BOURBON – Press Release: 4th Quarter and Full-Year 2011 Revenues
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
[email protected]
Véronique Duhoux
+33(0)1-44-82-46-33
[email protected]
Vilizara Lazarova
+33(0)1-44-82-46-34
[email protected]
BOURBON
Investors - Analysts - Shareholders Relations
Patrick Mangaud
+33(0)1-40-13-86-09
[email protected]
Communication Department
Christa Roqueblave
+33(0)1-40-13-86-06
[email protected]
SOURCE BOURBON
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