BOURBON First Half 2013: Solid Results in a Steady Market

PARIS, August 28, 2013 /PRNewswire/ --



Revenues up 14.1% vs. first half 2012 as a result of increasing daily rates overall and a high average utilization rate

  • EBIT increased 44.4% versus first half 2012; EBITDA up 22.2% over the same period, benefiting from an increase in average daily rates, cost reduction efforts and a change in consolidation scope
  • Net income (Group share) decreased €2.6 million year on year
  • All regions realized increases in revenues compared with the first half 2012, notably in Asia
  • Average daily rates increased in all segments year on year
  • Utilization rates stable year on year despite high level of classification drydocks in the period
  • The final agreement of the sale of 51 vessels for up to US$1.5 billion to ICBC Financial Leasing ("ICBCL") has been signed and the transfer of the first 9 vessels of this agreement for US$144 million is expected to take place in the very near future
                                                         increment
    In millions of euros, except                         H1 2013 /
    as noted                       H1 2013    H1 2012    H1 2012    H2 2012

    Revenues                       647.9      568.0       +14.1%    618.9
    Gross operating income
      (EBITDA) excluding capital
      gains                        219.6      180.8                 201.6

                     % of revenues       33.9%     31.8%  +21.5%          32.6%
    Gross operating income
      (EBITDA)                     221.0      180.8                 225.4
                                                          +22.2%
                     % of revenues       34.1%     31.8%                  36.4%
    Operating income (EBIT)         92.1       63.8       +44.4%     97.8
    Net income                      30.9       25.3       +22.3%     27.9
    Net income (Group share)        14.4       17.0       -15.2%     24.9
    Number of vessels (end of
    period) *                        472        446    +26 vessels    458
    Average utilization rate excl.
    Crewboats                       89.0%      89.7%    -0.7 pts     91.0%
    Average daily rate excl.
    Crewboats (in US$/d)          19,431     18,352       +5.9%    19,018


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

"In a steady market, BOURBON continues to deliver revenue growth," says Christian Lefèvre, Chief Executive Officer of BOURBON. "During the first half of 2013, BOURBON maintained satisfactory utilization rates while managing a higher level of classification drydocks and higher pace of vessel deliveries than the same period in 2012. This performance reflects our clients' trust in the unique service BOURBON provides with its fleet of latest generation vessels under the highest standards of safety.

BOURBON has signed the final agreement for the sale of 51 vessels for up to US$1.5 billion with ICBCL after the period closed, allowing the Group to begin the reduction in debt as per the Asset Smart portion of the "Transforming for beyond" action plan. The sale of the first 9 vessels, representing US$144 million has been signed. We expect to complete the execution of the remainder of the US$1.5 billion within 10 months. The Group's rapid debt reduction in the coming months will be a major asset to build the future beyond 2015."

Half year 2013 results/additional highlights

  • EBITDA as a percent of revenues increased partly due to realization of benefits of standardized maintenance through the efforts of our centralized maintenance organization, Bourbon Docking
  • Revenues increased across all regions compared with the first half of 2012, with particularly strong increases in Asia (+46.8%) while revenues in Africa gained 6% despite reduced spot activity in the shallow water market
  • Average daily rates increased both year on year and sequentially across all segments, with the exception of a slight decrease in the Shallow water offshore segment average daily rate compared with the second half of 2012
  • Compared with the first half of 2012, the level of classification drydocks remained high overall in the first half of 2013 and increased in the Deepwater offshore segment, thus contributing to the decline in its average utilization rate; compared with the second half of 2012, total drydocking time increased significantly across all Marine Services segments, thus significantly contributing to the decline in their respective average utilization rates
  • Taxes were up €10 million year on year due to, among others, higher profits in regions with higher tax rates; and broadly in line with taxes in the second half of 2012
  • Foreign exchange rate changes resulted in a negative impact of almost €8 million on the 2013 first half results versus the corresponding period in 2012; however, there was a net benefit versus the second half of 2012 of nearly €11 million
  • One 18-year old deepwater AHTS was sold during the period

BOURBON 2015 Leadership Strategy

  • As the BOURBON 2015 Leadership Strategy covers the period starting from the beginning of 2011 through to the end of 2015, we are now at the halfway point in this timeline
  • Regarding the average annual revenue growth objective of 17% in 2015, BOURBON had annual revenue growth of 18.6% in 2011, 17.7% in 2012 and 14.1% for the first half of 2013
  • EBITDA as a percent of revenues (excluding capital gains) continued to increase, reaching almost 34% for the first half of 2013
  • The above percentage has been positively impacted by the cost reduction efforts
  • EBITDA/average capital employed excluding installments increased by 1.3 points compared with the first half 2012 to 14.6%
  • Technical availability rate marginally down from first half 2012 and still at a high level of 93.5%


MARINE SERVICES

                                                            increment
                                          H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012
                                                            +24
    Number of vessels (end of period) *    452      428      vessels   439
    Average utilization rate              83.2%    83.2%    +0.0 pts  84.7%
    * Vessels operated by BOURBON (including
    vessels owned or on bareboat charter)

                                                            increment
    In millions of euros                  H1 2013  H1 2012  H1 2013/  H2 2012
                                                            H1 2012
    Revenues                              527.3    460.4    +14.5%    511.8
    Direct costs                          (298.6)  (269.7)  +10.7%    (299.9)
    Operating margin                      228.7    190.8    +19.9%    211.9
    General and administrative costs      (56.2)   (48.2)   +16.7%    (50.9)
    Gross operating income (EBITDA)
    excluding capital gains               172.5    142.6    +21.0%    160.9
                            % of revenues    32.7%    31.0%              31.4%
    Gross operating income (EBITDA)       173.9    142.6    +22.0%    184.7
                            % of revenues    33.0%    31.0%              36.1%


Compared with the first half of 2012, Marine Services revenues were up 14.5% to €527.3 million, outpacing the rate of increase in the size of the fleet (approximately 5%) reflecting, among others, the improved average daily rates across all segments. Despite significant classification drydocks and the transit of new additions to the fleet to their respective regions of operation, EBITDA as a percent of revenues (excluding capital gains) continued to increase, notably as a result of a slowing pace of direct cost increases on a per ship per day basis.

Compared with the second half of 2012, business activity continued to grow as evidenced by both revenue growth and growth in EBITDA (excluding capital gains), despite taking into account the seasonal impact from the first quarter in addition to the effects mentioned in the comparison to the first half above. Direct costs declined slightly overall compared with the second half of 2012 as the effects of cost reduction efforts throughout Marine Services despite an increase in the fleet of 13 vessels over this period.

Marine Services indicators by segment

  • Deepwater offshore vessels
                                                            increment
                                          H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012

    Number of vessels (end of period) *     73        71     +2 vessels    72
    Average utilization rate              88.4%     91.9%    -3.5 pts    91.2%
    Average daily rate (in US$/day)     21,789    20,145      +8.2%    20,955
    * Vessels operated by BOURBON (including
    vessels owned or on bareboat charter)

                                                            increment
    In millions of euros                  H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012
    Revenues                               195.3    175.0    +11.6%     185.8
    Direct costs                          (102.4)   (94.0)    +8.9%     (99.2)
    Operating margin                        92.9     81.1    +14.6%      86.5
    General and administrative costs       (20.8)   (18.3)   +13.7%     (18.5)
    Gross operating income (EBITDA)
    excluding capital gains                 72.1     62.8    +14.9%       68.1
                            % of revenues      36.9%    35.9%                 36.6%
    Gross operating income (EBITDA)         73.6     62.8    +17.2%       91.9
                            % of revenues       37.7%    35.9%                49.5%


Compared with the first half of 2012, revenues from Deepwater offshore vessels in the first half of 2013 were up by 11.6% to €195.3 million due to, among others, an increase in the average daily rate of more than 8%, helped by steady activity in Europe and West Africa. This was partly offset by a reduction in the average utilization rate due in part to several ships in transit between regions and classification drydocking activity.

Compared with the second half of 2012, revenues increased due to a combination of the end of the seasonal impact affecting the first quarter and the inclusion for the entire period of 2 additional PSVs from the PX105 MACS® series. EBITDA (excluding capital gains) as a percent of revenues was steady at a strong level of over 36%, helped by a minimal increase in direct costs. The fourth PSV vessel in the PX105 MACS® series, the Bourbon Rainbow, was delivered into the fleet and has been operating in the North Sea since mid-May.

  • Shallow water offshore vessels
                                                            increment
                                          H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012

    Number of vessels (end of period) *    109       97  +12 vessels     102
    Average utilization rate              89.4%    88.5%   +0.9 pts     91.3%
    Average daily rate (in US$/day)      14,078   13,519    +4.1%     14,281
    * Vessels operated by BOURBON (including
    vessels owned or on bareboat charter)

                                                            increment
    In millions of euros                  H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012
    Revenues                               182.9   153.8    +18.9%    182.8
    Direct costs                          (108.2)  (97.5)   +11.0%   (113.3)
    Operating margin                        74.7    56.4    +32.5%     69.5
    General and administrative costs       (19.5)  (16.1)   +21.2%    (18.2)
    Gross operating income (EBITDA)
    excluding capital gains                 55.2    40.3    +37.1%     51.3
                            % of revenues     30.2%    26.2%              28.0%
    Gross operating income (EBITDA)         55.2    40.4    +36.7%     51.3
                            % of revenues     30.2%    26.3%              28.0%


Compared with the first half of 2012, revenues for the first half of 2013 for Shallow water offshore vessels were up significantly by 18.9% and the average utilization rate increased while at the same time growing the fleet by more than 10%. Reduced activity in the shallow water spot market in West Africa impacted a portion of the period, offset by new contracts in Asia and improved rates in Europe & Mediterranean/Middle East.

Compared with the second half of 2012, EBITDA as a percent of revenues increased despite revenues being flat in the first half of 2013, notably as a result of a reduction in direct costs by almost 5% sequentially. This was attributed to savings in maintenance costs thanks to the standardization of the fleet through series built vessels. The reduced activity in West Africa and the monsoon season in Asia during the first quarter both contributed to the flat revenues in the period. The first vessel in the Bourbon Liberty 150 series, an extension of the Bourbon Liberty 100 series, was delivered during the first half and operating for Maersk Oil in Qatar.


  • Crewboats
                                                            increment
                                          H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012

    Number of vessels (end of period)      270      260    +10 vessels   265
    Average utilization rate              79.3%    78.9%   +0.4 pts     80.5%
    Average daily rate (in US$/day)      5,083    4,678      +8.7%     4,968

                                                            increment
    In millions of euros                  H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012
    Revenues                              149.1    131.6    +13.3%    143.2
    Direct costs                          (88.0)   (78.3)   +12.5%    (87.4)
    Operating margin                       61.0     53.3    +14.5%     55.8
    General and administrative costs      (15.9)   (13.8)   +15.5%    (14.2)
    Gross operating income (EBITDA)
    excluding capital gains                45.1     39.5    +14.2%     41.6
                            % of revenues     30.3%    30.0%              29.0%
    Gross operating income (EBITDA)        45.1     39.4    +14.5%     41.6
                            % of revenues     30.3%    30.0%              29.1%


Compared with the first half of 2012, revenues in the first half of 2013 for the Crewboats segment were 13.3% higher at €149.1 million, with contributions from an increase in the fleet, steady average utilization rate and improved average daily rate. The latter is most notably from the larger crewboats and FSIVs while rates on the medium and smaller crewboats remained stable.

Compared with the second half of 2012, revenues continued to increase while direct costs only marginally increased, thereby enabling EBITDA as a percent of revenues to return above 30%. Direct costs increased by less than 1%, demonstrating that cost reduction efforts are realizing their benefits despite the steady growth of the fleet.

SUBSEA SERVICES

                                                            increment
                                          H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012

    Number of vessels (end of period)       19       17    +2 vessels      18
    Average utilization rate              89.2%    87.7%    +1.5 pts     88.5%
    Average daily rate (in US$/day)     40,262   37,866      +6.3%     39,037

                                                            increment
    In millions of euros                  H1 2013  H1 2012  H1 2013 / H2 2012
                                                            H1 2012
    Revenues                              109.0     92.1     +18.2%      97.9
    Direct costs                          (52.2)   (47.6)     +9.7%     (50.1)
    Operating margin                       56.7     44.5     +27.4%      47.8
    General and administrative costs      (11.6)    (9.6)    +20.5%      (9.7)
    Gross operating income (EBITDA)
    excluding capital gains                45.1     34.9     +29.3%      38.1
                            % of revenues     41.4%    37.9%                38.9%
    Gross operating income (EBITDA)        45.0     34.9     +28.9%      38.0
                            % of revenues     41.3%    37.9%                38.8%


Compared with the first half of 2012, revenues in the first half of 2013 for the Subsea Services Activity were up by 18.2% to €109.0 million, benefiting from reduced unplanned maintenance and new vessels entering the fleet with increases in both average daily rate and utilization rate. Operating margin increased significantly, most notably the EBITDA to revenue ratio climbing above the 40% mark.  

Compared with the second half of 2012, increases in average daily rates and utilization rates combined to result in EBITDA as a percent of revenues continuing its increase since the first half of 2012. The 3rd vessel in the Bourbon Evolution series was delivered and has been operating in Malaysia, our client having already indicated a high level of satisfaction with the vessel.

OTHER

                                                       increment H1
    In millions of euros             H1 2013  H1 2012  2013 /       H2 2012
                                                       H1 2012
    Revenues                         11.6      15.4     -24.5%        9.3
    Direct costs                     (8.9)    (11.4)    -22.4%       (6.0)
    Operating margin                  2.8       4.0     -30.6%        3.2
    General and administrative costs (0.7)     (0.7)     +2.7%       (0.6)
    Gross operating income (EBITDA)   2.0       3.3     -37.7%        2.6
                       % of revenues    17.5%     21.2%                 28.4%


Compared with the first half of 2012, "Other" revenues were down 24.5%.

Compared with the second half of 2012, "Other" revenues were up 25.5%.

Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts while new vessels are being built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels that are not part of its regular line of services when needed for global calls for tenders. Volatility of "Other" revenues is largely due to the variation in the number of chartered vessels during the period.

OUTLOOK

Robust investments in Exploration/Production by oil and gas clients continue to stimulate demand for offshore vessels.

In deepwater offshore, the demand for medium size PSVs and large PSVs is expected to increase during the coming months, boosted by development of deepwater projects. This should have a positive impact on the market while absorbing part of the new vessels coming out of the shipyards. The market for AHTS vessels is expected to gradually become more well balanced.

In shallow water offshore, there are 108 jack-up rigs under construction, which should have a positive impact on the demand for modern shallow water offshore vessels. On the supply side, less vessels are expected to be coming out of shipyards, further contributing to an improvement in the market.

Subsea activity is expected to remain high. The Bourbon Evolution 800 series design is well recognized in the subsea IMR market. Interest is foreseen for the capabilities of vessels to support the upcoming growing subsea installation and deepwater field maintenance.

The level of classification drydocks is expected to be slightly lower for the second half of 2013.

The strategy of fleet standardization, the focus on crew training through the use of simulators, and the systematization of maintenance and procurement procedures aim to continue to underpin BOURBON's operational and financial performance.

BOURBON is fully committed to reducing its debt in order to build future high value-added growth.

"Transforming for beyond" action plan

In March 2013, BOURBON announced the action plan "Transforming for beyond" to lay the foundations for the Group's future growth beyond 2015. The financial aspect of this transformation plan consists of selling up to 30% of the supply vessels' fleet, up to US$2.5 billion, and retain the vessels on bareboat charter for a period of 10 years.

On April 9, 2013, BOURBON announced that the terms of the first phase were signed with the Chinese company ICBC Financial Leasing ("ICBCL") for 10-year fixed rate (10.66%) bareboat charter of up to 51 supply vessels either in operation (24 on that date) or under construction (27 with delivery expected by June 2014) for a total of up to US$1.5 billion.

EVENTS SINCE JUNE 30, 2013

  • BOURBON has signed the final agreement for the sale of 51 vessels for up to US$1.5 billion to ICBCL and signed the sale agreement for the first 9 vessels as part of the $1.5 billion vessel sale previously announced; the transfer of the remaining 15 vessel currently under operation is expected to be completed within 2 months and the transfer of the 27 vessels under construction is expected to be completed within 10 months

  • The 9 vessels to be included as part of the first transfer to ICBCL is comprised of 1 deepwater vessel and 8 shallow water vessels, in keeping with the Group strategy to include latest generation, built in series vessels for the sale and bareboat charter operation

  • One 15-year old deepwater AHTS and one 10-year old tug were sold

  • BOURBON has strong activity in Africa and is very attentive to events unfolding, namely in Egypt, in particular as far as its employees are concerned, even if the country is not significant in terms of revenues to the Group

CHANGE IN BOURBON CONSOLIDATION SCOPE

As of January 1, 2013, certain companies that were previously consolidated proportionally have been fully consolidated. The impact of this change in consolidation scope is not significant for the Group. Consequently, and in accordance with regulations, no pro forma financial statements have been established for the current period.

For information, the table below shows comparative information:

    In millions of euros                  H1 2013      H1 2012*

    Revenues                              647.9        587.1
    EBITDA                                221.0        192.4
    EBIT                                   92.1         72.8
    Net income (Group share)               14.4         17.0
    * restated


ADDITIONAL INFORMATION

  • The accounts for the first half of 2013 were closed by the Board of Directors on Monday, August 26, 2013
  • The accounts for the first half of 2013 underwent a limited examination by the statutory auditors
  • BOURBON's results will continue to be affected by the €/US$ exchange rate

FINANCIAL CALENDAR

  • 3rd Quarter 2013 revenues press release    November 6, 2013

  • 4th Quarter 2013 & full year 2013 revenues press release    February 5, 2014

  • 2013 Annual Results press release and presentation    March 5, 2014

APPENDIX I

Simplified Income Statement

                                                        increment
    In millions of euros (except                        H1 2013 /
    per share data)               H1 2013    H1 2012    H1 2012    H2 2012

    Revenues                       647.9      568.0      +14.1%     618.9
    Direct costs                  (359.7)    (328.7)      +9.4%    (356.0)
    General & Administrative
    costs                          (68.6)     (58.5)     +17.2%     (61.3)
    Gross operating income
    (EBITDA) excluding capital
    gains                          219.6      180.8      +21.5%     201.6
    Capital gain                     1.4        0.0                  23.8
    Gross operating income
    (EBITDA)                       221.0      180.8      +22.2%     225.4

    Depreciation, Amortization &
    Provisions                    (128.9)    (117.0)               (127.6)
    Operating income (EBIT)         92.1       63.8      +44.4%      97.8

    Financial profit/loss          (44.1)     (32.3)                (54.7)
    Income tax                     (17.1)      (7.1)                (15.1)
    Income from discontinued
    operations                         -        0.8                     -
    Net Income                      30.9       25.3      +22.3%      27.9

    Minority interests             (16.5)      (8.3)                 (3.0)
    Net income (Group share)        14.4       17.0      -15.2%      24.9

    Earnings per share              0.20       0.24                  0.35
    Weighted average number of
    shares outstanding        71,583,636 71,571,011            71,576,562



APPENDIX II

Simplified Consolidated Balance Sheet

    In millions of
    euros           6/30/2013 12/31/2012                  6/30/2013 12/31/2012

                                         Shareholders'
                                         equity           1,407.0    1,411.8

    Net property,
    plant and                            Financial debt >
    equipment       2,672.7   3,326.6    1 year            1678.7    1,745.0
    Other                                Other
    non-current                          non-current
    assets            113.4     105.8    liabilities        139.6      141.2

    TOTAL                                TOTAL
    NON-CURRENT                          NON-CURRENT
    ASSETS           2,786.2   3,432.4   LIABILITIES      1,818.3    1,886.2

    Cash on hand                         Financial debt <
    and in banks       313.1     195.2   1 year             824.9      510.7
    Other currents                       Other current
    assets             505.1     481.1   liabilities        319.5      300.1

    TOTAL CURRENT                        TOTAL CURRENT
    ASSETS             818.2     676.3   LIABILITIES      1,144.5      810.8

                                         Liabilities
                                         directly
                                         associated with
                                         non-current
    Non-current                          assets
    assets held for                      classified as
    sale               765.4         -   held for sale           -         -

                                         TOTAL
                                         LIABILITIES      2,962.7   2,697.0
                                         TOTAL
                                         LIABILITIES &
                                         SHAREHOLDERS'
    TOTAL ASSETS    4,369.8   4,108.8    EQUITY           4,369.8   4,108.8


APPENDIX III

Simplified Consolidated Cash Flow Statement


    In millions of euros
                                                                       H1 2013 H1 2012

    Cash flow from operating activities

    consolidated net income (loss)                                       30.9    25.3
    cash flow from operating activities                                 157.8   142.8

    Net cash flow from operating activities (A)                         188.8   168.1

    Cash flow from investing activities

    acquisition of property, plant and equipment and intangible assets (218.4) (165.6)
    sale of property, plant and equipment and intangible assets           4.5     1.2
    other cash flow from investing activities                            15.2     0.5

    Net Cash flow used in investing activities (B)                     (198.9) (164.1)

    Cash flow from financing activities

    net increase (decrease) in borrowings                               (79.8)  (81.2)
    dividends paid to shareholders of the group                         (53.4)  (53.3)
    cost of net debt                                                    (36.1)  (33.7)
    other cash flow from financing activities                            (4.3)    1.4

    Net Cash flow used in financing activities (C)                     (173.5) (167.0)

    Impact from the change in exchange rates (D)                         (1.7)    0.0
    Change in net cash (A) + (B) + (C) + (D)                           (185.3) (163.0)

    Net cash at beginning of period                                      37.5   (44.0)
    Change in net cash                                                 (185.3) (163.0)
    Net cash at end of period                                          (147.8) (207.0)




APPENDIX IV

Quarterly revenue breakdown

    In millions of euros             2013           2012
                                     Q2     Q1      Q4     Q3     Q2     Q1

    Marine Services                 268.7  258.5   257.2  254.5  238.4  222.1
    Deepwater offshore vessels      102.3   93.0    92.6   93.2   88.5   86.5
    Shallow water offshore vessels   90.1   92.8    91.1   91.7   83.4   70.5
    Crewboats                        76.3   72.8    73.5   69.7   66.4   65.1
    Subsea Services                  57.3   51.6    51.4   46.5   46.4   45.7
    Other                             6.7    4.9     4.2    5.1    5.2   10.2
    GROUP TOTAL                     332.8  315.1   312.8  306.1  290.0  278.0


Quarterly average utilization rates for the BOURBON offshore fleet

    In %                             2013           2012
                                     Q2     Q1      Q4     Q3     Q2     Q1

    Marine Services                 82.4   83.9    86.0   83.4   83.9   83.7
    Deepwater offshore vessels      90.0   86.6    90.2   92.1   91.3   92.5
    Shallow water offshore vessels  89.1   89.8    92.2   90.3   92.5   84.3
    Crewboats                       77.7   80.8    82.5   78.4   78.6   81.0
    Subsea Services                 88.0   90.6    91.7   85.2   89.7   85.7
    "Total fleet excluding
    Crewboats"                      89.3   88.7    91.4   90.5   91.8   87.6
    "Total fleet" average
    utilization rate                82.6   84.2    86.2   83.5   84.0   83.7


Quarterly average daily rates for the BOURBON offshore fleet

    In US$/day                      2013            2012
                                    Q2      Q1      Q4      Q3      Q2      Q1

    Deepwater offshore vessels      22,092  21,392  21,074  20,702  20,480  20,011
    Shallow water offshore vessels  13,850  14,315  14,257  14,308  13,773  13,290
    Crewboats                        5,122   5,034   4,987   4,923   4,763   4,447
    Subsea Services                 40,644  40,405  39,064  38,991  38,018  38,181
    "Total fleet excluding
    Crewboats" average daily rate   19,458  19,427  19,097  18,883  18,526  18,309


Quarterly deliveries of vessels

    In number of vessels            2013           2012
                                    Q2     Q1      Q4     Q3     Q2     Q1

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


Half-year revenue breakdown


    In millions of euros            2013           2012
                                     H1             H2            H1
    Marine Services                 527.3          511.8         460.4
    Deepwater offshore vessels      195.3          185.8         175.0
    Shallow water offshore vessels  182.9          182.8         153.8
    Crewboats                       149.1          143.2         131.6
    Subsea Services                 109.0           97.9          92.1
    Other                            11.6            9.3          15.4
    GROUP TOTAL                     647.9          618.9         568.0


Half-year average utilization rates for the BOURBON offshore fleet


    In %                            2013           2012
                                     H1             H2            H1
    Marine Services                 83.2           84.7          83.2
    Deepwater offshore vessels      88.4           91.2          91.9
    Shallow water offshore vessels  89.4           91.3          88.5
    Crewboats                       79.3           80.5          78.9
    Subsea Services                 89.2           88.5          87.7
    "Total fleet excluding
    Crewboats"                      89.0           91.0          89.7
    "Total fleet" average
    utilization rate                83.4           84.9          83.3


Half-year average daily rates for the BOURBON offshore fleet


    In US$/day                           2013         2012
                                          H1           H2            H1
    Deepwater offshore vessels           21,789       20,955      20,145
    Shallow water offshore vessels       14,078       14,281      13,519
    Crewboats                            5,083        4,968       4,678
    Subsea Services                      40,262       39,037      37,866
    "Total fleet excluding Crewboats"
    average daily rate                   19,431       19,018      18,352


Half-year deliveries of vessels

    In number of vessels         2013          2012
                                  H1           H2          H1
    Marine Services              18            18          14
    Deepwater Offshore vessels    2             1           2
    Shallow water Offshore        7             5           4
    Crewboats                     9            12           8
    Subsea Services               1             1           0
    FLEET TOTAL                   19            19         14


Breakdown of BOURBON revenues by geographical region

    In millions of euros         Second quarter         First half
                                 Q2 2013 Q2 2012 Change H1 2013 H1 2012 Change
    Africa                       190.5   176.9   +7.7%  377.5   356.2   +6.0%
    Europe &
    Mediterranean/Middle East    57.7    50.2    +15.0% 108.0    96.3    +12.1%
    Americas                     49.9    36.6    +36.5%  96.2    70.4    +36.7%
    Asia                         34.6    26.3    +31.6%  66.2    45.1    +46.8%


Other key indicators

Quarterly breakdown

                                          2013         2012
                                          Q2    Q1     Q4    Q3    Q2    Q1
    Average EUR/US$ exchange rate for
    the quarter (in EUR)                  1.31  1.32   1.30  1.25  1.28  1.31
    EUR/US$ exchange rate at closing (in
    EUR)                                  1.31  1.28   1.32  1.29  1.26  1.34
    Average price of Brent for the
    quarter (in US$/bbl)                   102   112    110   109   108   119


Half-yearly breakdown

                                             2013

                                             H1          2012
                                                         H2         H1
    Average EUR/US$ exchange rate for the
    half year in (EUR)                       1.31        1.27       1.30
    EUR/US$ exchange rate at closing (in
    EUR)                                     1.31        1.32       1.26
    Average price of Brent for the half
    year (in US$/bbl)                         107         110        113


About BOURBON

As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. These services are based on an extensive range of latest-generation vessels and the expertise of more than 10,000 competent professionals. The Group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.

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

In 2012, BOURBON posted revenues of €1.187 billion and as of June 30, 2013, it operated a fleet of 472 vessels.

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

The latest action plan "Transforming for beyond" in its financial aspect aims at the sale and bareboat chartering for 10 years of US$2.5 billion of new or existing vessels. The first phase of the program has been signed for 51 vessels and up to US$1.5 billion with ICBC Financial Leasing.

Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.

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, in the SBF 120 and  CAC Mid 60 index.

CONTACTS

 PR Agency : 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
James Fraser, CFA +33(0)4-91-13-35-45-james.fraser@bourbon-online.com
Communication Department
Christa Roqueblave +33(0)1-40-13-86-06 -christa.roqueblave@bourbon-online.com

http://www.bourbon-online.com


SOURCE BOURBON




Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.