2014

BOURBON: Third Quarter 2012 Financial Information Third quarter revenues +21.4% (+13.0% at constant exchange rate)

PARIS, November 7, 2012 /PRNewswire/ --

Revenues up 18.9% over 9 months (+14.0% at constant exchange rate)

"In a favorable oil and gas services market, BOURBON's growth is in line with the BOURBON 2015 Leadership Strategy. Average daily rates are rising regularly and apply to an ever growing fleet," says Christian Lefèvre, BOURBON's Chief Executive Officer. "Revenues from the Shallow water offshore vessels segment are up sharply for the quarter at €92 million, driven by a number of factors such as long-term contracts signed for three Bourbon Liberty 300 vessels in Asia and the Persian Gulf."

                                BOURBON        Marine Services    Subsea   Services
                                     DELTAQ3            DELTAQ3             DELTAQ3
                          Q3 2012     2011    Q3 2012    2011     Q3 2012     2011
 
    Revenues
    (in millions of        306.1      252.2     254.5   200.3        46.5     42.3
    euros)                           +21.4%            +27.1%                +9.9%
 
    Number of vessels        458        436       439     418         18*       17     
    (end of period)                 +22 vessels       +21 vessels          +1 vessel
                                       
    Utilization rate        83.5       83.4      83.4    83.0        85.2     94.0
    (in %)                            +0.1 pt           +0.4 pt             -8.8 pts


*1 vessel delivered at end of period

                                                            Total
                                        Shallow             fleet
                             Deepwater   water              excl.
                             Offshore  Offshore    IMR    Crewboats  Crewboats
      Utilization
         rate
 
        (in %)      Q3 2012    92.1      90.3      85.2     90.5       78.4
                    Q3 2011    90.2      86.4      94.0     88.7       79.7
 
     Average daily
    rate (in US$/d) Q3 2012   20,702    14,308    38,991   18,883      4,923
                    Q3 2011   20,547    13,179    33,822   18,303      4,409


Revenues

     (in millions of euros)        Third quarter              9 months
                                               Change
                                                 at                    Change
                                              current                    at
                                              exchange   9       9    current
                                                rate   months months  exchange
                              Q3 2012 Q3 2011           2012   2011     rate
    Marine Services             254.5   200.3   +27.1%  715.0   576.4   +24.0%
    of which Deepwater
    offshore vessels             93.2    81.7   +14.0%  268.2   230.9   +16.1%
    of which Shallow water
    offshore vessels             91.7    61.5   +49.1%  245.5   174.8   +40.4%
    of which Crewboats           69.7    57.0   +22.2%  201.2   170.6   +17.9%
    Subsea Services              46.5    42.3    +9.9%  138.6   124.7   +11.2%
    Other                         5.1     9.6   -47.1%   20.5    33.8   -39.4%
    BOURBON TOTAL               306.1   252.2   +21.4%  874.1   734.9   +18.9%


Compared with the third quarter of2011, BOURBON posted revenues of €306.1 million, up 21.4% (+13% at constant exchange rates) owing to the addition of 31 vessels to the fleet. Growth is especially substantial in the Shallow water offshore vessels segment (+49.1%).

Compared with the second quarter of 2012, BOURBON's revenues were up 5.6%, thanks to the three Marine Services segments, and more particularly to the Shallow water offshore vessels segment (+10%).

Over the first nine months of 2012, revenues rose by 18.9% (+14% at constant exchange rates), with all segments contributing to that growth, and more particularly the Shallow water offshore vessels segment (+40.4%).

MARINE SERVICES

                                       Q3 2012   Q3 2011    Change     Q2 2012
    Revenues (in millions of euros)       254.5    200.3    +27.1%      238.4
    Number of vessels (end of period)     439      418   +21 vessels    428
    Average utilization rate              83.4%    83.0%    +0.4 pt      83.9%


Compared with the third quarter of2011, revenues from Marine Services grew 27.1% to €254.5 million.
That growth is evident in all three segments but is more noticeable in the Shallow water offshore vessels segment.

Compared with the second quarter of 2012, revenues from this Activity were up 6.8%, driven by three high-growth segments.

In the first nine months of 2012, revenues amounted to €715 million, up 24% over the same period in 2011.
All three segments were up, with the Shallow water offshore vessels segment posting growth of 40.4%.

Marine Services indicators by segment

  • Deepwater offshore vessels
                                           Q3 2012    Q3 2011  Change   Q2 2012
    Revenues (in millions of euros)          93.2      81.7    +14.0%     88.5
    Number of vessels (end of period )         71        70 +1 vessel       71
    Average utilization rate                92.1%     90.2%   +1.9 pt    91.3%


Compared with the third quarter of2011, revenues posted by Deepwater offshore vessels for the third quarter of 2012 were up 14% at €93.2 million, owing mainly to the increase in daily rates on part of the fleet and to the impact of the dollar.

Compared with the second quarter of 2012, revenues were up 5.2%.

In Africa, BOURBON continues to benefit from the increase in daily rates (in particular, the signing of a new contract in Ghana for a PSV and the renewal of a PSV contract in Nigeria).

In the North Sea, the activity was disappointing over the summer, with relatively low daily rates and utilization rates, mild weather and with the over-capacity of PSV and AHTS vessels increased by new built vessels on the market and the return of the vessels which operated in Brazil.

In the first nine months of 2012, revenues reached €268.2 million, up 16.1% from the same period in 2011, thanks to the increase in daily rates, a better utilization rate and the impact of the dollar.

  • Shallow water offshore vessels
                                          Q3 2012    Q3 2011   Change   Q2 2012
    Revenues (in millions of euros)          91.7      61.5    +49.1%     83,4
    Number of vessels (end of period )        101        91 +10 vessels     97
    Average utilization rate                90.3%     86.4%  +3.9 pts    92.5%


Compared with the third quarter of2011, third quarter 2012 revenues posted by Shallow water offshore vessels were up sharply (+49.1%) at €91.7 million, driven by the increase in average daily rates (+8.6%), by the growth of the fleet (+10 vessels in 12 months), by the improvement in the average utilization rate (+3.9 points) and by the impact of the dollar.

As a result of BOURBON's strategic choice to invest in this replacement market, the percentage of revenues accounted for by Shallow water offshore vessels rose further.

Compared with the second quarter of 2012, revenues were up 10.0%, driven by the growth of the fleet, the increase in average daily rates (+3.9%) and the commissioning of three Bourbon Liberty 300 vessels under contract in Thailand and Qatar. It should be noted that the long-term contract signed in Qatar with Maersk Oil, which has unusually high operating standards, points to the future need for replacement vessels equipped with deepwater offshore technology in the Persian Gulf region.

In the first nine months of 2012, revenues reached €245.5 million, up 40.4% over the same period in the prior year. This reflects the commissioning of 9 new Bourbon Liberty vessels over the period, a 6.3% increase in average daily rates, a slight improvement in the average utilization rate (+2 points) and the favorable impact of the dollar.

  • Crewboats
                                         Q3 2012   Q3 2011   Change    Q2 2012
    Revenues (in millions of euros)         69.7     57.0     +22.2%      66.4
    Number of vessels (end of period)        267      257 +10 vessels     260
    Average utilization rate               78.4%    79.7%    -1.3 pt     78.6%


Compared with the third quarter of2011, third quarter 2012 revenues posted by Crewboats were up 22.2% at €69.7 million, thanks to the significant increase in average daily rates (+11.7%), to the favorable impact of the dollar and to the continued expansion of the fleet.

Compared with the second quarter of 2012, revenues are up 4.8%, thanks to the increase in average daily rates and to the expansion of the fleet.

In the first nine months of 2012, revenues amounted to €201.2 million, up 17.9% over the same period in 2011 owing to the increase in average daily rates (+9.3%), the expansion of the fleet (commissioning of 18 vessels) and the favorable impact of the dollar, despite a reduction in the average utilization rate.

  • SUBSEA SERVICES
                                         Q3 2012    Q3 2011   Change    Q2 2012
    Revenues (in millions of euros)         46.5      42.3     +9.9%      46.4
    Number of vessels (end of period)        18*        17 +1 vessel        17
    Average utilization rate               85.2%     94.0%  -8.8 pts     89.7%


* 1 vessel delivered at end of period

8 classification dry-docks are planned for 2012. Therefore the average utilization rate for the quarter is affected.

The delivery of the Bourbon Evolution 802 occurred at the end of September 2012, therefore not impacting third quarterly revenues.

Compared with the third quarter of2011, third quarter 2012 revenues are up 9.9% at €46.5 million, reflecting the positive full-time effect of adding to the fleet the first IMR vessel of the Bourbon Evolution 800 series as well as the favorable impact of the dollar. On the other hand, the average utilization rate is noticeably down (-8.8 points) because of the planned classification dry-docks.

Compared with the second quarter of 2012, revenues remain stable. Chartering two ROVs (Heavy Duty -3000m type) in the Mediterranean offset the fall in revenues due to planned classification dry-docks.

In the first nine months of 2012, revenues are up 11.2%. This is due to contrasting changes:

  • on the one hand, to chartering full-time a 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, and to the favorable impact of the dollar;
  • on the other hand, an average utilization rate down 7.2 points owing to the numerous programmed technical planned classification dry-docks.

  • OTHER

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

Compared with the third quarter of2011, "Other" revenues were down 47.1%.

In the first nine months of 2012, revenues were down 39.4%.

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 comprehensive 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 %.

More than 60 new drilling rigs should be commissioned during 2013, and the order books of offshore construction companies and subsea production equipment manufacturers are fuller than ever.

In shallow water offshore, speeding up the job of replacing old vessels on the market deemed obsolete seems vital for the oil and gas companies to meet their increasing requirements in terms of risk management.

In deepwater offshore, the international fleet continues to grow, with new vessels commissioned, mainly large PSVs. In line with its strategy of factoring in the risk of over-capacity, BOURBON has little exposure in this market and is focusing on medium-sized vessels, for which there is always a high demand on the global markets.

On the subsea services market, the demand for IMR vessels should be steady, sustained by the planned installations of subsea well heads, the support to contractors and the increase in maintenance operations for existing underwater equipment.

The benefits of BOURBON's strategic choices are now visible on the market. Standardization, high maneuverability and low fuel consumption are fully recognized by clients. The technical availability rates of the vessels are improving, and training sessions for crews at sea and onshore are now of the highest quality.

BOURBON's results are affected by the €/US$ exchange rate. Hence BOURBON has engaged in foreign exchange hedging operations to cover the full estimated exposure of the 2012 EBITDA at the €/US$ exchange rate. These forward sales of dollars were implemented at the average exchange rate of 1€ = 1.3070 US$.

  • FINANCIAL CALENDAR

- Fourth quarter and full-year 2012 financial information    February 6, 2013

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

- 1st quarter 2013 revenue release    May 02, 2013

- 2013 Shareholders' Meeting    May 28, 2013

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

APPENDICES

Quarterly breakdown of revenues

    (in millions of euros)             2012                      2011
                                Q3      Q2     Q1       Q4    Q3    Q2    Q1
    Marine Services             254.5  238.4  222.1    216.5 200.3 191.1 185.1
    Deepwater offshore
    vessels                      93.2   88.5   86.5     87.5  81.7  74.4  74.8
    Shallow water offshore
    vessels                      91.7   83.4   70.5     66.6  61.5  58.9  54.4
    Crewboats                    69.7   66.4   65.1     62.4  57.0  57.8  55.8
    Subsea Services
 
    IMR vessels                  46.5   46.4   45.7     48.1  42.3  41.6  40.7
    Other                         5.1    5.2   10.2      8.5   9.6  14.5   9.7
    GROUP TOTAL                 306.1  290.0  278.0    273.1 252.2 247.2 235.5


Quarterly breakdown of the average utilization rates of the BOURBON fleet  

                  (in %)                      2012                  2011
                                         Q3    Q2    Q1       Q4   Q3   Q2   Q1
    Deepwater offshore vessels          92.1  91.3  92.5     93.7 90.2 86.9 88.1
    Shallow water offshore vessels      90.3  92.5  84.3     88.3 86.4 90.2 84.8
    Crewboats                           78.4  78.6  81.0     82.1 79.7 81.4 80.5
    Average utilization rate Marine
    Services                            83.4  83.9  83.7     85.5 83.0 84.2 82.7
    Average utilization rate Subsea
    Services                            85.2  89.7  85.7     91.0 94.0 96.3 92.0
    Average utilization rate Total
    fleet excl. Crewboats               90.5  91.8  87.6     90.7 88.7 89.5 86.9
    Average utilization rate Total
    fleet                               83.5  84.0  83.7     85.7 83.4 84.7 83.1


Quarterly breakdown of the average daily rate for the BOURBON fleet

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


Quarterly commissioning of vessels

        (in number of vessels)             2012                    2011
                                      Q3    Q2    Q1       Q4   Q3    Q2    Q1
    TOTAL FLEET                       14     6     8       3    15    11    10
    Marine Services                   13     6     8       2    15    11    10
                                       0     2     0       0     0     1     0
    Deepwater offshore vessels
    Shallow water offshore vessels     4     1     3       1     6     5     3
 
    Crewboats                          9     3     5       1     9     5     7
    Subsea Services / IMR              1     0     0       1     0     0     0


Breakdown of revenues for the first 9 months

        (in millions of euros)               9 months
                                           2012     2011
    Marine Services                       715.0    576.4
    Deepwater offshore vessels            268.2    230.9
    Shallow water offshore vessels        245.5    174.8
    Crewboats                             201.2    170.6
    Subsea Services
 
    IMR vessels                           138.6    124.7
    Other                                  20.5     33.8
    GROUP TOTAL                           874.1    734.9


Nine-month changes in average utilization rates of the BOURBON offshore fleet

                   (in %)                        9 months
                                               2012     2011
    Deepwater offshore vessels                 92.0     88.4
    Shallow water offshore vessels             89.1     87.1
    Crewboats                                  78.6     80.6
    Average utilization rate Marine
    Services                                   83.2     83.3
    Average utilization rate Subsea
    Services                                   86.8     94.0
    Average utilization rate Total fleet
    excl. Crewboats                            90.0     88.4
    Average utilization rate Total fleet       83.3     83.8


Nine-month changes in average daily rates of the BOURBON offshore fleet

                 (in $/day)                      9 months
                                              2012     2011
    Deepwater offshore vessels               20,407   19,528
    Shallow water offshore vessels           13,794   12,982
    Crewboats                                4,777     4,369
    IMR vessels                              38,251   32,700
    Average utilization rate Total fleet
    excl. Crewboats                          18,558   17,763


Nine-month changes in the commissioning of vessels

        (in number of vessels)             9 months
                                         2012     2011
    FLEET TOTAL                           28       36
    Marine Services                       27       36
    Deepwater offshore vessels            2        1
 
    Shallow water offshore vessels        8        14
 
    Crewboats                             17       21
    Subsea Services / IMR                 1        0



Breakdown of BOURBON revenues by geographical region

      (in millions of euros)        Third quarter             9 months
                               Q3 2012 Q3 2011 Change   2012    2011   Change
                        Africa   184.7   147.7  +25.0%   540.9   446.5  +21.2%
                      Europe &
     Mediterranean/Middle-East    49.9    49.8   +0.2%   146.2   138.1   +5.9%
            American Continent    39.9    32.0  +24.6%   110.3    91.5  +20.6%
                          Asia    31.6    22.7  +39.5%    76.7    58.9  +30.2%


Other key indicators

Quarterly breakdown

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


9 month breakdown

                                                    9 months
                                                 2012     2011
    Average 9-month EUR/$ exchange rate (in
    EUR)                                         1.29     1.41
    EUR/US$ exchange rate at closing (in
    EUR)                                         1.29     1.35
    Average 9-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 2011, BOURBON posted revenues of €1.008 billion and operated a fleet of 458 vessels as of September 30, 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, 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

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


SOURCE BOURBON




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