BOURBON : Press Release "BOURBON 2013 Full Year Results"
PARIS, March 5, 2014 /PRNewswire/ --
BOURBON Full Year 2013: Net Income Group share up 174% to €115 million
Increased operating margin[1] and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012
- EBITDAR[2] (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34.3% of revenues
- Positive free cash flow generation of €449.7 million for the year, including vessel sales
- Net debt reduced by €449.4 million compared with June 30, 2013, to €1,741.1 million
- Foreign exchange rate movements negatively impacted full year results by approximately €53 million
- Shallow water operating margin increased by 4.3 pts to 31.5% of revenues with 100 Bourbon Liberty series vessels in operation
- Targeting revenue growth of 8-10% and a slight improvement of the EBITDAR/Revenues ratio in 2014
- Proposed dividend payment of €1.00 per share to shareholders, a 34% increase compared with 2012
[1] Operating margin = EBITDAR (excluding capital gains) / revenues
[2] EBITDAR = EBITDA excluding capital gains and before bareboat charter costs
inc. H2
In millions of euros, except as 2013 / H2
noted H2 2013 H2 2012 2012 H1 2013
Revenues 664.1 618.9 +7.3% 647.9
EBITDAR (excluding capital
gains) 227.3 202.2 +12.4% 223.0
% of revenues 34.2% 32.7% +1.6 pts 34.4%
EBITDA (excluding capital
gains) 217.6 201.6 +7.9% 219.6
EBITDA 354.7 225.4 +57.4% 221.0
EBIT (operating income) 210.5 97.8 +115.3% 92.1
Net income 112.5 27.9 +302.8% 30.9
Net income (Group share) 100.5 24.9 +303.2% 14.4
Number of vessels (end of +27
period) * 485 458 vessels 472
Average utilization rate excl.
Crewboats 90.0% 91.0% -1.0 pts 89.0%
Average daily rate excl.
Crewboats (in US$/d) 19,459 19,018 +2.3% 19,431
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
Table continued:
inc. 2013
In millions of euros, except as
noted 2013 2012 / 2012
Revenues 1,311.9 1,186.9 +10.5%
EBITDAR (excluding capital
gains) 450.3 383.0 +17.6%
% of revenues 34.3% 32.3% +2.1 pts
EBITDA (excluding capital
gains) 437.2 382.4 +14.3%
EBITDA 575.7 406.2 +41.7%
EBIT (operating income) 302.6 161.6 +87.3%
Net income 143.4 53.2 +169.5%
Net income (Group share) 115.0 41.9 +174.0%
Number of vessels (end of +27
period) * 485 458 vessels
Average utilization rate excl.
Crewboats 89.5% 90.4% -0.9 pts
Average daily rate excl.
Crewboats (in US$/d) 19,447 18,743 +3.8%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
"2013 revenues of more than €1.3 billion and a net income Group share of €115.0 million, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes BOURBON a leader in the offshore marine services industry", says Christian Lefèvre, Chief Executive Officer of BOURBON. "2013 was highlighted by the entry into service of 38 new vessels, an increase in the contractualization rate of the fleet and a significant improvement in operational performance."
2013 market and operational highlights
- Strong activity in both deep and shallow water markets with a high, stable oil price
- Focus on operational excellence in execution:
- Safety continued to improve at BOURBON, with TRIR (Total Recordable Incident Rate per million hours worked) of 0.48, a significant achievement compared to 2012
- Technical availability reached 95.5% in the second half of 2013 to bring the annual technical availability up to 94.5%
- The operating cost index declined by 2.5 points from 2012 levels to 104 in 2013 (2010 base = 100)
- Stable contractualization rate of the BOURBON fleet
- Average daily rates increased for the full year across all segments
Full year 2013 results highlights
- EBITDAR (before capital gains) as a percent of revenues (operating margin) increased by more than 2 points to 34.3%, partly due to the benefits of our focus on operational excellence
- EBITDA of €575.7 million (+41.7%) include bareboat charter costs of €13.1 million and capital gains of €138.5 million
- Return on average capital employed (ROACE: EBIT / average capital employed excluding installments) increased to 9.8% compared to 5.8% in 2012. In the future, this ratio will be impacted negatively by the increase in the bareboat charter costs and the reduction of capital gains generation, and positively by the sharp reduction of capital employed following vessels disposal
- Revenues increased across all regions compared with 2012, with Asia having the largest geographic increase in revenues for the 2nd consecutive year, with a combination of new vessels in service and growth in activity in the region
- The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million). Other financial costs consist mainly of foreign exchange losses, 65% of which are unrealized at year end.
MARINE SERVICES
inc. H2
2013 /
H2 2013 H2 2012 H2 2012 H1 2013
Number of vessels (end of +27
period) * 466 439 vessels 452
-1.8
Average utilization rate 82.9% 84.7% pts 83.2%
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc. H2
2013/
In millions of euros H2 2013 H2 2012 H2 2012 H1 2013
Revenues 537.4 511.8 +5.0% 527.3
Direct costs & General and
administrative costs (361.2) (350.2) +3.1% (351.4)
EBITDAR (excluding capital
gains) 176.2 161.5 +9.1% 175.9
EBITDAR (excluding capital +1.2
gains) / Revenues 32.8% 31.6% pts 33.4%
Table continued:
inc. 2013
/
2013 2012 2012
Number of vessels (end of +27
period) * 466 439 vessels
Average utilization rate 83.0% 83.9% -0.9 pts
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc.
2013/
In millions of euros 2013 2012 2012
Revenues 1,064.7 972.2 +9.5%
Direct costs & General and
administrative costs (712.6) (668.1) +6.7%
EBITDAR (excluding capital
gains) 352.0 304.1 +15.8%
EBITDAR (excluding capital
gains) / Revenues 33.1% 31.3% +1.8 pts
Operating margin increased almost 2 points versus 2012 as the benefits of the focus on operational excellence began to materialize. Combined with increases in the fleet size and only a slight decline in overall utilization rates, this enabled a 15.8% increase in EBITDAR. The reduced utilization rate was partly due to the movement of vessels between regions, offset by improved average daily rates, most notably in the Deepwater and Crewboat segments.
Marine Services indicators by segment
Deepwater offshore vessels
inc.
H2
2013 /
H2
H2 2013 H2 2012 2012 H1 2013
Number of vessels (end of no
period) * 72 72 change 73
-1.8
Average utilization rate 89.4% 91.2% pts 88.4%
Average daily rate (in
US$/day) 22,482 20,955 +7.3% 21,789
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc.
H2
2013
/H2
In millions of euros H2 2013 H2 2012 2012 H1 2013
Revenues 196.3 185.8 +5.7% 195.3
Direct costs & General and
administrative costs (125.5) (117.1) +7.2% (119.8)
EBITDAR (excluding capital
gains) 70.7 68.7 +3.0% 75.5
EBITDAR (excluding capital -0.9
gains) / Revenues 36.0% 37.0% pts 38.7%
Table continued:
inc.
2013 /
2013 2012 2012
Number of vessels (end of no
period) * 72 72 change
-2,7
Average utilization rate 88.9% 91.6% pts
Average daily rate (in
US$/day) 22,156 20,683 +7.1%
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc.
2013/
In millions of euros 2013 2012 2012
Revenues 391.6 360.8 +8.5%
Direct costs & General and
administrative costs (245.3) (229.3) +7.0%
EBITDAR (excluding capital
gains) 146.2 131.5 +11.2%
EBITDAR (excluding capital +0.9
gains) / Revenues 37.3% 36.4% pts
There was strong demand for deepwater PSV due in part to the large number of exploration and production projects. EBITDAR increased 11.2% while the fleet size remained stable. There was a mixed effect of higher average daily rates (strong summer in the North Sea market, renewal of contracts on some medium and large PSVs and a mix effect) and an increase in vessel mobilization time, the latter of which had an adverse impact on both direct costs and utilization rates. These partially offsetting impacts therefore enabled the operating margin to increase by almost a full point. During the year, BOURBON took delivery of the first of its Bourbon Explorer 500 series PSVs, further expanding BOURBON's offer to clients of standardized, safe and reliable vessels.
Shallow water offshore vessels
inc. H2
2013 /
H2 2013 H2 2012 H2 2012 H1 2013
Number of vessels (end of +20
period) * 122 102 vessels 109
-0.9
Average utilization rate 90.2% 91.3% pts 89.4%
Average daily rate (in
US$/day) 13,877 14,281 -2.8% 14,078
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc. H2
2013/
In millions of euros H2 2013 H2 2012 H2 2012 H1 2013
Revenues 193.0 182.8 +5.6% 182.9
Direct costs & General and
administrative costs (129.8) (131.6) -1.3% (127.7)
EBITDAR (excluding capital
gains) 63.2 51.3 +23.3% 55.2
EBITDAR (excluding capital +4.7
gains) / Revenues 32.7% 28.0% pts 30.2%
Table continued:
inc.
2013 /
2013 2012 2012
Number of vessels (end of +20
period) * 122 102 vessels
-0.1
Average utilization rate 89.8% 89.9% pts
Average daily rate (in
US$/day) 13,978 13,918 +0.4%
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc.
2013 /
In millions of euros 2013 2012 2012
Revenues 376.0 336.7 +11.7%
Direct costs & General and
administrative costs (257.5) (245.1) +5.1%
EBITDAR (excluding capital
gains) 118.4 91.6 +29.4%
EBITDAR (excluding capital +4.3
gains) / Revenues 31.5% 27.2% pts
Higher shallow water activity was supported by the delivery of new generation jack-up rigs into the market and the continued replacement of older support vessels by newer vessels. There was a significant improvement in operating margin compared with 2012 reflecting the focus on operational excellence and cost control despite a 20% increase in the size of the fleet, while there was also a geographic mix effect due to the end of the Australian contracts which had higher direct costs than other regions. Additionally, direct costs continue seeing the benefits of BOURBON's strategy of building standardized vessels in series, with the 100th Bourbon Liberty series vessel having been delivered in 2013. With broadly stable average daily rates and utilization rates compared with 2012, the strong improvement in operating margin combined with the larger fleet size resulted in an almost 30% increase in EBITDAR versus the prior year.
Crewboats
inc. H2
2013 /
H2 2013 H2 2012 H2 2012 H1 2013
Number of vessels (end of +7
period) 272 265 vessels 270
Average utilization rate 78.0% 80.5% -2.5 pts 79.3%
Average daily rate (in US$/day) 5,270 4,968 +6.1% 5,083
inc. H2
2013/
In millions of euros H2 2013 H2 2012 H2 2012 H1 2013
Revenues 148.1 143.2 +3.4% 149.1
Direct costs & General and
administrative costs (105.9) (101.6) +4.2% (103.9)
EBITDAR (excluding capital
gains) 42.2 41.6 +1.5% 45.1
EBITDAR (excluding capital
gains) / Revenues 28.5% 29.0% -0.5 pts 30.3%
Table continued:
inc. 2013
/
2013 2012 2012
+7
Number of vessels (end of period) 272 265 vessels
Average utilization rate 78.7% 79.6% -0.9 pts
Average daily rate (in US$/day) 5,198 4,852 +7.1%
inc.
2013/
In millions of euros 2013 2012 2012
Revenues 297.2 274.8 +8.2%
Direct costs & General and
administrative costs (209.8) (193.7) +8.3%
EBITDAR (excluding capital gains) 87.3 81.1 +7.7%
EBITDAR (excluding capital gains)
/ Revenues 29.4% 29.5% -0.1 pt
Operating margin excluding capital gains were stable for the year at almost 30% and were benefited by the net addition of 7 new vessels, with 14 new vessels delivered during the year that are larger, on average, than the vessels that left the fleet. The higher utilization rates and average daily rates on the larger vessels helped to contribute to an almost 8% increase in EBITDAR. On a global level, there has been improved demand for the larger crewboats, particularly the FSIVs (DP2). Geographically, the market in West Africa has become increasingly more competitive and BOURBON has been diversifying its reach with the addition of vessels in the Middle East and the Caribbean Sea.
SUBSEA SERVICES
inc.
H2
2013 /
H2
H2 2013 H2 2012 2012 H1 2013
Number of vessels (end of no
period) * 18 18 change 19
+2.8
Average utilization rate 91.3% 88.5% pts 89.2%
Average daily rate (in
US$/day) 42,226 39,037 +8.2% 40,262
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc.
H2
2013/
H2
In millions of euros H2 2013 H2 2012 2012 H1 2013
Revenues 114.3 97.9 +16.8% 109.0
Direct costs & General and
administrative costs (65.6) (59.8) +9.7% (63.8)
EBITDAR (excluding capital
gains) 48.7 38.1 +27.9% 45.1
EBITDAR (excluding capital +3.7
gains) / Revenues 42.6% 38.9% pts 41.4%
Table continued:
inc.
2013 /
2013 2012 2012
Number of vessels (end of no
period) * 18 18 change
+2.1
Average utilization rate 90.2% 88.1% pts
Average daily rate (in
US$/day) 41,190 38,497 +7.0%
* Vessels operated by BOURBON (including vessels owned or on bareboat
charter)
inc.
2013/
In millions of euros 2013 2012 2012
Revenues 223.3 190.0 +17.5%
Direct costs & General and
administrative costs (129.5) (117.1) +10.6%
EBITDAR (excluding capital
gains) 93.8 73.0 +28.6%
EBITDAR (excluding capital +3.6
gains) / Revenues 42.0% 38.4% pts
In Subsea, there was continued good performance, cost control and the benefit of new, larger vessels entering the fleet, all combining to result in an increase in operating margin (excluding capital gains) of 3.6 points, continuing the increase in margins seen over the past year to 42%. With the new vessels delivered being part of the Group's strategy of building standardized vessels in series, cost benefits will continue to be more prevalent. 2013 marked the start of Subsea activity in Asia (3 vessels out of the fleet of 18 ships). Combined with increases in both average daily rates and utilization rates, this resulted in a 28.6% increase EBITDAR compared with 2012. Activity continued to see strength from the growth in number of wellhead installations during the year, with the market expecting an increase in installations by more than 10% over the period 2013-2017. Subsea IMR (inspection, maintenance and repair) demand outlook is further supported by the aging subsea equipment, where there are 5,000 installed wellheads with an average age of over 10 years.
OTHER
inc. H2
2013/
In millions of euros H2 2013 H2 2012 H2 2012 H1 2013
Revenues 12.3 9.3 +33.4% 11.6
Direct costs & General and
administrative costs (9.9) (6.6) +49.5% (9.6)
EBITDAR (excluding capital
gains) 2.4 2.6 -7.5% 2.0
EBITDAR (excluding capital
gains) / Revenues 19.7% 28.4% -8.7 pts 17.5%
Table continued:
inc.
2013/
In millions of euros 2013 2012 2012
Revenues 24.0 24.7 -2.8%
Direct costs & General and
administrative costs (19.5) (18.8) +4.0%
EBITDAR (excluding capital
gains) 4.5 5.9 -24.3%
EBITDAR (excluding capital
gains) / Revenues 18.6% 23.9% -5.3 pts
Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts while new vessels are being built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels that are not part of its regular line of services when needed for global calls for tenders. Volatility of "Other" revenues is largely due to the variation in the number of chartered vessels during the period.
OUTLOOK
The demand for offshore vessels is supported by the high level of spending in the offshore oil & gas sector.
In deepwater offshore, average spending over the next three years is expected to grow by approximately 10% per year but delays of some projects and a decrease in utilization rates of deepwater floating rigs, combined with the expected deliveries of new vessels, could affect prices in this segment. This is expected to have minimal impact on BOURBON whose 19 PSVs under construction will be delivered through 2015.
In the shallow water market, vessel demand growth is driven by the steady spending in the oil & gas sector, notably by activities aimed at maintaining production of existing fields. Demand is driven by the high utilization rates for jack-up drilling rigs and by the renewal of the jack-up fleet BOURBON has 12 Liberty series vessels under construction and combined with the existing fleet, is in a good position for the continued growth in the sector.
The Subsea services market is buoyed by the growing number of subsea wellheads and the development of new deepwater oil fields. 3 of the 5 vessels in the Bourbon Evolution 800 series that will be delivered in 2014 are already contracted.
The majority of deliveries for vessels currently on order are expected in 2014. From now on, new orders for vessels will be executed as opportunities arise and will not impact revenues before 2016.
ACTIVE FLEET MANAGEMENT
The US$2.5 billion of asset disposals with bareboat charter for 10 years is well under way.
Out of the US$1.65 billion sales already signed with ICBL Leasing and Standard Chartered Bank, US$925 million have been received as of March 5th 2014, corresponding to the effective sale of 36 vessels.
CHANGE IN BOURBON CONSOLIDATION SCOPE
As of January 1, 2013, certain companies that were previously consolidated proportionally have been fully consolidated. The impact of this change in consolidation scope is not significant for the Group. Consequently, and in accordance with regulations, no pro forma financial statements have been established for the current period.
For information, the table below shows comparative information:
In millions of euros 2013 2012*
Revenues 1,311.9 1,226.6
EBITDA 575.7 428.5
EBIT 302.6 178.4
Net income (Group share) 115.0 40.6
* restated
ADDITIONAL INFORMATION
- The 2013 financial statements were closed by the Board of Directors on March 3, 2014
- The auditing procedures have been completed and the audit report relating to certification is in the process of being issued
- While there was some hedging activity in the first half of 2013, since the beginning of the 3rd quarter of this year, BOURBON no longer has any hedging in place. At constant exchange rates, 4th quarter 2013 revenues rose 9.3% compared with the same period last year while revenues for full year 2013 rose 13.1% compared with 2012
- BOURBON's results will continue to be affected by foreign exchange rate movements, notably the €/US Dollar exchange rate
- At the next Annual General Meeting, The Board will propose a dividend payment to shareholders of €1.00 per share, with an ex-dividend date of May 29, 2014 and a payment date of June 3, 2014
- In January 2014, BOURBON placed an order for one large Norwegian built AHTS that is expected to be delivered in early 2016
FINANCIAL CALENDAR
- 2014 1st Quarter Revenues press release April 30, 2014
- Shareholders' Meeting May 20, 2014
- 2014 1st Half Results press release and presentation September 3, 2014
APPENDIX I
Simplified Income Statement
inc. H2
2013 /
In millions of euros (except
per share data) H2 2013 H2 2012 H2 2012 H1 2013
Revenues 664.1 618.9 +7.3% 647.9
Direct costs (363.4) (355.4) +2.2% (356.3)
General & Administrative costs (73.4) (61.3) +19.7% (68.6)
EBITDAR excluding capital gains 227.3 202.2 +12.4% 223.0
Bareboat charter costs (9.7) (0.6) (3.4)
EBITDA excluding capital gains 217.6 201.6 +7.9% 219.6
Capital gains 137.2 23.8 1.4
Gross operating income EBITDA 354.7 225.4 +57.4% 221.0
Depreciation, Amortization &
Provisions (144.2) (127.6) +13.0% (128.9)
Operating income (EBIT) 210.5 97.8 +115.3% 92.1
Financial profit/loss (91.5) (54.7) +67.2% (44.1)
Income tax (10.4) (15.1) -31.4% (17.1)
Income on equity interests sold 3.9 - -
Income from discontinued
operations - - -
Net Income 112.5 27.9 30.9
Minority interests (12.0) (3.0) (16.5)
Net income (Group share) 100.5 24.9 14.4
Earnings per share - - - -
Weighted average number of
shares outstanding - - - -
Table continued:
inc. 2013
In millions of euros (except
per share data) 2013 2012 / 2012
Revenues 1,311.9 1,186.9 +10.5%
Direct costs (719.7) (684.1) +5.2%
General & Administrative costs (141.9) (119.8) +18.5%
EBITDAR excluding capital gains 450.3 383.0 +17.6%
Bareboat charter costs (13.1) (0.6)
EBITDA excluding capital gains 437.2 382.4 +14.3%
Capital gains 138.5 23.8
Gross operating income EBITDA 575.7 406.2 +41.7%
Depreciation, Amortization &
Provisions (273.1) (244.6) +11.7%
Operating income (EBIT) 302.6 161.6 +87.3%
Financial profit/loss (135.6) (87.0) +55.9%
Income tax (27.5) (22.2) +23.7%
Income on equity interests sold 3.9 -
Income from discontinued
operations - 0.8
Net Income 143.4 53.2 +169.5%
Minority interests (28.4) (11.3)
Net income (Group share) 115.0 41.9 +174.0%
Earnings per share 1.61 0.59
Weighted average number of
shares outstanding 71,580,591 71,573,786
APPENDIX II
Simplified Consolidated Balance Sheet
In millions of euros 12/31/2013 12/31/2012
Net property, plant and
equipment 2,538.0 3,326.6
Other non-current assets 121.5 105.8
TOTAL NON-CURRENT ASSETS 2,659.5 3,432.4
Cash on hand and in banks 779.4 195.2
Other currents assets 497.5 481.1
TOTAL CURRENT ASSETS 1,276.9 676.3
Non-current assets held for
sale 498.5 -
TOTAL ASSETS 4,434.8 4,108.8
Table continued:
12/31/2013 12/31/2012
Shareholders' equity 1,484.8 1,411.8
Financial debt > 1 year 1,351.6 1,745.0
Other non-current
liabilities 124.1 141.2
TOTAL NON-CURRENT
LIABILITIES 1,475.7 1,886.2
Financial debt < 1 year 1,169.0 510.7
Other current liabilities 305.4 300.1
TOTAL CURRENT LIABILITIES 1,474.3 810.8
Liabilities directly
associated with non-current
assets classified as held
for sale - -
TOTAL LIABILITIES 2,950.0 2,697.0
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 4,434.8 4,108.8
APPENDIX III
Simplified Consolidated Cash Flow Statement
In millions of euros
2013 2012
Cash flow from operating activities
consolidated net income (loss) 143.4 53.2
non-cash adjustments 340.1 297.3
Other adjustments to cash flow from operating activities (143.0) (3.8)
Net cash flow from operating activities (A) 340.6 346.7
Cash flow from investing activities
acquisition of property, plant and equipment and intangible assets (455.7) (375.7)
sale of property, plant and equipment and intangible assets 564.8 55.8
other cash flow from investing activities 13.1 (4.7)
Net Cash flow used in investing activities (B) 122.3 (324.6)
Cash flow from financing activities
net increase (decrease) in borrowings (244.2) 182.4
dividends paid to shareholders of the group (53.4) (53.3)
cost of net debt (73.0) (71.9)
other cash flow from financing activities (12.0) 2.0
Net Cash flow used in financing activities (C) (382.5) 59.1
Impact from the change in exchange rates (D) (8.3) 0.3
Change in net cash (A) + (B) + (C) + (D) 72.0 81.6
Net cash at beginning of period 37.5 (44.0)
Change in net cash 72.0 81.6
Net cash at end of period 109.5 37.5
Free cash flow* 449.7 26.8
*cash from operating activities less cash used for acquisition of property, plant and equipment and intangible assets plus cash received from the sale of property, plant and equipment and intangible assets
APPENDIX IV
Quarterly revenue breakdown
In millions of euros 2013
Q4 Q3 Q2 Q1
Marine Services 270.3 267.0 268.7 258.5
Deepwater offshore vessels 95.7 100.6 102.3 93.0
Shallow water offshore
vessels 100.0 93.0 90.1 92.8
Crewboats 74.7 73.4 76.3 72.8
Subsea Services 55.4 58.9 57.3 51.6
Other 5.8 6.5 6.7 4.9
GROUP TOTAL 331.6 332.4 332.8 315.1
Table continued:
In millions of euros 2012
Q4 Q3 Q2 Q1
Marine Services 257.2 254.5 238.4 222.1
Deepwater offshore vessels 92.6 93.2 88.5 86.5
Shallow water offshore
vessels 91.1 91.7 83.4 70.5
Crewboats 73.5 69.7 66.4 65.1
Subsea Services 51.4 46.5 46.4 45.7
Other 4.2 5.1 5.2 10.2
GROUP TOTAL 312.8 306.1 290.0 278.0
Quarterly average utilization rates for the BOURBON offshore fleet
In % 2013
Q4 Q3 Q2 Q1
Marine Services 83.3 82.4 82.4 83.9
Deepwater offshore vessels 90.1 88.8 90.0 86.6
Shallow water offshore
vessels 90.2 90.2 89.1 89.8
Crewboats 78.4 77.5 77.7 80.8
Subsea Services 89.2 93.6 88.0 90.6
"Total fleet excluding
Crewboats" 90.1 90.0 89.3 88.7
"Total fleet" average
utilization rate 83.5 82.9 82.6 84.2
Table continued:
In % 2012
Q4 Q3 Q2 Q1
Marine Services 86.0 83.4 83.9 83.7
Deepwater offshore vessels 90.2 92.1 91.3 92.5
Shallow water offshore
vessels 92.2 90.3 92.5 84.3
Crewboats 82.5 78.4 78.6 81.0
Subsea Services 91.7 85.2 89.7 85.7
"Total fleet excluding
Crewboats" 91.4 90.5 91.8 87.6
"Total fleet" average
utilization rate 86.2 83.5 84.0 83.7
Quarterly average daily rates for the BOURBON offshore fleet
In US$/day 2013
Q4 Q3 Q2 Q1
Deepwater offshore vessels 22,241 22,683 22,092 21,392
Shallow water offshore
vessels 14,013 13,728 13,850 14,315
Crewboats 5,309 5,204 5,122 5,034
Subsea Services 43,120 41,331 40,644 40,405
"Total fleet excluding
Crewboats" average daily rate 19,329 19,573 19,458 19,427
Table continued:
In US$/day 2012
Q4 Q3 Q2 Q1
Deepwater offshore vessels 21,074 20,702 20,480 20,011
Shallow water offshore
vessels 14,257 14,308 13,773 13,290
Crewboats 4,987 4,923 4,763 4,447
Subsea Services 39,064 38,991 38,018 38,181
"Total fleet excluding
Crewboats" average daily rate 19,097 18,883 18,526 18,309
Quarterly deliveries of vessels
In number of vessels 2013
Q4 Q3 Q2 Q1
Marine Services 10 9 9 9
Deepwater offshore vessels 1 0 1 1
Shallow water offshore
vessels 5 8 4 3
Crewboats 4 1 4 5
Subsea Services 0 0 0 1
FLEET TOTAL 10 9 9 10
Table continued:
In number of vessels 2012
Q4 Q3 Q2 Q1
Marine Services 5 13 6 8
Deepwater offshore vessels 1 0 2 0
Shallow water offshore
vessels 1 4 1 3
Crewboats 3 9 3 5
Subsea Services 0 1 0 0
FLEET TOTAL 5 14 6 8
Yearly revenue breakdown
In millions of euros Full Year
2013 2012
Marine Services 1,064.7 972.2
Deepwater offshore vessels 391.6 360,8
Shallow water offshore vessels 376.0 336.7
Crewboats 297.2 274.8
Subsea Services 223.3 190.0
Other 24.0 24.7
GROUP TOTAL 1,311.9 1,186.9
Yearly average utilization rates for the BOURBON offshore fleet
In % Full Year
2013 2012
Marine Services 83.0 83.9
Deepwater offshore vessels 88.9 91.6
Shallow water offshore vessels 89.8 89.9
Crewboats 78.7 79.6
Subsea Services 90.2 88.1
"Total fleet excluding
Crewboats" 89.5 90.4
"Total fleet" average
utilization rate 83.3 84.1
Yearly average daily rates for the BOURBON offshore fleet
In US$/day Full Year
2013 2012
Deepwater offshore vessels 22,156 20,683
Shallow water offshore vessels 13,978 13,918
Crewboats 5,198 4,852
Subsea Services 41,190 38,497
"Total fleet excluding Crewboats"
average daily rate 19,447 18,743
Yearly deliveries of vessels
In number of vessels Full Year
2013 2012
Marine Services 37 32
Deepwater Offshore vessels 3 3
Shallow water Offshore 20 9
Crewboats 14 20
Subsea Services 1 1
FLEET TOTAL 38 33
Breakdown of BOURBON revenues by geographical region
In millions of euros 4th quarter
Q4 2013 Q4 2012 Change
Africa 186.1 188.2 -1.1%
Europe &
Mediterranean/Middle
East 56.7 54.9 +3.2%
Americas 46.7 36.0 +29.8%
Asia 42.0 33.6 +25.0%
Table continued:
In millions of euros Full Year
2013 2012 Change
Africa 750.4 729.2 +2.9%
Europe &
Mediterranean/Middle
East 228.0 201.1 +13.4%
Americas 187.5 146.3 +28.2%
Asia 145.9 110.3 +32.3%
Other key indicators
Quarterly breakdown
2013
Q4 Q3 Q2 Q1
Average EUR/US$ exchange rate for
the quarter (in EUR) 1.36 1.32 1.31 1.32
EUR/US$ exchange rate at closing
(in EUR) 1.38 1.35 1.31 1.28
Average price of Brent for the
quarter (in US$/bbl) 109 110 102 112
Table continued:
2012
Q4 Q3 Q2 Q1
Average EUR/US$ exchange rate for
the quarter (in EUR) 1.30 1.25 1.28 1.31
EUR/US$ exchange rate at closing
(in EUR) 1.32 1.29 1.26 1.34
Average price of Brent for the
quarter (in US$/bbl) 110 109 108 119
Annual breakdown
Full Year
2013 2012
Average nine month EUR/US$ exchange rate
in (EUR) 1.33 1.28
EUR/US$ exchange rate at closing (in
EUR) 1.38 1.32
Average nine month price of Brent (in
US$/bbl) 109 112
About BOURBON
As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. This offer is based on an extensive range of latest-generation vessels and the expertise of more than 11,000 competent professionals. The group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.
BOURBON has two Activities, Marine Services (Offshore installation supply, towage, anchor handling and positioning, personnel transport) and Subsea Services (Subsea inspection, maintenance and repair, offshore operations engineering, supervision and management) and also protects the French coastline for the French Navy.
In 2013, BOURBON posted revenues of €1.312 billion and as of December 31, 2013, it operated a fleet of 485 vessels. Under its "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built-in series.
The latest action plan "Transforming for beyond" in its financial aspect aims at the sale and bareboat chartering for 10 years of US$2.5 billion of new or existing vessels. Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.
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, in the SBF 120 and CAC Mid 60 index.
CONTACTS
PR Agency : 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
James Fraser, CFA +33(0)4 91 13 35 45 - [email protected]
Communication Department
Christelle Loisel +33(0)1-40-13-86-06 - [email protected]
http://www.bourbon-online.com
SOURCE BOURBON
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