PARIS, February 8, 2012 /PRNewswire/ --

- 2011 Revenues Top 1 Billion Euros up 18.6% in 12 Months in Line With the Objectives of the "BOURBON 2015 Leadership Strategy" Plan

"Revenues for 2011 are in line with our strategic plan and, for the first time since our focus on offshore services, topped the symbolic bar of one billion euros. The improvement in the offshore vessels market continues in all segments and the fleet's average utilization rate increased by 4.3 points in the year to 84.2%. This improvement is particularly marked in the deepwater offshore segment where the utilization rate for BOURBON vessels was over 93% in the last quarter of 2011. On average, charter rates held up well in the second half, despite being hit in the fourth quarter by the seasonal effect of the monsoon in South-East Asia," announced Christian Lefèvre, Chief Executive Officer of BOURBON. "The stability of the Brent price per barrel (US$109 in the fourth quarter of 2011) has encouraged our clients to increase their planned investments. This will have a positive effect on the future prospects for the offshore vessels market and, with its modern and innovative fleet (5.6 year-old in average), BOURBON's performance is set to improve still further in 2012."

    (in millions of
        euros)            4th quarter               Full year
                                     Change                  Change
                                       at                      at
                                    current                 current
                                    exchange                exchange
                    Q4 2011 Q4 2010  rates    2011    2010   rates
    Marine Services   216.5   173.4   +24.8%   792.9  660.3   +20.1%
           of which
          deepwater
           offshore
            vessels    87.5    75.7   +15.6%   318.4  308.7    +3.2%
           of which
      shallow water
           offshore
            vessels    66.6    44.0   +51.3%   241.5  151.7   +59.1%
           of which
          crewboats    62.4    53.7   +16.2%   233.0  199.9   +16.6%
    Subsea Services    48.1    40.2   +19.8%   172.8  149.6   +15.5%
    Other               8.5     7.7    +9.7%    42.3   40.0    +5.8%
    BOURBON TOTAL     273.1   221.3   +23.4% 1 008.0  849.9   +18.6%

In the fourth quarter of 2011, BOURBON posted revenues totaling 273.1 million euros, up 23.4% (same percentage increase at constant exchange rate) compared with the same period in 2010, boosted by the commissioning of 39 new vessels and the gradual improvement in utilization and daily rates.

Compared with the third quarter of 2011, BOURBON's revenues were up 8.3%, due to growth in utilization rates, (+6.1% at constant exchange rate). All segments of BOURBON's directly-owned vessels were up. The only decline was in the "Other" revenues, mainly composed of external chartered vessels, which were down by 12.0%.

In full-year 2011 compared with full-year 2010, revenues were up 18.6% (+20.7% at constant exchange rate), largely due to very strong performance from the shallow water offshore vessel (+59.1%) and crewboat (+16.6%) segments, and the Subsea Activity (+15.5%). This growth is due to the fleet's expansion and an improvement in utilization rates and daily rates.

Indicators for BOURBON activity

 

BOURBON fleet (owned vessels)

                              4th quarter                  Full year
    BOURBON              Q4 2011   Q4 2010    Change       2011    2010      Change
    Number of vessels 
    (end of period)        437      408    + 29 vessels    437     408   + 29 vessels
    Average utilization
    rate                  85.7%    81.1%   + 4.6 pts      84.2%   79.9%  + 4.3 pts

During the quarter, BOURBON took delivery of 3 new vessels (1 IMR vessel, 1 shallow water offshore vessel and 1 crewboat), whilst 2 vessels (1 shallow water supply and 1 crewboat) were taken out of the fleet during the period.

The fleet's average utilization rate continued to increase, reaching 85.7% in the fourth quarter of 2011 (+4.6 points compared with the fourth quarter of 2010), compared with 83.4% in the third quarter of 2011.

In 2011, BOURBON took delivery of 39 new vessels, in line with its investment program. Compared with the same period in 2010, the average utilization rate was 4.3 points higher at 84.2%, confirming the market upturn.

 

Geographic breakdown of BOURBON's revenues

     (in millions of euros)         4th quarter              Full year
                              Q4 2011 Q4 2010 Change   2011    2010   Change
                       Africa   164.6   142.7   15.4%   611.1   550.1   11.1%
                     Europe &
    Mediterranean/Middle-East    50.4    34.2   47.4%   188.5   129.7   45.4%
           American Continent    34.1    30.0   13.6%   125.6    99.0   26.8%
                         Asia    24.0    14.4   66.5%    82.9    71.1   16.6%

From one year to the next, the Europe & Mediterranean/Middle East Region saw strong growth (+45.4%), reflecting the positioning of vessels in new operating regions, especially Egypt. Steady growth was also seen in the American Continent at 26.8%, mainly due to the commissioning of 8 Bourbon Liberty vessels in Brazil. BOURBON also continued to expand in Asia, an area with high growth potential. Africa remains BOURBON's main operating Region, totaling 61% of revenues.

MARINE SERVICES

                          4th quarter                Full year
                  Q4 2011  Q4 2010   Change    2011   2010    Change
    Revenues (in
    millions of
    euros)           216.5   173.4     +24.8%  792.9  660.3     +20.1%
    Number of
    vessels (end                         + 28                     + 28
    of period)         418     390    vessels    418    390    vessels
    Average
    utilization
    rate             85.5%   80.7%  + 4.6 pts  83.8%  79.5%  + 4.3 pts

Compared with the fourth quarter of 2010, Marine Services revenues were 24.8% higher at 216.5 million euros. This rise is mainly due to an improvement in the utilization rates (+4.6 points) and average daily rates of this Activity and to a strong performance from the shallow water offshore vessels segment which posted revenue growth of 51.3%.

Compared with the third quarter of 2011, the Activity's revenues were up 8.1%, marked by an upturn in utilization rates in all segments. It should be noted that the slight dip in average daily rates seen in the fourth quarter for Marine Services is mainly the result of seasonal effects of the monsoon period in Asia.

In full-year 2011, revenues for Marine Services were 20.1% higher compared with the same period in 2010, largely due to growth in the shallow water offshore segment, with an expansion of the fleet by 16.6% and the average utilization rate up by 14.3 points.

Indicators of Marine Services Activity by segment

 

Deepwater offshore vessels

                       4th quarter              Full year
                Q4 2011 Q4 2010  Change      2011   2010   Change
    Revenues
    (in
    millions of
    euros)         87.5    75.7  +15.6%     318.4  308.7   +3.2%
    Number of
    vessels
    (end of
    period)          70      69     +1 vessel  70     69     +1 vessel
    Average
    utilization
    rate          93.7%   88.7%     +5 pts   89.8%  90.3%  -0.5 pt

Compared with the fourth quarter of 2010, deepwater offshore vessels revenues for the fourth quarter of 2011 were 15.6% higher at 87.5 million euros, thanks to a solid increase in the average utilization rate
(+5 points) and the average daily rate (+8.5%).

Compared with the third quarter of 2011, revenues were up 7.1% due to an increase in the utilization rate
(+3.5 points) mainly as a result of increased activity in West Africa and the Mediterranean (Egypt).

In full-year 2011 compared with full-year 2010, revenues were up 3.2%. One single new vessel was delivered in the second quarter. The period was marked by a steady upturn in activity in the second half of the year from a low point in the second quarter. Numerous contracts were renewed during the period, enabling daily rates to be ratcheted up, particularly in the PSV segment.

 

Shallow water offshore vessels

                         4th quarter                 Full year
                 Q4 2011 Q4 2010   Change        2011    2010    Change
    Revenues (in
    millions of
    euros)          66.6    44.0      +51.3%    241.5   151.7   +59.1%
    Number of
    vessels (end                       +13
    of period)        91      78     vessels       91      78     +13 vessels
    Average
    utilization
    rate            88.3%   74.2%     +14.1 pts  87.5%   73.2%  +14.3 pts

Compared with the fourth quarter of 2010, shallow water offshore revenues in the fourth quarter of 2011 were sharply higher (+51.3%) at 66.6 million euros. The vessel utilization rate rose to 88.3%, up
14.1 points year-on-year, buoyed by the Bourbon Liberty series vessels and the commencement of contracts in Brazil.

Compared with the third quarter of 2011, revenues were up 8.3% thanks to steady utilization rates (+1.9 point), despite a decline in average daily rates resulting from reduced activity in Asia during the monsoon season.

In full-year 2011, revenues saw a strong increase, up 59.1% compared with full-year 2010, thanks to:

• the entry of 15 new vessels into the fleet, mainly Bourbon Liberty series vessels;
• a sharp rise in the average utilization rate (+14.3 points) attributable to the full-time commissioning of the fleet in Brazil;
• a strong upturn in the contractors' activity in West Africa;
• the beginning of a general improvement in daily rates.

This performance confirms the success of the Bourbon Liberty series with clients in the context of a sharp increase in the activity of oil companies and contractors.

Crewboats

                          4th quarter                Full year
                   Q4 2011 Q4 2010   Change      2011   2010    Change
    Revenues (in
    millions of
    euros)            62.4    53.7     +16.2%   233.0  199.9     +16.6%
    Number of
    vessels (end                         +14                       +14
    of period)         257     243    vessels     257    243    vessels
    Average
    utilization
    rate              82.1%   80.5%     +1.6 pt  80.9%  78.2%     +2.7 pts

 

Compared with the fourth quarter of 2010, crewboats revenues in the fourth quarter of 2011 were up 16.2%
at 62.4 million euros, largely due to the expansion of the fleet and an improvement in average daily rates resulting from the renewal of some FSIV contracts.

Compared with the third quarter of 2011, revenues grew by 9.5% due to an increase in utilization rates
(+2.4 points), helped by the start of the "good season" in West Africa.

In full-year 2011, revenues were up by 16.6% compared with full-year 2010, thanks to the expansion of the fleet at a time of sustained activity for oil companies and offshore contractors (average utilization rate of
+2.7 points).

 

SUBSEA SERVICES

                           4th quarter                     Full year
                    Q4 2011 Q4 2010   Change          2011   2010   Change
    Revenues (in
    millions of
    euros)             48.1    40.2   +19.8%         172.8  149.6   +15.5%
    Number of
    vessels (end of
    period)              18      17       +1 vessel     18     17      +1 vessel
    Average
    utilization
    rate               91.0%   91.2%    -0.2 pt       93.2%  88.5%   +4.7 pts

 

Compared with the fourth quarter of 2010, revenues for the fourth quarter of 2011 were 19.8% higher at
48.1 million euros, benefiting from the entry into the fleet of a new IMR vessel and the renewal of existing contracts during the year.

Compared with the third quarter of 2011, revenues continued to increase with a rise of 13.7%, mainly linked to contract renewals in the fourth quarter and a new IMR vessel joining the fleet. The vessel utilization rate was lower, due to a reduction in wind farm activity in the North Sea during the winter. The commissioning of 2 new subsea robots in the fourth quarter had a positive impact on revenues for ROV operations.

In full-year 2011 compared with full-year 2010, revenues were up 15.5%. This increase in activity was largely the result of:

• the full contribution in 2011 of the fleet's biggest vessel and new subsea robots entering the fleet during 2010 on the spot market;
• the year-on-year increase in the average utilization rate of the IMR fleet;
• the upturn in the IMR activity and renewal of contracts with higher daily rates;
• the development of the integrated services offer, combining engineering and subsea robot operations within long-term contracts;
• the contribution of 2 new ROVs joining the fleet in the fourth quarter of 2011 and immediately operating on the spot market.

OTHER

Compared with the fourth quarter of 2010, there was a 9.7% increase in the use of external chartered vessels.

Compared with the third quarter of 2011, the reduced use of external chartered vessels led to a sharp decline in "Other" revenues, down by -12.0% in the fourth quarter 2011.

The use of chartered vessels enables client requests to be met and contracts to be fulfilled pending delivery of new vessels from the shipyard and their integration in the fleet, and it allows BOURBON to include types of vessels that are complementary to its own service offer when bidding for global tenders.

 

OUTLOOK

Increased demand for offshore service vessels should continue in the coming years. Significant investments by oil and gas clients and their 4-year prospects have been scaled up. The outlook for a greater number of active drilling rigs and contractors' strong order books confirm the sharp market rebound.

Clients will continue to favor innovative, high-productivity vessels, which is where BOURBON's fleet of vessels is particularly appreciated. The process of replacing older vessels (deemed obsolete) on the market is set to gather pace to meet the increasingly stringent demands of oil and gas companies in terms of "risk management".

As regards the increase forecast in utilization rates for offshore vessels and their daily rates, the market is anticipating continuing improvement in 2012 compared with 2011.

Due to its unique positioning, its comprehensive range of services, the quality of its fleet and the competency of its employees, BOURBON will continue to reap the full benefit of this improvement in the market.

BOURBON's results will continue to be impacted by the euro/dollar exchange rate.

 

FINANCIAL CALENDAR

    Presentation of 2011 annual results                  March 7, 2012
    1st quarter 2012 financial information               May 10, 2012
    Combined Annual and Special Shareholders' Meeting    June 1, 2012
    Presentation of 1st half 2012 results                August 29, 2012

 

APPENDICES

Quarterly revenues

 

    (in millions of
         euros)                2011                     2010
                       Q4    Q3    Q2    Q1     Q4    Q3    Q2    Q1
    Marine Services   216.5 200.3 191.1 185.1  173.4 171.7 166.5 148.7
    Deepwater
    offshore vessels   87.5  81.7  74.4  74.8   75.7  79.3  79.8  73.8
    Shallow water
    offshore vessels   66.6  61.5  58.9  54.4   44.0  41.1  35.9  30.8
    Crewboats          62.4  57.0  57.8  55.8   53.7  51.3  50.7  44.1
    Subsea Services
 
    IMR vessels        48.1  42.3  41.6  40.7   40.2  41.6  38.4  29.5
    Other               8.5   9.6  14.5   9.7    7.7   9.0  11.2  12.1
    GROUP TOTAL       273.1 252.2 247.2 235.5  221.3 222.2 216.1 190.2

                 (in %)                      2011                 2010
                                       Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Deepwater offshore vessels        93.7 90.2 86.9 88.1  88.7 90.4 92.1 89.4
    Shallow water offshore vessels    88.3 86.4 90.2 84.8  74.2 71.0 75.4 72.4
    Crewboats                         82.1 79.7 81.4 80.5  80.5 77.4 78.6 75.9
    Average utilization rate Marine
    Services                          85.5 83.0 84.2 82.7  80.7 78.7 80.6 77.9
    Average utilization rate Subsea
    Services                          91.0 94.0 96.3 92.0  91.2 91.5 89.8 80.9
    Average utilization rate total
    fleet                             85.7 83.4 84.7 83.1  81.1 79.2 81.0 78.1

Quarterly breakdown of the average utilization rates of the BOURBON fleet

Quarterly breakdown of the average daily rate for the BOURBON fleet

 

    (in $/day)              2011                         2010
                    Q4     Q3     Q2     Q1      Q4     Q3     Q2     Q1
    Deepwater
    offshore
    vessels       20,222 20,547 19,154 18,835  18,637 19,244 19,978 19,406
    Shallow
    water
    offshore
    vessels       12,681 13,179 12,883 12,653  12,255 12,420 12,371 12,623
    Crewboats      4,349  4,409  4,361  4,263   4,160  3,863  4,021  4,135
    IMR vessels   34,516 33,822 32,379 31,842  31,485 32,491 32,999 33,707

Quarterly commissioning of vessels

    (in number of vessels)                2011                 2010
                                    Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    FLEET TOTAL                     3    15   11   10    12   16   18   15
    Marine Services                 2    15   11   10    11   15   18   14
    Deepwater offshore              0     0    1    0     -    1    1    -
    Shallow water offshore          1     6    5    3     4    6    8    8
    Crewboats                       1     9    5    7     7    8    9    6
    Subsea Services / IMR           1     0    0    0     1    1    0    1

Other key indicators

 

                                             2011                 2010
                                       Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Average EUR/$ exchange rate for
    the quarter (in EUR)              1.35 1.41 1.44 1.37  1.36 1.29 1.27 1.38
    EUR/$ exchange rate at closing
    (in EUR)                          1.29 1.35 1.45 1.42  1.34 1.36 1.23 1.35
    Average price of Brent for the
    quarter
    (in $/bl)                          109  113  117  105    86   77   78   76

About BOURBON

BOURBON offers oil & gas companies with the most demanding requirements a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms, based on an extensive range of latest-generation vessels.The Group provides a local service through its 26 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.

BOURBON, a pure player in offshore, has two operating Activities:Marine Services and Subsea Services.

BOURBON also protects the French coastline for the French Navy.

Under the "BOURBON 2015 Leadership Strategy" plan, the company is investing US$2 billion in a large fleet and by 2015 it will have 600 innovative and high-performance offshore vessels.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD and in the SBF 120, CAC Mid 60 and Dow Jones Stoxx 600 indices.

 

Contacts

Publicis Consultants
Jérôme Goaer
+33(0)1-44-82-46-24
jerome.goaer@consultants.publicis.fr

Véronique Duhoux
+33(0)1-44-82-46-33
veronique.duhoux@consultants.publicis.fr

Vilizara Lazarova
+33(0)1-44-82-46-34
vilizara.lazarova@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

Back to top