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 - [email protected]
Véronique Duhoux +33(0)1-44-82-46-33 - [email protected]
BOURBON
Investors-Analysts-Shareholders Relations
Patrick Mangaud +33(0)1-40-13-86-09 -[email protected]
Corporate Communication
Christa Roqueblave +33(0)1-40-13-86-06 -[email protected]
SOURCE BOURBON
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