BOURBON (EPA:GBB) BOURBON - Q3 2011 revenues
Transparency directive : regulatory news
10/11/2011 07:30
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Communiqué de presseParis, November 10, 2011
Quarterly Financial Information
Revenue up +17% over 9 months in line with the objectives of the BOURBON 2015
Leadership Strategy
Significant increase in daily rates in the third quarter follows previous
quarter's upturn in utilization rates
"In a favorable oil & gas environment, the price per barrel of Brent (113 US$
over the quarter) remains at a high level and the North Sea activity started to
recover before the steady upturn in rates for offshore vessels worldwide.
Prospects for increasing utilization rates and daily rates are set fair for the
fourth quarter in deep and shallow water offshore" says Christian Lefèvre,
Chief Executive Officer of BOURBON. "Backed by the success of our Bourbon
Liberty series with our oil & gas clients, BOURBON is, and should continue to
be, one of the main services companies to benefit from this recovery. However,
BOURBON's financial performance will only be impacted gradually, as contracts
are renewed, and will be offset by the costs of commissioning new vessels."
Third Quarter 9 months
(in millions of euros) Q3 2011 Q3 2010 Change at 9 months 9 months Change at
current 2011 2010 current
exchange exchange
rates rates
Marine Services 200.3 171.7 +17% 576.4 486.9 +18%
of which deepwater
offshore vessels 81.7 79.3 +3% 230.9 233.0 -1%
of which shallow water
offshore vessels 61.5 41.1 +50% 174.8 107.7 +62%
of which crewboats 57.0 51.3 +11% 170.6 146.2 +17%
Subsea Services 42.3 41.6 +2% 124.7 109.5 +14%
Other 9.6 9.0 +7% 33.8 32.2 +5%
BOURBON TOTAL 252.2 222.2 +14% 734.9 628.6 +17%
In the third quarter of 2011, BOURBON's revenues totaled 252.2 million euros, up
14% (+20% at constant exchange rate) over the same period in 2010, buoyed by the
steady improvement in daily rates and the good performance of shallow water
offshore vessels.
Compared with the second quarter of 2011, BOURBON revenues were up 2% (+2.5% at
constant exchange rate). While "Other" revenues mainly issued from chartered
vessels were cut by one third, revenues of Marine and Subsea Services owned
vessels activity were up 4%.
In the first 9 months of 2011, revenues were up 17% (+20% at constant exchange
rate) compared with the same period in 2010 thanks to good performance in the
shallow water offshore segment (+62%) and the crewboat segment (+17%). This is
partly due to expansion of the fleet and to a slight improvement in prices.
Indicators for BOURBON activity
BOURBON fleet (owned vessels)
Third Quarter Second
Quarter
BOURBON Q3 2011 Q3 2010 Change Q2 2011
Number of vessels
(end of period) 436 396 +40 vessels 424
Average utilization rate 83.4% 79.2% +4.2 pts 84.7%
During the quarter, BOURBON took delivery of 15 new vessels (6 shallow water
offshore vessels and 9 crewboats), while 3 crewboats, each around 18 years old,
were taken out of the fleet in the period.
The average utilization rate for the fleet rose to 83.4% in the third quarter of
2011 (+4.2 points compared with the third quarter of 2010), logically posting a
slight decline compared with the second quarter of 2011 (-1 .3 points) due to a
large number of vessels joining the fleet.
In the first 9 months of 2011 compared with the same period in 2010, the average
utilization rate was 4.4 points higher at 83.8%.
Geographic breakdown of BOURBON's revenues
(in millions of euros) Third Quarter 9 months
Q3 2011 Q3 2010 Change 9 months 9 months Change
2011 2010
Africa 147.7 147.1 +0.4% 446.5 407.4 +9.6%
Europe &
Mediterranean/Middle-East 49.8 34.1 +46.1% 138.1 95.5 +44.6%
American Continent 32.0 24.5 +30.8% 91.5 69.0 +32.5%
Asia 22.7 16.6 +37.0% 58.9 56.7 +4.0%
The Europe & Mediterranean/Middle-East and American Continent regions were up
sharply year on yea. This performance is due to inclusion of the full effect of
the contracts in Brazil and the recently signed contracts in Turkey and the
UK.
In the first 9 months of 2011, BOURBON's traditional operating region of Africa
was up 9.6% compared with the same period in 2010.
MARINE SERVICES
Q3 2011 Q3 2010 Change Q2 2011
Revenues (in millions of euros) 200.3 171.7 +16.6% 191.1
Number of vessels (end of period) 418 379 +39 vessels 406
Average utilization rate 83.0% 78.7% 4.3 pts 84.2%
Compared with the third quarter of 2010, Marine Services revenues were 17%
higher at 200.3 million euros. This rise is mainly due to strong performance
from the shallow water offshore vessels segment which posted 50% growth in
revenues and an upswing in its utilization rate (+4.3 points) and average daily
rates.
Compared with the second quarter of 2011, revenues for the Activity increased by
5%, thanks particularly to the growth of the deepwater offshore vessels segment,
marked by an upturn in the segment's utilization rates to a total of 90.2%
(+ 3.3 points) and by the improvement in average daily rates.
In the first nine months of 2011, Marine Services revenues were up 18% compared
with the same period in 2010, largely due to the expansion of the shallow water
offshore and crewboats segments which saw an improvement in utilization and
average daily rates.
Marine Services indicators by segment
Deepwater offshore vessels
Q3 2011 Q3 2010 Change % Q2 2011
Revenues (in millions of euros) 81.7 79.3 +3.1% 74.4
Number of vesse ls (end of period) 70 70 - 70
Average utilization rate 90.2% 90.4% -0.2 pts 86.9%
Average daily rate ($/d) 20,547 19,244 +6.8% 19,154
Compared with the third quarter of 2010, revenues generated by deepwater
offshore vessels in the third quarter of 2011 recorded a 3% increase to 81.7
million euros, representing 41% of the total Marine Services revenues. The
average utilization rate remained stable at 90.2% while the daily rate was 6.8%
higher.
Compared with the second quarter of 2011, revenues were up 10%. This was partly
the result of a significant improvement in the level of North Sea activity while
the second quarter had not had the benefit of the traditional favorable seasonal
effect, as well as the renewal of 5 medium-sized PSV contracts at much higher
prices. In addition, BOURBON was once again in a position to charge for
mobilization fees. Average utilization rates increased by 3.3 points and the
average daily rate by 7.3%.
In the first nine months of 2011, revenues were down slightly (by 1%) compared
with the same period in 2010 due mainly to a drop in the average utilization
rate (-2.4 points). A number of contracts were renewed during the period,
leading to a decline in activity during their implementation.
Shallow water offshore vessels
Q3 2011 Q3 2010 Change % Q2 2011
Revenues (in millions of euros) 61.5 41.1 +49.8% 58.9
Number of vessels (end of period) 91 73 +18 vessels 85
Average utilization rate 86.4% 71.0% +15.4 pts 90.2%
Average daily rate ($/d) 13,179 12,420 +6.1% 12,883
Compared with the third quarter of 2010, revenues from shallow water offshore
vessels in the third quarter of 2011 were up sharply (+50%) at 61.5 million
euros and now account for 31% of total revenues for the Marine Services
activity. The utilization rate of the vessels was 86.4%, up 15.4 points year on
year.
Compared with the second quarter of 2011, revenues were up 4%, mainly due to the
expansion of the fleet (5 vessels delivered in the second quarter of 2011,
contracted for the third quarter of 2011). Average daily rates continued to
increase, in line with buoyant activity. The repositioning of part of the fleet
on expiry of contracts resulted in a slight dip in the utilization rate.
In the first nine months of 2011, revenues were up significantly (by 62%)
compared with the same period in 2010, thanks to 18 new vessels joining the
fleet in the last 12 months, a sharp upturn in the average utilization rate
(+14.3 points), and an increase in daily rates (+4.2%). This performance
confirms the success of the Bourbon Liberty series among clients, in a context
of a sharp increase in the activity of oil companies and offshore construction
companies.
These good performances demonstrate the relevance and effectiveness of the
strategic choices in the BOURBON 2015 plan under which investments are
principally focused on the shallow water offshore vessel segment.
Crewboats
Q3 2011 Q3 2010 Change % Q2 2011
Revenues (in millions of euros) 57.0 51.3 + 11.0% 57.8
Number of vesse ls (end of period) 257 236 +21 vessels 251
Average utilization rate 79.7% 77.4% +2.3 pts 81.4%
Average daily rate ($/d) 4,409 3,863 +14.1% 4,361
Compared with the third quarter of 2010, crewboat revenues in the third quarter
of 2011 were up 11% at 57 million euros, largely due to the expansion of the
fleet and improvement in daily rates.
Compared with the second quarter of 2011, revenues dipped slightly (by 1 %) due
to the traditional decline in utilization rates in West Africa at this time of
year.
In the first nine months of 2011, revenues were up by 17% compared with the same
period in 2010 thanks to the expansion of the fleet at a time of sustained
activity for oil and gas companies and offshore construction companies (average
utilization rate of +3.3 points). The rise in the average daily rate (+10%)
reflects the improvement in prices for FSIV (Fast Supply Intervention Vessels)
linked to the upturn in activity.
SUBSEA SERVICES
Q3 2011 Q3 2010 Change % Q2 2011
Revenues (in millions of euros) 42.3 41.6 +1.8% 41.6
Number of vessels (end of period) 17 16 +1 vessel 17
Average utilization rate 94.0% 91.5% +2.5 pts 96.3%
Average daily rate ($/d) 33,822 32,491 +4.1% 32,379
Compared with the third quarter of 2010, third quarter revenues in 2011 were 2%
higher at 42.3 million euros.
Compared with the second quarter of 2011, revenues were up 2% due to two
contrasting effects. The increase in the average daily rate (+4%) was the result
of renewing two contracts on favorable terms. On the other hand, the decline in
the average utilization rate (-2.3 points) is linked to planned maintenance for
one vessel and changes on the spot market on which four "small" vessels in the
IMR fleet operate. Activity remained stable for the other IMR vessels on
medium/long-term contracts.
In the first nine months of 2011, revenues were up 14% compared with the same
period in 2010, mainly due to the arrival of a new vessel and the marked
improvement in the average utilization rate (+6.5 points), which reflects the
upturn in activity.
OTHER
Compared with the third quarter of 2010, the use of external charters in the
third quarter of 2011 increased "Other" revenues by 7.4%, taking them to 9.6
million euros.
Compared with the second quarter of 2011, reduced external charters had a strong
impact on "Other" revenues, down by -33% in the third quarter of 2011.
The use of chartered vessels enables client requests to be met and contracts to
be fulfilled pending delivery of new vessels from the shipyard and their
integration in the fleet, and it allows BOURBON to include types of vessels that
are complementary to its own service offer when bidding for global tenders.
OUTLOOK
Increased demand for offshore service vessels should continue in the coming
years. Significant investments by oil and gas clients and their 4-year prospects
have been scaled up. The outlook for a greater number of active drilling rigs
and offshore construction companies' strong order books confirms the sharp
rebound expected on the market.
In the short term, the IMR activity supporting wind farms in the North Sea is
expected to slow with the onset of winter.
Clients will continue to prefer innovative and high productive vessels like
those in the BOURBON fleet. The process of replacing older vessels on the market
will speed up to meet the oil and gas companies' stringent demands in terms of
"risk management".
The market is expecting an improvement in the utilization rates of offshore
vessels and a continuing improvement in daily rates during the fourth quarter of
2011 and in 2012. Through its unique positioning, its service offer, the quality
of its fleet and the expertise of its personnel, BOURBON will reap the full
benefit of this improvement in the market.
BOURBON's 2011 results will continue to be impacted by the euro/dollar exchange
rate.
ADDITIONAL INFORMATION
No major event to report over this period.
FINANCIAL CALENDAR
- Fourth quarter and full-year 2011 financial information February 8, 2012
- Presentation of 2011 annual results March 7, 2012
APPENDICES
Quarterly revenues
2011 2010
(in millions of euros) Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 200.3 191.1 185.1 173.4 171.7 166.5 148.7
Deepwater offshore vessels 81.7 74.4 74.8 75.7 79.3 79.8 73.8
Shallow water
offshore vessels 61.5 58.9 54.4 44.0 41.1 35.9 30.8
Crewboats 57.0 57.8 55.8 53.7 51.3 50.7 44.1
Subsea Services
IMR vessels 42.3 41.6 40.7 40.2 41.6 38.4 29.5
Other 9.6 14.5 9.7 7.7 9.0 11.2 12.1
GROUP TOTAL 252.2 247.2 235.5 221.3 222.2 216.1 190.2
Quarterly breakdown of the average utilization rates of the BOURBON fleet
2011 2010
(in %) Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 90.2 86.9 88.1 88.7 90.4 92.1 89.4
Shallow water
offshore vessels 86.4 90.2 84.8 74.2 71.0 75.4 72.4
Crewboats 79.7 81.4 80.5 80.5 77.4 78.6 75.9
Average utilization
rate Marine Services 83.0 84.2 82.7 80.7 78.7 80.6 77.9
Average utilization rate
Subsea Services 94.0 96.3 92.0 91.2 91.5 89.8 80.9
Average utilization rate
total fleet 83.4 84.7 83.1 81.1 79.2 81.0 78.1
Quarterly breakdown of the average daily rate for the BOURBON fleet
2011 2010
(in $/day) Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 20,547 19,154 18,835 18,637 19,244 19,978 19,406
Shallow water
offshore vessels 13,179 12,883 12,653 12,255 12,420 12,371 12,623
Crewboats 4,409 4,361 4,263 4,160 3,863 4,021 4,135
IMR vessels 33,822 32,379 31,842 31,485 32,491 32,999 33,707
Quarterly commissioning of vessels
2011 2010
(in number of vessels) Q3 Q2 Q1 Q4 Q3 Q2 Q1
FLEET TOTAL 15 11 10 12 16 18 15
Marine Services 15 11 10 11 15 18 14
Deepwater offshore 0 1 0 - 1 1 -
Shallow water offshore 6 5 3 4 6 8 8
Crewboats 9 5 7 7 8 9 6
Subsea Services / IMR 0 0 0 1 1 0 1
Breakdown of 9 month indicators
Marine Services 9 months 2011 9 months 2010 Change
Revenues (in millions of euros) 576.4 486.9 +18%
Number of vessels (end of period) 418 379 +39 vessels
Average utilization rate 83.3% 79.1% +4.2 pts
Average daily rate ($/d) 8,830 8,607 +2.6%
Of which deepwater offshore vessels
9 months 2011 9 months 2010 Change
Revenues (in millions of euros) 230.9 233.0 -1%
Number of vessels (end of period) 70 70 -
Average utilization rate 88.4% 90.8% -2.4 pts
Average daily rate ($/d) 19,528 19,619 -0.5%
Of which shallow water offshore vessels
9 months 2011 9 months 2010 Change
Revenues (in millions of euros) 174.8 107.7 +62%
Number of vessels (end of period) 91 73 +18 vessels
Average utilization rate 87.1% 72.8% +14.3 pts
Average daily rate ($/d) 12,982 12,455 +4.2%
Of which crewboats 9 months 2011 9 months 2010 Change
Revenues (in millions of euros) 170.6 146.2 +17%
Number of vessels (end of period) 257 236 +21 vessels
Average utilization rate 80.6% 77.3% 3.3 pts
Average daily rate ($/d) 4,369 3,973 +10.0%
Subsea Services 9 months 2011 9 months 2010 Change
Revenues (in millions of euros) 124.7 109.5 +14%
Number of vessels (end of period) 17 16 +1 vessel
Average utilization rate 94.0% 87.5% +6.5 pts
Average daily rate ($/d) 32,700 33,025 -1.0%
Other key indicators
2011 2010
Q3 Q2 Q1 Q4 Q3 Q2 Q1
Average EUR/$ exchange rate
for the quarter (in EUR) 1.41 1.44 1.37 1.36 1.29 1.27 1.38
EUR/$ exchange rate at
closing (in EUR) 1.35 1.45 1.42 1.34 1.36 1.23 1.35
Average price of Brent for
the quarter (in $/bl) 113 117 105 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
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