BOURBON : Fourth Quarter 2012 and Full-year 2012 Revenues
PARIS, February 6, 2013 /PRNewswire/ --
Strong growth in 2012
2012 revenues: up 17.7% to 1.187 billion euros
4th quarter 2012 revenues up 14.5%
«In a favorable oil and gas services market, BOURBON's growth is in line with the BOURBON 2015 Leadership Strategy plan. Average daily rates are still in a suitable range," says BOURBON's Chief Executive Officer Christian Lefèvre. "Our positioning in the deepwater mid-sized vessel market and high-end shallow water vessel market (diesel-electric and DP2 dynamic positioning) is paying off. The stability of the Brent price per barrel (US$ 110 on average in the last quarter of 2012) is helping to bolster major investments by our clients and hence the demand for vessels in the upcoming quarters.
Under these conditions, backed by its growing modern fleet of standardized, innovative vessels with an average age of 6 years, BOURBON is set to reap the full benefits of an offshore vessel market that is expected to improve even further in 2013."
BOURBON Marine Services Subsea Services
Q4 2012 Q4 2011 Q4 2012 Q4 2011 Q4 2012 Q4 2011
Revenues 312.8 273.1 257.2 216.5 51.4 48.1
(in millions of
euros) +14.5% +18.8% +6.8%
Number of vessels * 458 437 439 418 18 18
(end of period) +21 vessels +21 vessels -
Average
utilization rate 86.2% 85.7% 86.0% 85.5% 91.7% 91.0%
(in %) +0.5 pt +0.5 pt +0.7 pt
*Vessels owned by BOURBON or on bareboat charter
Total
Shallow fleet
Deepwater water excl.
offshore offshore IMR Crewboats Crewboats
Average
utilization
rate
(in %) Q4 2012 90.2% 92.2% 91.7% 91.4% 82.5%
Q4 2011 93.7% 88.3% 91.0% 90.7% 82.1%
21,074 14,257 39,064 19,097 4,987
Average daily
rate (in US$/d) Q4 2012 +4.2% +12.4% +13.2% +6.3% +14.7%
Q4 2011 20,222 12,681 34,516 17,965 4,349
2012 Highlights
- A steadily growing market in 2012, particularly in Asia (+33.1%, primarily in Australia) and Africa (+19.3%) featuring the gradual increase in average utilization rates and average daily rates.
- This growth is especially strong in the Shallow water offshore vessels segment (+ 39.4%) thanks to the increase in average daily rate, the addition of new vessels to the fleet and the favorable impact of the dollar.
A dollar impact proving favorable over the year but unfavorable from one quarter to another.
Revenues
(in millions of euros) 4th quarter Full year
Change Change
at at
current current
exchange exchange
Q4 2012 Q4 2011 rate 2012 2011 rate
Marine Services 257.2 216.5 +18.8% 972.2 792.9 +22.6%
of which Deepwater
offshore vessels 92.6 87.5 +5.8% 360.8 318.4 +13.3%
of which Shallow water
offshore vessels 91.1 66.6 +36.8% 336.7 241.5 +39.4%
of which Crewboats 73.5 62.4 +17.8% 274.8 233.0 +17.9%
Subsea Services 51.4 48.1 +6.8% 190.0 172.8 +10.0%
Other 4.2 8.5 -51.0% 24.7 42.3 -41.7%
BOURBON TOTAL 312.8 273.1 +14.5% 1,186.9 1,008.0 +17.7%
Compared with the fourth quarter of 2011, BOURBON posted revenues of 312.8 million euros, up 14.5% (+11.5% at constant exchange rates) owing to the addition of 33 vessels to the fleet, to the increase in average daily rates and to a favorable dollar effect.
Growth is especially substantial in the Shallow water offshore vessels segment (+36.8%).
Compared with the third quarter of 2012, BOURBON's revenues were up 2.2% (+3.2% at constant exchange rates).
For the full year 2012, revenues rose by 17.7% (+13.7% at constant exchange rates) and +20.3% excluding the segment "Other" with all segments contributing to that growth, and more particularly the Shallow water offshore vessels segment (+39.4%).
MARINE SERVICES
Q4 2012 Q4 2011 Change Q3 2012
Revenues (in millions of euros) 257.2 216.5 +18.8% 254.5
Number of vessels* (end of
period) 439 418 +21 vessels 439
Average utilization rate 86.0% 85.5% +0.5 pt 83.4%
*Vessels owned by BOURBON or on bareboat charter
Compared with the fourth quarter of 2011, Marine Services revenues were 18.8% higher at 257.2 million euros. This growth is especially noticeable in the Shallow water vessels segment (9 additional vessels entered in service over the period) and the Crewboats segment (20 additional vessels entered in service over the period).
Compared with the third quarter of 2012, revenues for this Activity were up 1.1%.
For the full year 2012, revenues amounted to 972.2 million euros, up 22.6% from 2011.
Marine Services indicators by segment
- Deepwater offshore vessels
Q4 2012 Q4 2011 Change Q3 2012
Revenues (in millions of euros) 92.6 87.5 +5.8% 93.2
+ 2
Number of vessels* (end of period) 72 70 vessels 71
Average utilization rate 90.2% 93.7% -3.5 pts 92.1%
*Vessels owned by BOURBON or on bareboat charter
Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Deepwater offshore vessels were up 5.8% to 92.6 million euros, buoyed by high rates and the full-time effect of two new vessels, despite a decline in the utilization rate in the North Sea market.
Compared with the third quarter of 2012, revenues dipped by a slight 0.6%, affected in part by the planned classification dry-dock of 4 vessels and by the dollar effect.
In the North Sea, despite the fact that demand for offshore vessels was up, average utilization rate and average daily rate were impacted by the over-capacity of PSV and AHTS vessels, which was exacerbated by the addition of newly built vessels to the market and the return of vessels that previously operated in Brazil.
For the full year 2012, revenues reached 360.8 million euros, up 13.3% from the same period in 2011, thanks to the increase in average daily rate of part of the fleet and the impact of the dollar.
- Shallow water offshore vessels
Q4 2012 Q4 2011 Change Q3 2012
Revenues (in millions of euros) 91.1 66.6 +36.8% 91.7
Number of vessels (end of
period) 102 91 + 11 vessels 101
Average utilization rate 92.2% 88.3% +3.9 pts 90.3%
Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Shallow water offshore vessels were up sharply (+36.8%) at 91.1 million euros, driven by the success of the Bourbon Liberty vessels, as reflected by the increase in average daily rates (+12.4%), the growth of the fleet (9 vessels delivered in twelve months), and the improvement in the average utilization rate (+3.9 points).
Compared with the third quarter of 2012, revenues were slightly down despite the improved utilization rate (+1.9 point), owing mainly to the dollar effect and to a very slight decrease in average daily rates.
For the full year 2012, revenues over the prior year rose sharply to 336.7 million euros, an increase of 39.4%, compared with the 12% growth in the number of vessels. This reflects the 8.6% increase in average daily rates, the continued improvement in the average utilization rate (+2.4 points) and the favorable impact of the dollar.
- Crewboats
Q4 2012 Q4 2011 Change Q3 2012
Revenues (in millions of euros) 73.5 62.4 +17.8% 69.7
Number of vessels (end of period) 265 257 +8 vessels 267
Average utilization rate 82.5% 82.1% +0.4 pt 78.4%
Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Crewboats were up 17.8% at 73.5 million euros, thanks to the significant increase in average daily rates, to the favorable impact of the dollar and to the continued expansion of the fleet.
Compared with the third quarter of 2012, revenues were 5.5% higher due to the improvement in utilization rates (+4.1 points).
For the full year 2012, revenues amounted to 274.8 million euros, up 17.9% over the same period in 2011 owing to the increase in average daily rates (+11.1%), the expansion of the fleet (20 new vessels in service) and the favorable impact of the dollar, despite a reduction in the average utilization rate.
- SUBSEA SERVICES
Q4 2012 Q4 2011 Change Q3 2012
Revenues (in millions of euros) 51.4 48.1 +6.8% 46.5
Number of vessels (end of period) 18 18 - 18
Average utilization rate 91.7% 91.0% +0.7 pt 85.2%
Compared with the fourth quarter of 2011, fourth quarter 2012 revenues rose 6.8% to 51.4 million euros, buoyed by the full-time effect of the addition to the fleet of the second vessel in the Bourbon Evolution series and by the favorable impact of the dollar. The average utilization rate is slightly up (+0.7 point), while the average daily rate is up 13.2%.
Compared with the third quarter of 2012, revenues are up 10.5%, buoyed by the addition of one new vessel in the Bourbon Evolution 800 series and the return to full operation of 4 vessels after planned classification dry-docks.
For the full year 2012, revenues are up 10.0%. This is due to contrasting changes:
- on the one hand, to the full-time chartering of one 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, to the favorable impact of the dollar, and to the addition to the fleet of the Bourbon Evolution 802, which took full effect during the last quarter.
- on the other hand, to an average utilization rate down 5.1 points owing to 8 planned classification dry-docks in 2012 (44% of the total fleet).
- OTHER
Many vessels directly owned by BOURBON were added to the fleet to replace chartered vessels.
Compared with the fourth quarter of 2011, "Other" revenues were down 51.0%.
For the full year 2012, revenues were down 41.7%.
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 global 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%, and by the expected arrival on the market of 76 new drilling rigs. The order books of offshore construction companies and subsea production equipment manufacturers are fuller than ever.
BOURBON is set to take delivery around 47 vessels during the year in this booming market.
BOURBON will present its 2012 results on March 6, 2013.
- OTHER INFORMATION
On November 30, BOURBON sold 3 Platform Supply Vessels built in 2004 with a five-year bareboat charter agreement. This sale generated capital gains of approximately 22 million euros.
This deal reflects BOURBON's aim to standardize its fleet with recent series and built in series.
- FINANCIAL CALENDAR
-Release and presentation of 2012 annual results March 06, 2013
-1st quarter 2013 revenue release May 02, 2013
-Shareholders' Meeting May 28, 2013
-Release and presentation of 2013 1st half results August 28, 2013
APPENDICES
Quarterly changes in revenues
(in millions of euros) 2012 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 257.2 254.5 238.4 222.1 216.5 200.3 191.1 185.1
Deepwater offshore
vessels 92.6 93.2 88.5 86.5 87.5 81.7 74.4 74.8
Shallow water offshore
vessels 91.1 91.7 83.4 70.5 66.6 61.5 58.9 54.4
Crewboats 73.5 69.7 66.4 65.1 62.4 57.0 57.8 55.8
Subsea Services
IMR vessels 51.4 46.5 46.4 45.7 48.1 42.3 41.6 40.7
Other 4.2 5.1 5.2 10.2 8.5 9.6 14.5 9.7
GROUP TOTAL 312.8 306.1 290.0 278.0 273.1 252.2 247.2 235.5
Quarterly changes in the average utilization rate of the BOURBON offshore fleet
(as a %) 2012 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 90.2 92.1 91.3 92.5 93.7 90.2 86.9 88.1
Shallow water offshore vessels 92.2 90.3 92.5 84.3 88.3 86.4 90.2 84.8
Crewboats 82.5 78.4 78.6 81.0 82.1 79.7 81.4 80.5
Marine Services average
utilization rate 86.0 83.4 83.9 83.7 85.5 83.0 84.2 82.7
Subsea Services average
utilization rate 91.7 85.2 89.7 85.7 91.0 94.0 96.3 92.0
Average utilization rate Total
fleet excl. Crewboats 91.4 90.5 91.8 87.6 90.7 88.7 89.5 86.9
Total fleet average utilization
rate 86.2 83.5 84.0 83.7 85.7 83.4 84.7 83.1
Quarterly changes in the average daily rate for the BOURBON offshore fleet
(in US$/day) 2012 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater
offshore
vessels 21,074 20,702 20,480 20,011 20,222 20,547 19,154 18,835
Shallow
water
offshore
vessels 14,257 14,308 13,773 13,290 12,681 13,179 12,883 12,653
Crewboats 4,987 4,923 4,763 4,447 4,349 4,409 4,361 4,263
IMR vessels 39,064 38,991 38,018 38,181 34,516 33,822 32,379 31,842
Average
daily rate
Total fleet
excl.
Crewboats 19,097 18,883 18,526 18,309 17,965 18,303 17,498 17,354
Quarterly number of vessels entering in service
(in number of vessels) 2012 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
FLEET TOTAL 5 14 6 8 3 15 11 10
Marine Services 5 13 6 8 2 15 11 10
Deepwater offshore vessels
1 0 2 0 0 0 1 0
Shallow water offshore
vessels 1 4 1 3 1 6 5 3
Crewboats 3 9 3 5 1 9 5 7
Subsea Services / IMR 0 1 0 0 1 0 0 0
Change in annual revenues
(in millions of euros) Full year
2012 2011
Marine Services 972.2 792.9
Deepwater offshore vessels 360.8 318.4
Shallow water offshore vessels 336.7 241.5
Crewboats 274.8 233.0
Subsea Services
IMR vessels 190.0 172.8
Other 24.7 42.3
GROUP TOTAL 1,186.9 1,008.0
Quarterly change in the average utilization rate of the BOURBON offshore fleet
(as a %) Full year
2012 2011
Deepwater offshore vessels 91.6 89.8
Shallow water offshore vessels 89.9 87.5
Crewboats 79.6 80.9
Marine Services average utilization
rate 83.9 83.8
Subsea Services average utilization
rate 88.1 93.2
Average utilization rate Total fleet
excl. Crewboats 90.4 89.0
Total fleet average utilization rate 84.1 84.2
Quarterly change in the average daily rate for the BOURBON offshore fleet
(in US$/day) Full year
2012 2011
Deepwater offshore vessels 20,683 19,413
Shallow water offshore vessels 13,918 12,820
Crewboats 4,852 4,369
IMR vessels 38,497 33,288
Average daily rate Total fleet excl.
Crewboats 18,743 17,663
Annual number of vessels entering in service
(in number of vessels) Full year
2012 2011
FLEET TOTAL 33 39
Marine Services 32 38
Deepwater offshore vessels 3 1
Shallow water offshore vessels 9 15
Crewboats 20 22
Subsea Services / IMR 1 1
Breakdown of BOURBON revenues by geographical region
(in millions of euros) 4th quarter Full year
Q4 2012 Q4 2011 Change 2012 2011 Change
Africa 188.2 164.6 +14.4% 729.2 611.1 +19.3%
Europe &
Mediterranean/Middle East 54.9 50.4 +8.9% 201.1 188.5 +6.7%
American continent 36.0 34.1 +5.5% 146.3 125.6 +16.5%
Asia 33.6 24.0 +40.1% 110.3 82.9 +33.1%
Other key indicators
Quarterly breakdown
2012 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Average EUR/US$ exchange rate
for the quarter (in EUR) 1.30 1.25 1.28 1.31 1.35 1.41 1.44 1.37
EUR/US$ exchange rate at closing
(in EUR) 1.32 1.29 1.26 1.34 1.29 1.35 1.45 1.42
Average price of Brent for the
quarter
(in US$/bl) 110 109 108 119 109 113 117 105
12-month breakdown
Full year
2012 2011
Average 12-month EUR/US$ exchange rate
(in EUR) 1.28 1.39
EUR/US$ exchange rate at closing (in
EUR) 1.32 1.29
Average 12-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 2012, BOURBON posted revenues of €1.187 billion and operated a fleet of 458 vessels as of December 31, 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 and CAC Mid 60 indices.
CONTACTS
PR Agency Publicis Consultants
Jérôme Goaer +33(0)1-44-82-46-24 - [email protected]
Véronique Duhoux +33(01)44-82-46-33 - [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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