BOURBON (EPA:GBB) BOURBON - 2nd quarter and first half 2011 revenue
Transparency directive : regulatory news
10/08/2011 07:30
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Press release Paris, August 10, 2011An increase of utilization rate up to 84.7% in a recovering offshore market
+18.8% growth in half-year revenues to 482.7 million euros at current exchange
rates
"The steady increase in the fleet's utilization rates, particularly in shallow
water offshore, illustrates the recovery of the offshore market and our clients'
recognition of the performance of our vessels. Although significant, the
improvement in daily charter rates, expected at the end of the year and in 2012,
has not yet been a factor in increasing revenues." says Christian Lefèvre, Chie
f Executive Officer of BOURBON. "Despite an EBITDA nearly 20% higher from one
half to the next, the net result of the period will be negative due to the
adverse impact of the dollar exchange rate on our financial results".
(in millions of euros) Second Quarter First Half
Q2 2011 Q2 2010 Change at H1 2011 H1 2010 Change at
current current
exchange exchange
rates rates
Marine Services 191.1 166.5 +14.8% 376.1 315.2 +19.3%
of which deepwater
offshore vessels 74.4 79.8 -6.8% 149.2 153.7 -2.9%
of which shallow water
offshore vessels 58.9 35.9 +64.0% 113.3 66.7 + 70.0%
of which crewboats 57.8 50.7 +13.9% 113.6 94.8 + 19.8%
Subsea Services 41.6 38.4 +8.2% 82.4 67.9 + 21.3%
Other 14.5 11.2 +29.1% 24.2 23.3 + 3.8%
BOURBON TOTAL 247.2 216.1 +14.4% 482.7 406.4 + 18.8%
In the second quarter of 2011, BOURBON revenues amounted to 247.2 million euros,
up 14.4% (+19.2% at constant exchange rates) compared with the same period in
2010 and 4.9% (+9.2% at constant exchange rates) compared with the first quarter
of 2011.
Compared with the same quarter of the previous year, revenues for Marine
Services were 14.8% higher at 191.1 million euros. This rise is mainly due to
strong performance from the shallow water offshore vessels segment which posted
a 64% growth in revenues and a sharp upswing in its utilization rate (+ 14.8
points).
Subsea Services revenues were up 8.2%, at 41.6 million euros, thanks to the
improvement in utilization rates and expansion of the fleet.
In the first half, revenues were up 18.8% (19.6% at constant exchange rates)
compared with the same period in 2010 thanks to the performance of shallow water
offshore and, to a lesser extent, that of the Crewboats segment and the Subsea
Services Activity.
Indicators for BOURBON activity
BOURBON fleet (owned vessels)
Second Quarter First Quarter
BOURBON Q2 2011 Q2 2010 Change Q1 2011
Number of vessels (end of period) 424 389 +35 vessels 418
Average utilization rate 84.7% 81.0% +3.7 pts 83.1%
During the quarter, BOURBON took delivery of 11 new vessels (1 deepwater
offshore vessel, 5 shallow water offshore vessels and 5 crewboats).
The fleet's average utilization rate continued to increase, climbing to 84.7% in
the second quarter of 2011 (+3.7 points compared with the second quarter of
2010). It was also up against the first quarter of 2011 (+1.6 points) and the
fourth quarter of 2010 (+3.6 points).
Geographic breakdown of BOURBON's revenues
(in millions of euros) Second Quarter First Half
Q2 2011 Q2 2010 Change H1 2011 H1 2010 Change
Africa 147.9 137.9 7.2% 298.7 260.3 14.8%
Europe &
Mediterranean/Middle-East 50.8 33.5 51.5% 88.3 61.4 43.8%
American Continent 29.4 23.8 23.6% 59.4 44.5 33.5%
Asia 19.0 20.8 -8.7% 36.2 40.1 -9.7%
The share of the Europe & Mediterranean / Middle East segment in the Group's
revenues increased considerably year-on-year at 20.6%, due, among other factors,
to the expansion of the activity in Turkey. From one quarter to another, this
represented an increase of 13.3 million euros.
Africa is still BOURBON's main geographic region.
MARINE SERVICES
Q2 2011 Q2 2010 Change Q1 2011
Revenues (in millions of euros) 191.1 166.5 +14.8% 185.1
Number of vessels (end of period) 406 373 +33 vessels 400
Average utilization rate 84.2% 80.6% +3.6 pts 82.7%
Compared with the second quarter of 2010, the activity of Marine Services shows
an increase of 14.8% higher to 191.1 million euros. This increase is principally
due to the growth of the shallow water offshore segment (+64%).
As anticipated, the utilization rate continued to improve over the quarter: by
3.6 points year-on-year, by 1.5 points over the previous quarter, and by 3.5
points compared with the fourth quarter of 2010.
Compared with the first quarter of 2011, Marine Services saw a significant
increase in its activity in the shallow water offshore vessels segment, buoyed
by a strong market in Africa and an upturn in activity in Asia at the end of the
monsoon.
The progressive start-up of the offshore activity in the US portion of the Gulf
of Mexico prompted the relocation of American vessels from West Africa and the
Middle East to this area, a trend which is likely to intensify till the end of
the year.
Indicators by segment
Deepwater offshore vessels
Q2 2011 Q2 2010 Change % Q1 2011
Revenues (in millions of euros) 74.4 79.8 -6.8% 74.8
Number of vessels (end of period) 70 69 +1 vessel 69
Average utilization rate 86.9% 92.1% -5.2 pts 88.1%
Average daily rate ($/d) 19,154 19,978 -4.1% 18,835
Compared with the second quarter of 2010, revenues generated by deepwater
offshore vessels in the second quarter of 2011 recorded a 6.8% decrease at 74.4
million euros, representing 39% of the total Marine Services activity.Two new
vessels joined the fleet; the average utilization rate although remaining high,
saw a slight decline as did the average daily rate.
The deepwater offshore activity was slightly reduced, largely due to the
anticipation of the technical stoppages for certain vessels and persistent
overcapacity on the large AHTS.
Compared with the first quarter of 2011, revenues were virtually stable despite
a new vessel joining the fleet, as the small increase in daily rates was offset
by the adverse trend in utilization rates.
Shallow water offshore vessels
Q2 2011 Q2 2010 Change % Q1 2011
Revenues (in millions of euros) 58.9 35.9 +64% 54.4
Number of vessels (end of period) 85 67 +18 vessels 81
Average utilization rate 90.2% 75.4% + 14.8 pts 84.8%
Average daily rate ($/d) 12,883 12,371 +4.1% 12,653
Compared with the second quarter of 2010, revenues from shallow water offshore
vessels in the second quarter of 2011 were up sharply (+64%) at 58.9 million
euros and now account for nearly 31% of total revenues for the Marine Services
activity; the vessel utilization rate climbed to 90.2%, up 14.8 points
year-onyear, at a time when the fleet gained 18 new vessels.
Compared with the first quarter of 2011, revenues were up 8.2%.The utilization
rate continued to increase sharply (+ 5.4 points) from one quarter to another.
This performance reflects a strong demand from clients for Bourbon Liberty
vessels; 66 of these vessels were in operation as of June 30, 2011.
Crewboats
Q2 2011 Q2 2010 Change Q1 2011
Revenues (in millions of euros) 57.8 50.7 + 13.9% 55.8
Number of vessels (end of period) 251 237 +14 vessels 250
Average utilization rate 81.4% 78.6% +2.8 pts 80.5%
Average daily rate ($/d) 4,361 4,021 +8.4% 4,263
Compared with the second quarter of 2010, crewboat revenues in the second
quarter of 2011 were up 13.9% to 57.8 million euros, largely due to the
expansion of the fleet (14 new crewboats) and an increase in daily rates.
Compared with the first quarter of 2011, revenues were 3.6% higher due to the
improvement in daily rates.
SUBSEA SERVICES
The increase in revenues for the second quarter of 2011 was largely the result
of an improvement in vessel utilization rates, due particularly to:
- a relatively low time out of action for dry dock overhaul (only 1 vessel
underwent a programmed stoppage partially in this quarter);
- the establishment of a preventive maintenance policy leading to a reduction
in the number of nonprogrammed interventions which result in operating vessels
being out of action;
- a marketing strategy that led to a slight improvement in the number of days'
chartering of the vessels.
During the quarter, the Subsea Services activity continued to develop its
support services for the installation of wind farms in the North Sea.
In the second quarter, the Bourbon Enterprise, which had been operating in the
Greater Gabbard area of the UK since June 2010, was relocated to the Bard wind
farm off Germany where it is operating as a diving support vessel.
Bourbon Subsea Services continued to focus on improving its vessel utilization
rates and maintained its growth target, with greater activity in support
services for wind farms and expansion into new geographic reg ions.
Q2 2011 Q2 2010 Change % Q1 2011
Revenues (in millions of euros) 41.6 38.4 +8.2% 40.7
Number of vessels (end of period) 17 15 +2 vessels 17
Average utilization rate 96.3% 89.8% +6.5 pts 92.0%
Average daily rate ($/d) 32,379 32,999 -1.9% 31,842
Compared with the second quarter of 2010, revenues for the Subsea Services
Activity in the second quarter of 2011 came to 41.6 million euros, up 8.2%.This
predominantly reflects the expansion of the fleet (arrival of 2 new IMR vessels
and 3 subsea robots) and the improvement in fleet utilization rates (+6.5
points).
Compared with the first quarter of 2011, revenues increased slightly and the
average utilization rate was 4.3 points higher.
OTHER
Compared with the second quarter of 2010, the use of external charters was up
sharply, generating a 29.1% increase in "Other" revenues in the second quarter
of 2011, to 14.5 million euros.
Compared with the first quarter of 2011, the use of external charters was up
sharply, generating a 49.4% increase in "Other" revenues. This increase was
largely the result of the full impact in the second quarter of 4 spot contracts
in response to the client's demand for immediate logistics resources to start up
exploration of a new field.
OUTLOOK
The market is still in a recovery phase, with an average price per barrel
(Brent) of US$ 117 over the quarter. The sustained price per barrel of oil over
the last several months has boosted investment in the offshore oil and gas
sector.
Exploration/development capital expenditure forecasts for the sector have been
revised upwards, with a 15% increase anticipated for 2011 versus 2010, instead
of the 12% predicted previously, and this should have a strong knock-on effect
for BOURBON's activity.
Orders for drilling equipment confirm the market's optimistic outlook, with 61
orders in the first half of 2011 compared with only 2 over the same period in
2010.
While average utilization rates for modern vessels on the market are rising,
those for vessels over 25 years old are continuing to decline, confirming the
already-evident trend of a preference among oil clients for chartering vessels
that are modern, safer, more efficient and more reliable.
BOURBON's strategy, which is based on a very modern and high-performance fleet,
positions the Group very favorably to reap the benefit of the upcoming increase
in charter rates.
The policy of efficient management of fuel consumption of vessels operating for
clients, implemented as part of the cost-reduction operating strategy, will also
be a considerable advantage in a context of high oil prices.
As well as a gradual increase in utilization rates for modern vessels, the
market is expecting daily rates to rise as of end of 2011 and in 2012.
BOURBON's 2011 results will continue to be affected by the euro/dollar exchange
rate.
FINANCIAL CALENDAR
- Presentation of 1st half 2011 results August 31, 2011
- 3rd quarter 2011 financial information November 10, 2011
APPENDICES
Quarterly revenues
(in millions of euros) 2011 2010
Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 191.1 185.1 173.4 171.7 166.5 148.7
Deepwater offshore vessels 74.4 74.8 75.7 79.3 79.8 73.8
Shallow water offshore vessels 58.9 54.4 44.0 41.1 35.9 30.8
Crewboats 57.8 55.8 53.7 51.3 50.7 44.1
Subsea Services
IMR vessels 41.6 40.7 40.2 41.6 38.4 29.5
Other 14.5 9.7 7.7 9.0 11.2 12.1
GROUP TOTAL 247.2 235.5 221.3 222.2 216.1 190.2
Average utilization rate of the BOURBON fleet
(in %) 2011 2010
Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 86.9 88.1 88.7 90.4 92.1 89.4
Shallow water offshore vessels 90.2 84.8 74.2 71.0 75.4 72.4
Crewboats 81.4 80.5 80.5 77.4 78.6 75.9
Average utilization rate
Marine Services 84.2 82.7 80.7 78.7 80.6 77.9
Average utilization rate
Subsea Services 96.3 92.0 91.2 91.5 89.8 80.9
Average utilization rate total fleet 84.7 83.1 81.1 79.2 81.0 78.1
Quarterly breakdown of the average daily rate for the BOURBON fleet
(in $/day)
2011 2010
Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 19,154 18,835 18,637 19,244 19 978 19,406
Shallow water offshore vessels 12,883 12,653 12,255 12,420 12,371 12,623
Crewboats 4,361 4,263 4,160 3,863 4,021 4,135
IMR vessels 32,379 31,842 31,485 32,491 32,999 33,707
Quarterly commissioning of vessels
(in number of vessels) 2011 2010
Q2 Q1 Q4 Q3 Q2 Q1
FLEET TOTAL 11 10 12 16 18 15
Marine Services 11 10 11 15 18 14
Deepwater offshore 1 0 - 1 1 -
Shallow water offshore 5 3 4 6 8 8
Crewboats 5 7 7 8 9 6
Subsea Services / IMR 0 0 1 1 0 1
Breakdown of half-year indicators
Marine Services
H1 2011 H1 2010 Change H2 2010
Revenues (in millions of euros) 376.1 315.2 +19.3% 345.1
Number of vessels (end of period) 406 373 +33 vessels 390
Average utilization rate 83.4% 79.3% +4.1 pts 79.8%
Average daily rate ($/d) 8,641 8,582 +0.7% 8,559
Of which deepwater offshore vessels
H1 2011 H1 2010 Change H2 2010
Revenues (in millions of euros) 149.2 153.7 -2.9% 155.0
Number of vessels (end of period) 70 69 +1 vessel 69
Average utilization rate 87.5 90.7% -3.2 pts 89.5%
Average daily rate ($/d) 18,994 19,725 -3.7% 18,935
Of which shallow water offshore vessels
H1 2011 H1 2010 Change H2 2010
Revenues (in millions of euros) 113.3 66.7 +70% 85.1
Number of vessels (end of period) 85 67 +18 vessels 78
Average utilization rate 87.5% 74.0% +13.5 pts 72.7%
Average daily rate ($/d) 12,821 12,488 +2.7% 12,332
Of which crewboats
H1 2011 H1 2010 Change H2 2010
Revenues (in millions of euros) 113.6 94.8 +19.8% 105.1
Number of vessels (end of period) 251 237 +14 vessels 243
Average utilization rate 80.8% 77.3% +3.5 pts 79.1%
Average daily rate ($/d) 4,319 4,079 +5,9% 4,070
Subsea Services
H1 2011 H1 2010 Change H2 2010
Revenues (in millions of euros) 82.4 67.9 +21.3% 81.7
Number of vessels (end of period) 17 15 +2 vessels 17
Average utilization rate 94.2% 85.4% +8.8 pts 91.3%
Average daily rate ($/d) 32,117 33,328 -3.6% 31,961
Other key indicators
2011 2010
Q2 Q1 Q4 Q3 Q2 Q1
Average EUR/$ exchange rate for
the quarter (in EUR) 1.44 1.37 1.33 1.29 1.27 1.38
EUR/$ exchange rate at
closing (in EUR) 1.45 1.42 1.34 1.36 1.23 1.35
Average price of Brent for
the quarter (in $/bl) 117 105 86 77 78 76
About BOURBON
BOURBON offers oil & gas companies with the most demanding requirements a
comprehensive range of surface and subsea marine services for offshore oil & gas
fields and wind farms, based on an extensive range of latest-generation vessels.
The Group provides a local service through its 26 operating subsidiaries, close
to clients and their operations, and it guarantees the highest standards of
service quality and safety worldwide.
BOURBON, a pure player in offshore, has two operating Activities: Marine
Services and Subsea Services. BOURBON also protects the French coastline for the
French Navy.
Under the "BOURBON 2015 Leadership Strategy" plan, the company is investing US$2
billion in a large fleet and by 2015 it will have 600 innovative and
high-performance offshore vessels.
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, CAC Mid 60
and Dow Jones Stoxx 600 indices.
CONTACTS
Publicis Consultants
Jérôme Goaer +33 (0)1 44 82 46 24 -
jerome.goaer@consultants.publicis.fr
Véronique Duhoux +33 (0)1 44 82 46 33 -
veronique.duhoux@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
www.bourbon-online.com
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