012   Q4 2011 Q4 2012  Q4 2011  Q4 2012  Q4 2011
 
    Revenues               312.8    273.1   257.2    216.5     51.4    48.1
    (in millions of                                            
     euros)                  +14.5%          +18.8%             +6.8%
 
    Number of vessels *    458      437     439      418       18      18           
    (end of period)    +21 vessels      +21 vessels             -
    Average
    utilization rate        86.2%   85.7%    86.0%   85.5%   91.7%   91.0%   
    (in %)                  +0.5 pt          +0.5 pt          +0.7 pt


*Vessels owned by BOURBON or on bareboat charter

                                                            Total
                                        Shallow             fleet
                             Deepwater   water              excl.
                             offshore  offshore    IMR    Crewboats  Crewboats
        Average
      utilization
         rate
 
        (in %)      Q4 2012    90.2%     92.2%    91.7%     91.4%      82.5%
                    Q4 2011    93.7%     88.3%    91.0%     90.7%      82.1%
 
                              21,074    14,257    39,064   19,097      4,987
     Average daily
    rate (in US$/d) Q4 2012    +4.2%    +12.4%    +13.2%    +6.3%     +14.7%
                    Q4 2011   20,222    12,681    34,516   17,965      4,349


2012 Highlights 

  • A steadily growing market in 2012, particularly in Asia (+33.1%, primarily in Australia) and Africa (+19.3%) featuring the gradual increase in average utilization rates and average daily rates.
  • This growth is especially strong in the Shallow water offshore vessels segment (+ 39.4%) thanks to the increase in average daily rate, the addition of new vessels to the fleet and the favorable impact of the dollar.

A dollar impact proving favorable over the year but unfavorable from one quarter to another.

Revenues

    (in millions of euros)        4th quarter                Full year
                                             Change                    Change
                                               at                        at
                                            current                   current
                                            exchange                  exchange
                            Q4 2012 Q4 2011   rate     2012    2011     rate
    Marine Services           257.2   216.5   +18.8%    972.2   792.9   +22.6%
         of which Deepwater
           offshore vessels    92.6    87.5    +5.8%    360.8   318.4   +13.3%
     of which Shallow water
           offshore vessels    91.1    66.6   +36.8%    336.7   241.5   +39.4%
         of which Crewboats    73.5    62.4   +17.8%    274.8   233.0   +17.9%
    Subsea Services            51.4    48.1    +6.8%    190.0   172.8   +10.0%
    Other                       4.2     8.5   -51.0%     24.7    42.3   -41.7%
    BOURBON TOTAL             312.8   273.1   +14.5%  1,186.9 1,008.0   +17.7%


Compared with the fourth quarter of 2011, BOURBON posted revenues of 312.8 million euros, up 14.5% (+11.5% at constant exchange rates) owing to the addition of 33 vessels to the fleet, to the increase in average daily rates and to a favorable dollar effect.

Growth is especially substantial in the Shallow water offshore vessels segment (+36.8%).

Compared with the third quarter of 2012, BOURBON's revenues were up 2.2% (+3.2% at constant exchange rates).

For the full year 2012, revenues rose by 17.7% (+13.7% at constant exchange rates) and +20.3% excluding the segment "Other" with all segments contributing to that growth, and more particularly the Shallow water offshore vessels segment (+39.4%).

MARINE SERVICES

                                      Q4 2012   Q4 2011    Change     Q3 2012

    Revenues (in millions of euros)       257.2    216.5      +18.8%     254.5
    Number of vessels* (end of
    period)                                 439      418   +21 vessels    439
    Average utilization rate              86.0%    85.5%     +0.5 pt     83.4%


*Vessels owned by BOURBON or on bareboat charter

Compared with the fourth quarter of 2011, Marine Services revenues were 18.8% higher at 257.2 million euros. This growth is especially noticeable in the Shallow water vessels segment (9 additional vessels entered in service over the period) and the Crewboats segment (20 additional vessels entered in service over the period).

Compared with the third quarter of 2012, revenues for this Activity were up 1.1%.

For the full year 2012, revenues amounted to 972.2 million euros, up 22.6% from 2011.

Marine Services indicators by segment

  • Deepwater offshore vessels
                                        Q4 2012    Q4 2011   Change   Q3 2012

    Revenues (in millions of euros)          92.6      87.5     +5.8%     93.2
                                                                  + 2
    Number of vessels* (end of period)         72        70   vessels       71
    Average utilization rate                90.2%     93.7%  -3.5 pts    92.1%


*Vessels owned by BOURBON or on bareboat charter

Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Deepwater offshore vessels were up 5.8% to 92.6 million euros, buoyed by high rates and the full-time effect of two new vessels, despite a decline in the utilization rate in the North Sea market.

Compared with the third quarter of 2012, revenues dipped by a slight 0.6%, affected in part by the planned classification dry-dock of 4 vessels and by the dollar effect.

In the North Sea, despite the fact that demand for offshore vessels was up, average utilization rate and average daily rate were impacted by the over-capacity of PSV and AHTS vessels, which was exacerbated by the addition of newly built vessels to the market and the return of vessels that previously operated in Brazil.

For the full year 2012, revenues reached 360.8 million euros, up 13.3% from the same period in 2011, thanks to the increase in average daily rate of part of the fleet and the impact of the dollar.

  • Shallow water offshore vessels
                                     Q4 2012    Q4 2011     Change    Q3 2012

    Revenues (in millions of euros)       91.1      66.6       +36.8%    91.7
    Number of vessels (end of
    period)                                102        91 + 11 vessels     101
    Average utilization rate             92.2%     88.3%     +3.9 pts   90.3%


Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Shallow water offshore vessels were up sharply (+36.8%) at 91.1 million euros, driven by the success of the Bourbon Liberty vessels, as reflected by the increase in average daily rates (+12.4%), the growth of the fleet (9 vessels delivered in twelve months), and the improvement in the average utilization rate (+3.9 points).

Compared with the third quarter of 2012, revenues were slightly down despite the improved utilization rate (+1.9 point), owing mainly to the dollar effect and to a very slight decrease in average daily rates.

For the full year 2012, revenues over the prior year rose sharply to 336.7 million euros, an increase of 39.4%, compared with the 12% growth in the number of vessels. This reflects the 8.6% increase in average daily rates, the continued improvement in the average utilization rate (+2.4 points) and the favorable impact of the dollar.

  • Crewboats
                                       Q4 2012   Q4 2011    Change    Q3 2012

    Revenues (in millions of euros)         73.5     62.4     +17.8%      69.7
    Number of vessels (end of period)        265      257 +8 vessels       267
    Average utilization rate               82.5%    82.1%    +0.4 pt     78.4%


Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Crewboats were up 17.8% at 73.5 million euros, thanks to the significant increase in average daily rates, to the favorable impact of the dollar and to the continued expansion of the fleet.

Compared with the third quarter of 2012, revenues were 5.5% higher due to the improvement in utilization rates (+4.1 points).

For the full year 2012, revenues amounted to 274.8 million euros, up 17.9% over the same period in 2011 owing to the increase in average daily rates (+11.1%), the expansion of the fleet (20 new vessels in service) and the favorable impact of the dollar, despite a reduction in the average utilization rate.

  • SUBSEA SERVICES
                                       Q4 2012    Q4 2011   Change    Q3 2012

    Revenues (in millions of euros)         51.4      48.1     +6.8%      46.5
    Number of vessels (end of period)         18        18         -        18
    Average utilization rate               91.7%     91.0%   +0.7 pt     85.2%


Compared with the fourth quarter of 2011, fourth quarter 2012 revenues rose 6.8% to 51.4 million euros, buoyed by the full-time effect of the addition to the fleet of the second vessel in the Bourbon Evolution series and by the favorable impact of the dollar. The average utilization rate is slightly up (+0.7 point), while the average daily rate is up 13.2%.

Compared with the third quarter of 2012, revenues are up 10.5%, buoyed by the addition of one new vessel in the Bourbon Evolution 800 series and the return to full operation of 4 vessels after planned classification dry-docks.

For the full year 2012, revenues are up 10.0%. This is due to contrasting changes:

  • on the one hand, to the full-time chartering of one large IMR vessel, to contract renewals for medium to large-sized vessels under long-term contracts at more favorable rates with a positive influence on average daily rates, to the favorable impact of the dollar, and to the addition to the fleet of the Bourbon Evolution 802, which took full effect during the last quarter.
  • on the other hand, to an average utilization rate down 5.1 points owing to 8 planned classification dry-docks in 2012 (44% of the total fleet).

  • OTHER

Many vessels directly owned by BOURBON were added to the fleet to replace chartered vessels.

Compared with the fourth quarter of 2011, "Other" revenues were down 51.0%.

For the full year 2012, revenues were down 41.7%.

Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts pending the time new vessels are built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels not part of its regular line of services under global calls for tenders.

OUTLOOK

In 2013, the demand for offshore vessels is expected to be steady, buoyed by investments by oil and gas company clients which are expected to rise by around 13%, and by the expected arrival on the market of 76 new drilling rigs. The order books of offshore construction companies and subsea production equipment manufacturers are fuller than ever.

BOURBON is set to take delivery around 47 vessels during the year in this booming market.

BOURBON will present its 2012 results on March 6, 2013.

  • OTHER INFORMATION

On November 30, BOURBON sold 3 Platform Supply Vessels built in 2004 with a five-year bareboat charter agreement. This sale generated capital gains of approximately 22 million euros.

This deal reflects BOURBON's aim to standardize its fleet with recent series and built in series.

  • FINANCIAL CALENDAR

-Release and presentation of 2012 annual results    March 06, 2013

-1st quarter 2013 revenue release    May 02, 2013

-Shareholders' Meeting    May 28, 2013  

-Release and presentation of 2013 1st half results    August 28, 2013

APPENDICES

Quarterly changes in revenues

    (in millions of euros)            2012                      2011
                              Q4     Q3    Q2    Q1     Q4    Q3    Q2    Q1

    Marine Services          257.2  254.5 238.4 222.1  216.5 200.3 191.1 185.1
    Deepwater offshore
    vessels                   92.6   93.2  88.5  86.5   87.5  81.7  74.4  74.8
    Shallow water offshore
    vessels                   91.1   91.7  83.4  70.5   66.6  61.5  58.9  54.4
    Crewboats                 73.5   69.7  66.4  65.1   62.4  57.0  57.8  55.8
    Subsea Services
 
    IMR vessels               51.4   46.5  46.4  45.7   48.1  42.3  41.6  40.7
    Other                      4.2    5.1   5.2  10.2    8.5   9.6  14.5   9.7
    GROUP TOTAL              312.8  306.1 290.0 278.0  273.1 252.2 247.2 235.5


Quarterly changes in the average utilization rate of the BOURBON offshore fleet

                (as a %)                     2012                 2011
                                       Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1

    Deepwater offshore vessels        90.2 92.1 91.3 92.5  93.7 90.2 86.9 88.1
    Shallow water offshore vessels    92.2 90.3 92.5 84.3  88.3 86.4 90.2 84.8
    Crewboats                         82.5 78.4 78.6 81.0  82.1 79.7 81.4 80.5
    Marine Services average
    utilization rate                  86.0 83.4 83.9 83.7  85.5 83.0 84.2 82.7
    Subsea Services average
    utilization rate                  91.7 85.2 89.7 85.7  91.0 94.0 96.3 92.0
    Average utilization rate Total
    fleet excl. Crewboats             91.4 90.5 91.8 87.6  90.7 88.7 89.5 86.9
    Total fleet average utilization
    rate                              86.2 83.5 84.0 83.7  85.7 83.4 84.7 83.1


Quarterly changes in the average daily rate for the BOURBON offshore fleet

    (in US$/day)             2012                         2011
                    Q4     Q3     Q2     Q1      Q4     Q3     Q2     Q1
    Deepwater
    offshore
    vessels       21,074 20,702 20,480 20,011  20,222 20,547 19,154 18,835
    Shallow
    water
    offshore
    vessels       14,257 14,308 13,773 13,290  12,681 13,179 12,883 12,653
    Crewboats     4,987  4,923  4,763  4,447    4,349 4,409  4,361  4,263
    IMR vessels   39,064 38,991 38,018 38,181  34,516 33,822 32,379 31,842
    Average
    daily rate
    Total fleet
    excl.
    Crewboats     19,097 18,883 18,526 18,309  17,965 18,303 17,498 17,354


Quarterly number of vessels entering in service

       (in number of vessels)               2012                   2011
                                    Q4    Q3    Q2    Q1    Q4   Q3   Q2   Q1

    FLEET TOTAL                      5    14     6     8     3   15   11   10
    Marine Services                  5    13     6     8     2   15   11   10
    Deepwater offshore vessels
                                     1     0     2     0     0   0    1    0
    Shallow water offshore
    vessels                          1     4     1     3     1   6    5    3
 
    Crewboats                        3     9     3     5     1   9    5    7
    Subsea Services / IMR            0     1     0     0     1   0    0    0


Change in annual revenues

        (in millions of euros)             Full year
                                         2012     2011
    Marine Services                       972.2    792.9
    Deepwater offshore vessels            360.8    318.4
    Shallow water offshore vessels        336.7    241.5
    Crewboats                             274.8    233.0
    Subsea Services
 
    IMR vessels                           190.0    172.8
    Other                                  24.7     42.3
    GROUP TOTAL                         1,186.9  1,008.0


Quarterly change in the average utilization rate of the BOURBON offshore fleet

                  (as a %)                       Full year
                                               2012     2011
    Deepwater offshore vessels                 91.6       89.8
    Shallow water offshore vessels             89.9       87.5
    Crewboats                                  79.6       80.9
    Marine Services average utilization
    rate                                       83.9       83.8
    Subsea Services average utilization
    rate                                       88.1       93.2
    Average utilization rate Total fleet
    excl. Crewboats                            90.4       89.0
    Total fleet average utilization rate       84.1       84.2


Quarterly change in the average daily rate for the BOURBON offshore fleet

                (in US$/day)                    Full year
                                              2012     2011
    Deepwater offshore vessels               20,683   19,413
    Shallow water offshore vessels           13,918   12,820
    Crewboats                                4,852     4,369
    IMR vessels                              38,497   33,288
    Average daily rate Total fleet excl.
    Crewboats                                18,743   17,663


Annual number of vessels entering in service

        (in number of vessels)             Full year
                                         2012     2011
    FLEET TOTAL                           33       39
    Marine Services                       32       38
    Deepwater offshore vessels            3        1
 
    Shallow water offshore vessels        9        15
 
    Crewboats                             20       22
    Subsea Services / IMR                 1        1


Breakdown of BOURBON revenues by geographical region

      (in millions of euros)         4th quarter              Full year
                               Q4 2012 Q4 2011 Change   2012    2011   Change
                        Africa   188.2   164.6  +14.4%   729.2   611.1  +19.3%
                      Europe &
     Mediterranean/Middle East    54.9    50.4   +8.9%   201.1   188.5   +6.7%
            American continent    36.0    34.1   +5.5%   146.3   125.6  +16.5%
                          Asia    33.6    24.0  +40.1%   110.3    82.9  +33.1%


Other key indicators

Quarterly breakdown

                                             2012                 2011
                                       Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Average EUR/US$ exchange rate
    for the quarter (in EUR)          1.30 1.25 1.28 1.31  1.35 1.41 1.44 1.37
    EUR/US$ exchange rate at closing
    (in EUR)                          1.32 1.29 1.26 1.34  1.29 1.35 1.45 1.42
    Average price of Brent for the
    quarter
 
    (in US$/bl)                       110  109  108  119   109  113  117  105


12-month breakdown

                                                     Full year
                                                   2012     2011
    Average 12-month EUR/US$ exchange rate
    (in EUR)                                       1.28     1.39
    EUR/US$ exchange rate at closing (in
    EUR)                                           1.32     1.29
    Average 12-month price of Brent (in
    US$/bl)                                        112      111


About BOURBON

BOURBON offers the most demanding oil and gas companies a comprehensive range of surface and subsea marine services for offshore oil and gas fields and wind farms, based on an extensive range of latest-generation vessels. The Group provides a local service through its 27 operating subsidiaries, close to clients and their operations, guaranteeing the highest standards of service quality and safety worldwide.

BOURBON has two Businesses (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.

Under the "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built in series.

In 2012, BOURBON posted revenues of €1.187 billion and operated a fleet of 458 vessels as of December 31, 2012.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, participates in the Deferred Settlement Service ("SRD") and is included in the SBF 120 and CAC Mid 60 indices.

CONTACTS

PR Agency Publicis Consultants
Jérôme Goaer                     +33(0)1-44-82-46-24 - jerome.goaer@consultants.publicis.fr
Véronique Duhoux              +33(01)44-82-46-33 - veronique.duhoux@consultants.publicis.fr

BOURBON
Investors - Analysts - Shareholders Relations
Patrick Mangaud             +33(0)1-40-13-86-09 - patrick.mangaud@bourbon-online.com
Communication Department
Christa Roqueblave         +33(0)1-40-13-86-06 - christa.roqueblave@bourbon-online.com


SOURCE BOURBON




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