| Adjusted Revenues (a) | | | | | | | |
| Marine Services | 203.2 | 279.0 | -27.2% | 218.5 | 681.1 | 891.0 | -23.6% |
| Deepwater offshore vessels | 81.4 | 101.9 | -20.1 % | 84.2 | 264.2 | 325.3 | -18.8% |
| Shallow water offshore vessels | 60.9 | 107.2 | -43.1 % | 73.6 | 229.1 | 346.7 | -33.9% |
| Crew boats | 60.8 | 69.9 | -13.0 % | 60.7 | 187.8 | 219.0 | -14.2% |
| Subsea Services | 50.0 | 61.0 | -18.0% | 60.9 | 160.8 | 199.0 | -19.2% |
| Other | 5.9 | 4.1 | +43.6% | 5.3 | 16.3 | 12.9 | +25.8% |
| Total adjusted revenues
(change at constant rates) | 259.1
| 344.1
| -24.7%
-26.2 % | 284.7
| 858.2
| 1,102.9
| -22.2%
-21.7% |
| IFRS 11 impact*** | (19.4) | (23.8) | n/s | (20.1) | (62.0) | (81.4) | n/s |
| GROUP TOTAL | 239.7 | 320.2 | -25.2% | 264.6 | 796.2 | 1,021.6 | -22.1% |
(***) Effect of consolidation of jointly controlled companies using the equity method.
| Average utilization rate (excl. Crew boats) | 58.3% | 76.0% | -17.7 pts | 64.5% | 64.8% | 79.8% | -15,0 pts |
| Average daily rate (excl. Crew boats US$/d) | 15,260 | 17,858 | -14.5% | 15,265 | 15,626 | 18,599 | -16.0% |
(a) Adjusted data:
The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). As of January 1, 2015, the internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Adjusted comparative figures are restated accordingly.
| | Quarter | 9 months |
| Q3 2016 | Q3 2015 | Var 2016/
2015 | Q2 2016 | 2016 | 2015 | Var 2016/
2015 |
| Adjusted Revenues (in € millions) | 203.2 | 279.0 | -27.2% | 218.5 | 681.1 | 891.0 | -23.6% |
| Number of vessels (end of period)* | 491 | 484 | + 7 vessels | 490 | 491 | 484 | + 7 vessels |
| Average utilization rate | 59.9% | 74.1% | -14.2 pts | 64.5% | 64.9% | 76.9% | -12.0 pts |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues continue to suffer from the decrease in demand in both Deepwater and Shallow water offshore. This is amplified by vessel overcapacity in these two segments. In contrast, the Crew boats segment is proving robust.
| | Quarter | 9 months |
| Q3 2016 | Q3 2015 | Var 2016/
2015 | Q2 2016 | 2016 | 2015 | Var 2016/
2015 |
| Adjusted Revenues (in € millions) | 81.4 | 101.9 | -20.1% | 84.2 | 264.2 | 325.3 | -18.8% |
| Number of vessels (end of period)* | 89 | 86 | +3 vessels | 89 | 89 | 86 | + 3 vessels |
| Average utilization rate | 66.4% | 79.8% | -13.4 pts | 69.7% | 71.0% | 83.1% | -12.1 pts |
| Average daily rate (US$/day) | 16,492 | 19,518 | -15.5% | 16,537 | 16,939 | 20,543 | -17.5% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted 3rd quarter revenues in the Deepwater offshore segment resisted from one quarter to the next, in particular thanks to higher utilization and daily rates in the Europe/MMI and Americas regions. West Africa area continued to suffer from a very tense market. BOURBON accordingly continued its proactive cost reduction measures, stacking up to 22 vessels in the 3rd quarter.
| | Quarter | 9 months |
| Q3 2016 | Q3 2015 | Var 2016/
2015 | Q2 2016 | 2016 | 2015 | Var 2016/
2015 |
| Adjusted Revenues (in € millions) | 60.9 | 107.2 | -43.1% | 73.6 | 229.1 | 346.7 | -33.9% |
| Number of vessels (end of period)* | 133 | 134 | -1 vessel | 133 | 133 | 134 | -1 vessel |
| Average utilization rate | 53.1% | 75.5% | -22.4 pts | 62.5% | 62.3% | 79.4% | -17.1 pts |
| Average daily rate (in US$/day) | 10,365 | 12,880 | -19.5% | 10,712 | 11,061 | 13,457 | -17.8% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Third quarter revenues were hit by a market that deteriorated severely particularly in this segment (-9.4 pts in utilization rates compared with the previous quarter) and especially in West Africa, in addition to the region`s annual seasonal effect during this period. The Europe/MMI region benefited from long-term contracts, notably in Egypt and Saudi Arabia.
BOURBON continued to adapt its costs to market conditions over the quarter, stacking up to 59 vessels.
|
| Quarter | 9 months |
| Q3 2016 | Q3 2015 | Var 2016/
2015 | Q2 2016 | 2016 | 2015 | Var 2016/
2015 |
| Adjusted Revenues (in € millions) | 60.8 | 69.9 | -13.0% | 60.7 | 187.8 | 219.0 | -14.2% |
| Number of vessels (end of period) | 269 | 264 | + 5 vessels | 268 | 269 | 264 | + 5 vessels |
| Average utilization rate | 61.1% | 71.5% | -10.4 pts | 63.8% | 64.1% | 73.6% | -9.5 pts |
| Average daily rate (in US$/day) | 4,473 | 4,632 | -3.4% | 4,405 | 4,477 | 4,771 | -6.2% |
Adjusted revenues in the Crew boats segment rose slightly compared with the previous quarter, with heightened demand for large Crew boats representing an economic alternative to transport by helicopter. This is the only segment to see average daily rates increase slightly.
| | Quarter | 9 months |
| Q3 2016 | Q3 2015 | Var 2016/
2015 | Q2 2016 | 2016 | 2015 | Var 2016/
2015 |
| Adjusted Revenues (in € millions) | 50.0 | 61.0 | -18.0% | 60.9 | 160.8 | 199.0 | -19.2% |
| Number of vessels (end of period)* | 22 | 22 | No change | 22 | 22 | 22 | No change |
| Average utilization rate | 57.0% | 64.3% | -7.3 pts | 56.0% | 55,1% | 70.1% | -15 pts |
| Average daily rate (in US$/day) | 37,182 | 47,657 | -22.0% | 39,583 | 40,001 | 48,679 | -17.8% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted revenues remained down, with 6 vessels being stacked in the 3rd quarter.
The 1-point improvement in the utilization rate compared with the previous quarter reflects BOURBON`s proactive strategy of entering new Shallow water offshore markets thanks to its partners` network, in particular in East Asia, where 2 Bourbon Evolution vessels are now operating. BOURBON is continuing its strategy of diversification by extending its range of services: installation/laying, inspection & assistance, ROV, diving support, well stimulation, flotels, etc.
| | Quarter | 9 months |
| Q3 2016 | Q3 2015 | Var 2016/
2015 | Q2 2016 | 2016 | 2015 | Var 2016/
2015 |
| Adjusted Revenues (in € millions) | 5.9 | 4.1 | +43.6% | 5.3 | 16.3 | 12.9 | +25.8% |
Activities included are those that do not fit into either Marine Services or Subsea Services. Making up the majority of the total are earnings from such items as miscellaneous ship management activities, logistics as well as from the cement carrier Endeavor.
In a context marked by the upward revision of the demand for oil in 2017, inventory stagnation and an offering that is expected to contract, given the reduction in investment over the past two years, we are seeing signs of a return to growth, albeit with a time lag.
Clients are going to increase maintenance operations on installations and embark on projects to extend existing facilities.
In the first half of 2017, the impact on our Deepwater and Shallow water offshore supply vessel segments will be very limited, with drilling activity remaining at very low levels; however, this impact will in all likelihood be more visible in our Crew boat and Subsea/ maintenance support activities from early 2017.
BOURBON is therefore continuing its efforts to streamline operations reduce costs and preserve cash, with the same objective of "operational excellence".
BOURBON`s results will continue to be influenced by the €/US$ exchange rate.
| 4th Quarter 2016 & full year 2016 financial information press release |
February 9, 2017
|
| 2016 Annual Results press release and presentation | March, 16 2017 |
| In millions of euros | | 2016 | | 2015 |
| | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Marine Services | | 203.2 | 218.5 | 259.5 | | 275.7 | 279.0 | 299.8 | 312.2 |
| Deepwater offshore vessels | | 81.4 | 84.2 | 98.6 | | 106.1 | 101.9 | 109.6 | 113.8 |
| Shallow water offshore vessels | | 60.9 | 73.6 | 94.6 | | 103.0 | 107.2 | 116.1 | 123.5 |
| Crew boats | | 60.8 | 60.7 | 66.3 | | 66.6 | 69.9 | 74.2 | 74.9 |
| Subsea Services | | 50.0 | 60.9 | 50.0 | | 53.3 | 61.0 | 70.9 | 67.1 |
| Other | | 5.9 | 5.3 | 5.0 | | 5.2 | 4.1 | 4.5 | 4.3 |
| Total adjusted revenues | | 259.1 | 284.7 | 314.5 | | 334.2 | 344.1 | 375.2 | 383.6 |
| Adjustments* | | (19.4) | (20.1) | (22.5) | | (26.1) | (23.8) | (30.1) | (27.4) |
| TOTAL CONSOLIDATED** | | 239.7 | 264.6 | 292.0 | | 308.1 | 320.2 | 345.1 | 356.3 |
* Effect of consolidation of joint ventures using the equity method.
| In % | | 2016 | | 2015 |
| | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Marine Services | | 59.9 | 64.5 | 70.3 | | 73.0 | 74.1 | 77.4 | 79.2 |
| Deepwater offshore vessels | | 66.4 | 69.7 | 77.2 | | 82.6 | 79.8 | 84.0 | 86.0 |
| Shallow water offshore vessels | | 53.1 | 62.5 | 71.3 | | 76.5 | 75.5 | 78.3 | 84.5 |
| Crew boats | | 61.1 | 63.8 | 67.5 | | 68.0 | 71.5 | 75.0 | 74.4 |
| Subsea Services | | 57.0 | 56.0 | 52.3 | | 54.0 | 64.3 | 70.2 | 75.9 |
| "Total fleet excluding Crew boats" | | 58.3 | 64.5 | 71.7 | | 76.7 | 76.0 | 79.5 | 84.3 |
| "Total fleet" average utilization rate | | 59.7 | 64.2 | 69.5 | | 72.1 | 73.7 | 77.1 | 79.1 |
| In US$/day | | 2016 | | 2015 |
| | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Deepwater offshore vessels | | 16,492 | 16,537 | 17,630 | | 18,360 | 19,518 | 20,286 | 21,942 |
| Shallow water offshore vessels | | 10,365 | 10,712 | 11,967 | | 12,205 | 12,880 | 13,507 | 13,882 |
| Crew boats | | 4,473 | 4,405 | 4,538 | | 4,530 | 4,632 | 4,732 | 4,934 |
| Subsea Services | | 37,182 | 39,583 | 44,119 | | 47,232 | 47,657 | 48,847 | 50,118 |
| "Total fleet excluding Crew boats" average daily
rate | | 15,260 | 15,265 | 16,299 | | 16,809 | 17,858 | 18,640 | 19,301 |
| In number of vessels* | | 2016 | | 2015 |
| | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Marine Services | | 491 | 490 | 492 | | 488 | 484 | 483 | 479 |
| Deepwater offshore vessels | | 89 | 89 | 89 | | 88 | 86 | 82 | 79 |
| Shallow water offshore vessels | 133 | 133 | 133 | 133 | 134 | 138 | 138 |
| Crew boats | 269 | 268 | 270 | 267 | 264 | 263 | 262 |
| Subsea Services | | 22 | 22 | 22 | | 22 | 22 | 22 | 21 |
| FLEET TOTAL | | 513 | 512 | 514 | | 510 | 506 | 505 | 500 |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
| In number of vessels | | 2016 | | 2015 |
| | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Marine Services | | 1 | 0 | 4 | | 5 | 6 | 4 | 0 |
| Deepwater offshore vessels | | 0 | 0 | 1 | | 2 | 4 | 3 | 0 |
| Shallow water offshore vessels | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Crew boats | 1 | 0 | 3 | 3 | 2 | 1 | 0 |
| Subsea Services | | 0 | 0 | 0 | | 0 | 0 | 1 | 0 |
| FLEET TOTAL | | 1 | 0 | 4 | | 5 | 6 | 5 | 0 |
| In millions of euros | | 9 months |
| | 2016 | 2015 |
| Marine Services | | 681.1 | 891.0 |
| Deepwater offshore vessels | | 264.2 | 325.3 |
| Shallow water offshore vessels | | 229.1 | 346.7 |
| Crew boats | | 187.8 | 219.0 |
| Subsea Services | | 160.8 | 199.0 |
| Other | | 16.3 | 12.9 |
| Total adjusted revenues | | 858.2 | 1,102.9 |
| Adjustments* | | (62.0) | (81.4) |
| TOTAL CONSOLIDATED** | | 796.2 | 1,021.6 |
* Effect of consolidation of joint ventures using the equity method.
| In % | | 9 months |
| | 2016 | 2015 |
| Marine Services | | 64.9 | 76.9 |
| Deepwater offshore vessels | | 71.0 | 83.1 |
| Shallow water offshore vessels | | 62.3 | 79.4 |
| Crew boats | | 64.1 | 73.6 |
| Subsea Services | | 55.1 | 70.1 |
| "Total fleet excluding Crew boats" | | 64,8 | 79.8 |
| "Total fleet" average utilization rate | | 64,4 | 76.6 |
| In US$/day | | 9 months |
| | 2016 | 2015 |
| Deepwater offshore vessels | | 16,939 | 20,543 |
| Shallow water offshore vessels | | 11,061 | 13,457 |
| Crew boats | | 4,477 | 4,771 |
| Subsea Services | | 40,001 | 48,679 |
| "Total fleet excluding Crew boats" average daily rate | | 15,626 | 18,599 |
| In number of vessels | | 9 months |
| | 2016 | 2015 |
| Marine Services | | 5 | 10 |
| Deepwater Offshore vessels | | 1 | 7 |
| Shallow water Offshore | 0 | 0 |
| Crew boats | 4 | 3 |
| Subsea Services | | 0 | 1 |
| FLEET TOTAL | | 5 | 11 |
| In millions of euros | Third quarter | 9 months |
| Q3 2016 | Q3 2015 | Change | 2016 | 2015 | Change |
| Africa | 131.0 | 188.7 | -30.6% | 480.4 | 621.0 | -22.6% |
| Europe & Mediterranean/Middle East | 45.7 | 53.2 | -14.1% | 116.3 | 169.5 | -31.4% |
| Americas | 52.9 | 68.1 | -22.3% | 171.2 | 201.2 | -14.9% |
| Asia | 29.5 | 34.1 | -13.5% | 90.3 | 111.2 | -18.8% |
| | | 2016 | | 2015 |
| | Q3 | Q2 | Q1 | | Q4 | Q3 | Q2 | Q1 |
| Average €/US$ exchange rate for the quarter
(in €) | | 1.12 | 1.13 | 1.10 | | 1.10 | 1.11 | 1.11 | 1.13 |
| €/US$ exchange rate at closing
(in €) | | 1.12 | 1.11 | 1.14 | | 1.09 | 1.12 | 1.12 | 1.08 |
| Average price of Brent for the quarter
(in US$/bbl) | | 46 | 46 | 34 | | 44 | 50 | 62 | 54 |
| | | 9 months |
| | 2016 | 2015 |
| Average nine month €/US$ exchange rate (in €) | | 1.12 | 1.11 |
| €/US$ exchange rate at closing (in €) | | 1.12 | 1.12 |
| Average nine month price of Brent (in US$/bbl) | | 42 | 55 |
About BOURBON
Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of almost 10,000 skilled employees. Through its 34 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.
BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.
In 2015, BOURBON`S revenue came to €1,329.6 million and as of September 30, 2016, the company operated a fleet of 514 vessels.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.
| BOURBON | Media relations agency
Publicis Consultants |
Relations investisseurs, analystes, actionnaires Vilizara Lazarova
+33 410 138 607 +33 144 824 634
investor-relations@bourbon-online.com James.fraser@bourbon-online.comjames.fraser@bourbon-online.com vilizara.lazarova@consultants.publicis.fr
Communication Groupe
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
PDF version
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via GlobeNewswire
HUG#2053808
