BOURBON (EPA:GBB) BOURBON - Fourth quarter & annual 2010 revenues
Transparency directive : regulatory news
09/02/2011 07:30
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Paris, February 9, 2011Confirmation of gradual recovery of BOURBON activity at end of 2010 in an oil
& gas sector experiencing a downturn
BOURBON quarterly revenues: Q4 2010 vs Q4 2009: + 12.9%
BOURBON annual revenues: 2010 vs 2009: + 4.6%
"Thanks to the dynamism and exceptional dedication of the Women and Men who
work at BOURBON, activity grew in 2010 despite still difficult market
conditions and administrative problems in Brazil which are now resolved.
Greater demands from clients in terms of safety, reliability of operations,
crew skills and transparency can only increase the value of our offer of
services and vessels. 2010 saw the launch of the BOURBON 2015 Leadership
Strategy plan and the finalization of BOURBON's refocus on oil and gas
services. The new business structure is in place and, day after day, the staff
teams are rallying together to deliver the actions needed to achieve our
objectives. In the last quarter, we saw a slight upturn in the utilization
rate of our vessels, which appears to confirm the steady recovery expected in
2011," says Christian Lefèvre, Chief Executive Officer of BOURBON.
BOURBON SCOPE
Following the disposals made in 2010 and in accordance with IFRS, the
financial items concerning the Bulk Division and the sugar activity in Vietnam
have been reclassified as "income from discontinued operations/ operations
held for sale".
To reflect this refocus on offshore oil and gas marine services, the Group's
results will henceforth be segmented and analyzed in "Marine Services",
"Subsea Services" and "Other", with the latter including the activities of
offshore vessels chartered externally and the cement carrier Endeavor.
Figures for the first three quarters of 2010 and for 2009 have been restated
accordingly.
* BOURBON
(in millions of euros) 4th quarter Full year
Q4 2010 Q4 2009 Change at 2010 2009 Change at Change at
current current constant
exchange exchange exchange
rates rates rates
Marine Services 173.4 148.8 +16.5% 660.3 604.9 +9.2%
- deepwater
offshore vessels 75.7 75.9 -0.3% 308.7 315.9 -2.3%
- continental
offshore vessels 44.0 29.8 +47.5% 151.7 112.3 +35.1%
- crewboats 53.7 43.1 +24.7% 199.6 176.7 +13.1%
Subsea Services 40.2 31.8 +26.2% 149.6 127.3 +17.5%
Other 7.7 15.4 -49.7% 40.0 80.6 -50.4%
BOURBON TOTAL 221.3 196.0 +12.9% 849.9 812.8 +4.6% +3.5%
In the fourth quarter of 2010, BOURBON revenues totaled 221.3 million euros,
up 12.9% compared with the same period in 2009.
Compared with the same quarter of the previous year, "Marine Services"
revenues were 16.5% higher at 173.4 million euros, despite a deterioration in
market conditions. This growth is largely due to the full effect of the 58 new
BOURBON vessels put in service in the last twelve months, in line with the
Group's strategy of replacing old and obsolete continental offshore vessels.
"Subsea Services" revenues were 26.2% higher at 40.2 million euros compared
with the same quarter of the previous year, largely due to better performance
from IMR vessels and expansion of the fleet (one new IMR vessel was put into
service during the quarter).
In full-year 2010, revenues were up 4.6% (3.5% at constant exchange rates)
compared with the previous year.
The allocations of vessel resources by segment confirm the value of BOURBON's
strategic choices.
These choices permitted BOURBON to successfully withstand a difficult market.
Key Indicators for BOURBON's activity
BOURBON fleet (owned vessels)
BOURBON Q4 2010 Q3 2010 Change 2010 2009 Change
Number of vessels
at end of period 408 396 + 12 408 358 + 50
Utilization rates (in %) 81.1% 79.2% + 1.9 pts 79.9% 83.2% -3.3 pts
Vessels continued to be delivered at a steady rate, albeit at a slightly lower
pace than the average in the previous three quarters (12 deliveries in the
fourth quarter, compared with an average of 16 previously).
The average utilization rate of the fleet remained high at 81.1% in the fourth
quarter of 2010, slightly higher than in the previous quarter.
Geographic breakdown of BOURBON's revenues
(in millions of euros) 4th quarter Full year
Q4 2010 Q4 2009 Change % 2010 2009 Change %
Africa 142.7 126.5 +13% 550.1 533.6 +3%
Europe & Mediterranean/
Middle-East 34.2 33.9 +1% 129.7 137.2 -5%
American Continent 30.0 16.0 +88% 99.0 57.1 +73%
Asia 14.4 19.7 -27% 71.1 85.0 -16%
Africa, which continues to be BOURBON's principal geographic region, enjoyed
a good fourth quarter, up 13%. At 12%, the contribution from the American
continent in the Group's revenues was markedly higher than in the previous
year, posting growth of 88% in the 4th quarter of 2010, due to growth of the
activity in Mexico and Brazil where, at the end of 2009, the Group took over
the remaining 50% of Delba Maritima Navegaçao.
Generally, the quarter saw a progressive upturn in activity, particularly in
West Africa and Brazil. Replacement of old vessels by modern vessels is now
clearly in evidence, however its effects were dampened by the arrival of new
vessels coming out of the construction shipyards.
* MARINE SERVICES
Marine Services Revenues
(in millions of euros) 4th quarter Full year
Q4 2010 Q4 2009 Change % 2010 2009 Change %
Deepwater offshore vessels 75.7 75.9 -0.3% 308.7 315.9 -2.3%
Continental offshore vessels 44.0 29.8 +47.5% 151.7 112.3 +35.1%
Crewboats 53.7 43.1 +24.7% 199.9 176.7 +13.1%
MARINE SERVICES TOTAL 173.4 148.8 +16.5% 660.3 604.9 +9.2%
In the fourth quarter of 2010, "Marine Services" revenues came to
173.4 million euros, 16.5% higher than in the same quarter of the previous
year despite a deterioration in market conditions. This growth is largely due
to the very favorable reception from clients for the 58 new BOURBON vessels
put into service in the last twelve months, confirming the value of the
Group's strategy of replacing old and obsolete continental offshore vessels.
Revenues generated by the deepwater offshore vessels totaling 75.7 million
euros represented 44% of "Marine Services" revenues. This figure was slightly
down compared with the 4th quarter of 2009 (-0.3%) due to the geographic
relocation of 7 vessels and the decline in charter rates in the North Sea
during the winter (2 vessels concerned).
Revenues generated by continental offshore vessels were up 47.5% at
44.0 million euros. The contribution of the continental segment to "Marine
Services" revenues rose from 20% to 25%, due to the success of the Bourbon
Liberty fleet (26 new vessels added in the last twelve months) which led to a
steady rise in revenues over the last four quarters.
Revenues generated by crewboats were up nearly 25% at 53.7 million euros,
thanks to the fleet's expansion (30 new crewboats added in the last twelve
months) producing a steady rise in revenues over the last four quarters.
The administrative difficulties relating to the import of vessels into Brazil
encountered in the previous quarter continued for most of the fourth quarter,
but the 13 vessels concerned (8 of them continental offshore vessels)
gradually began working at the end of December. Excluding the vessels in
Brazil, the average utilization rate for the continental offshore fleet in the
fourth quarter of 2010 was 4.6 points higher at 75.6% compared with the
previous quarter.
Over full-year 2010, "Marine Services" revenues were 9.2% higher at
660.3 million euros compared with full-year 2009, despite the deterioration in
market conditions. This growth was due to the increase in the number of
continental offshore vessels and crewboats.
Compared with the third quarter of 2010, the expansion of the fleet and slight
increase in the utilization rate were offset by the decrease of the dollar
against the euro.
Marine Services key indicators
Q4 2010 Q3 2010 Change 2010 2009 Change
Number of vessels at end of
period 390 379 +11 390 343 +47
Deepwater offshore vessels 69 69 - 69 67 +2
Continental offshore vessels 78 74 +4 78 53 +25
Crewboats 243 236 +7 243 223 +20
Utilization rates (in %) 80.7% 78.7% +2.0% 79.5% 83.0% -3.5%
Deepwater offshore vessels 88.7% 90.4% -1.7 pts 90.3% 93.1% -2.8 pts
Continental offshore vessels 74.2% 71.0% +3.2 pts 73.2% 84.2% -11 pts
Crewboats 80.5% 77.4% +3.1 pts 78.2% 79.7% -1.5 pts
In deepwater offshore, the annual and quarterly revenues reflect BOURBON's
strategic choice to avoid exposure to a segment (principally for AHTS) with
excess capacity in 2010, which has seen a decline in the market's utilization
rates and average day rates. BOURBON thus only took delivery of 2 vessels in
the year and the Group's policy of long-term contracts enabled the utilization
rate to be maintained at around 90% over the year.
In the continental offshore segment, in line with BOURBON's strategic
positioning, 26 new vessels were deployed and under contract despite
unfavorable market conditions. This demonstrates clients' determination to
boost the replacement market.
In the crewboats segment, production maintenance activities and the revival of
big offshore construction projects helped sustain utilization rates in the
fourth quarter.
* SUBSEA SERVICES
Subsea Services revenues
4th quarter Full year
(in millions of euros) Q4 2010 Q4 2009 Change % 2010 2009 Change %
SUBSEA SERVICES TOTAL 40.2 31.8 +26.2% 149.6 127.3 +17.5%
In the fourth quarter of 2010, "Subsea Services" revenues were 26.2% higher at
40.2 million euros compared with the same quarter of the previous year,
largely due to the expansion of the fleet (three new IMR vessels in the last
twelve months).
Over full-year 2010, "Subsea Services" revenues were 17.5% higher at 149.6
million euros compared with full-year 2009, thanks to the expansion of the
fleet and integrated services.
Compared with the third quarter of 2010, revenues were down 3.4% despite high
utilization rates being maintained (over 91%). This is partly due to the
unfavorable dollar exchange rate and to the geographical relocation of one
vessel to Brazil.
Subsea Services key indicators
Q4 2010 Q3 2010 Change 2010 2009 Change
Number of IMR vessels (at end
of period) 17 16 +1 17 14 +3
Utilization rates (in %) 91.2% 91.5% -0.3 pts 88.5% 88.1% +0.4 pts
The policy of long-term contractualization for BOURBON's IMR vessels enabled a
virtually constant utilization rate to be maintained.
The fourth quarter saw the arrival of Southern Ocean, the biggest vessel in
BOURBON's fleet.
* OTHER
"Other" revenues largely consisted of the activities of vessels chartered
externally and the cement carrier Endeavor.
In the fourth quarter of 2010, revenues of 7.7 million euros were down 49.7%
compared with the same period of the previous year. This is largely due to the
considerable decline in the external chartering of offshore vessels now
unnecessary due to the expansion of the BOURBON fleet.
Over the full-year 2010, revenues of 40.0 million euros were down 50.4%, for
the reasons explained above. 2010 benefited from the full effect of the cement
carrier's contract.
* OUTLOOK
The market is expecting oil prices to remain high, creating a favorable
environment for investment in the sector. Analysts are forecasting growth of
more than 11% in Exploration & Production investments in 2011.
In this context, the demand for vessels will continue to grow, gradually
absorbing the excess capacity.
BOURBON has seen increasing demand from clients in terms of the safety and
efficiency of offshore services vessels and operations, reinforcing their
preference for more modern fleets over older vessels, especially in
continental offshore.
As a result, the average utilization rate for the BOURBON fleet is expected to
continue to improve steadily which should lead to an increase in day rates.
* FINANCIAL CALENDAR
Presentation of 2010 annual results March 16, 2011
1st quarter 2011 financial information May 11, 2011
Combined Annual and Special Shareholders' Meeting June 1, 2011
1st half 2011 financial information August 10, 2011
Presentation of 1st half 2011 results August 31, 2011
APPENDICES - QUARTERLY INFORMATION
* Quarterly revenues
2010 2009
(in millions of euros) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 173.4 171.7 166.5 148.7 148.8 156.9 152.2 147.0
Deepwater offshore vessels 75.7 79.3 79.8 73.8 75.9 80.3 80.3 79.4
Continental offshore vessels 44.0 41.1 35.9 30.8 29.8 30.4 28.0 24.0
Crewboats 53.7 51.3 50.7 44.1 43.1 46.2 43.9 43.5
Subsea Services
IMR vessels 40.2 41.6 38.4 29.5 31.8 34.2 30.6 30.7
OTHER ACTIVITIES 7.7 9.0 11.2 12.1 15.4 17.8 23.0 24.4
GROUP TOTAL 221.3 222.2 216.1 190.2 196.0 208.9 205.9 202.1
* BOURBON fleet Utilization Rate
2010 2009
In % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Average utilization rate 81.1 79.2 81.0 78.1 78.3 82.7 84.7 88.3
Deepwater supply vessels 88.7 90.4 92.1 89.4 91.4 94.5 92.6 93.9
Continental supply vessels 74.2 71.0 75.4 72.4 80.6 79.6 86.6 92.4
Crewboats 80.5 77.4 78.6 75.9 73.2 79.6 81.7 86.0
IMR 91.2 91.5 89.8 80.9 90.4 88.9 88.6 84.5
* Quarterly commissioning of Offshore Vessels
2010 2009
(number of vessels) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
TOTAL FLEET 12 16 18 15 20 13 19 19
Marine Services 11 15 18 14 20 13 18 19
Deepwater Offshore - 1 1 - 3 2 1 1
Continental Offshore 4 6 8 8 6 4 6 4
Crewboats 7 8 9 6 11 7 11 14
Subsea Services / IMR 1 1 0 1 0 0 1 0
* Other key indicators
2010 2009
(in millions of euros) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Average EUR/$ exchange rate
for the quarter (in EUR) 1.33 1.29 1.27 1.38 1.48 1.43 1.36 1.30
Exchange rate at closing
(in EUR) 1.34 1.36 1.23 1.35 1.44 1.46 1.41 1.33
Average Brent price for the
quarter (in $/bl) 86 77 78 76 73 67 59 45
The average euro/dollar exchange rate in 2010 was $1.33 compared with $1.39
in 2009.
The average price of Brent crude in 2010 was $79 compared with $61 in 2009.
About BOURBON
BOURBON offers a broad range of deepwater and continental offshore oil and gas
marine services. Under the new "BOURBON 2015 Leadership Strategy" plan, the
company will invest US$ 2 billion to offer its most demanding oil and gas
clients a large fleet of 600 innovative and high performance vessels. It will
guarantee the highest standard of quality service worldwide, under completely
safe conditions.
BOURBON also protects the French coastline for the French Navy.
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 and Dow
Jones Stoxx 600 indices.
Contacts
Publicis Consultants / Press Relations
Jérôme Goaer +33(0)1 44 82 46 24 jerome.goaer@consultants.publicis.fr
Vilizara Lazarova +33(0)1 44 82 46 34
vilizara.lazarova@consultants.publicis.fr
BOURBON
Investors - Analysts - Shareholders Relations
Patrick Mangaud +33(0)1 40 13 86 09 patrick.mangaud@bourbon-online.com
Communications Department
Christa Roqueblave +33(0)1 40 13 86 06 christa.roqueblave@bourbon-online.com
All information on www.bourbon-online.com
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