BOURBON (EPA:GBB) BOURBON - Press Release : 4th quarter and full-year 2011 revenues
Transparency directive : regulatory news
08/02/2012 07:30
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COMMUNIQUE DE PRESSEParis, February 8, 2012
2011 revenues top 1 billion euros up 18.6% in 12 months in line with the
objectives of the "BOURBON 2015 Leadership Strategy" plan
"Revenues for 2011 are in line with our strategic plan and, for the first time
since our focus on offshore services, topped the symbolic bar of one billion
euros. The improvement in the offshore vessels market continues in all segments
and the fleet's average utilization rate increased by 4.3 points in the year to
84.2%. This improvement is particularly marked in the deepwater offshore segment
where the utilization rate for BOURBON vessels was over 93% in the last quarter
of 2011. On average, charter rates held up well in the second half, despite
being hit in the fourth quarter by the seasonal effect of the monsoon in
South-East Asia," announced Christian Lefèvre, Chief Executive Officer of
BOURBON. "The stability of the Brent price per barrel (US$109 in the fourth
quarter of 2011) has encouraged our clients to increase their planned
investments. This will have a positive effect on the future prospects for the
offshore vessels market and, with its modern and innovative fleet (5.6 year-old
in average), BOURBON's performance is set to improve still further in 2012."
4th quarter Full year
(in millions of euros)
Q4 2011 Q4 2010 Change at 2011 2010 Change at
current current
exchange exchange
rates rates
Marine Services 216.5 173.4 +24.8% 792.9 660.3 +20.1%
of which deepwater
offshore vessels 87.5 75.7 +15.6% 318.4 308.7 +3.2%
of which shallow
water offshore vessels 66.6 44.0 +51.3% 241.5 151.7 +59.1%
of which crewboats 62.4 53.7 +16.2% 233.0 199.9 +16.6%
Subsea Services 48.1 40.2 +19.8% 172.8 149.6 +15.5%
Other 8.5 7.7 +9.7% 42.3 40.0 +5.8%
BOURBON TOTAL 273.1 221.3 +23.4% 1 008.0 849.9 +18.6%
In the fourth quarter of 2011, BOURBON posted revenues totaling 273.1 million
euros, up 23.4% (same percentage increase at constant exchange rate) compared
with the same period in 2010, boosted by the commissioning of 39 new vessels and
the gradual improvement in utilization and daily rates.
Compared with the third quarter of 2011, BOURBON's revenues were up 8.3%, due to
growth in utilization rates, (+6.1% at constant exchange rate). All segments of
BOURBON's directly-owned vessels were up. The only decline was in the "Other"
revenues, mainly composed of external chartered vessels, which were down by
12.0%.
In full-year 2011 compared with full-year 2010, revenues were up 18.6% (+20.7%
at constant exchange rate), largely due to very strong performance from the
shallow water offshore vessel (+59.1%) and crewboat (+16.6%) segments, and the
Subsea Activity (+15.5%). This growth is due to the fleet's expansion and an
improvement in utilization rates and daily rates.
Indicators for BOURBON activity
- BOURBON fleet (owned vessels)
4th quarter Full year
BOURBON Q4 2011 Q4 2010 Change 2011 2010 Change
Number of vessels
(end of period) 437 408 +29 vessels 437 408 +29 vessels
Average utilization rate 85.7% 81.1% + 4.6 pts 84.2% 79.9% + 4.3 pts
During the quarter, BOURBON took delivery of 3 new vessels (1 IMR vessel, 1
shallow water offshore vessel and 1 crewboat), whilst 2 vessels (1 shallow water
supply and 1 crewboat) were taken out of the fleet during the period.
The fleet's average utilization rate continued to increase, I r reaching 85.7%
in the fourth quarter of 2011 (+4.6 points compared with the fourth quarter of
2010), compared with 83.4% in the third quarter of 2011.
In 2011, BOURBON took delivery of 39 new vessels, in line with its investment
program. Compared with the same period in 2010, the average utilization rate was
4.3 points higher at 84.2%, confirming the market upturn.
- Geographic breakdown of BOURBON's revenues
4th quarter Full year
(in millions of euros) Q4 2011 Q4 2010 Change 2011 2010 Change
Africa 164.6 142.7 15.4% 611.1 550.1 11.1%
Europe & Mediterranean/
Middle-East 50.4 34.2 47.4% 188.5 129.7 45.4%
American Continent 34.1 30.0 13.6% 125.6 99.0 26.8%
Asia 24.0 14.4 66.5% 82.9 71.1 16.6%
From one year to the next, the Europe & Mediterranean/Middle East Region saw
strong growth (+45.4%), reflecting the positioning of vessels in new operating
regions, especially Egypt. Steady growth was also seen in the American Continent
at 26.8%, mainly due to the commissioning of 8 Bourbon Liberty vessels in
Brazil. BOURBON also continued to expand in Asia, an area with high growth
potential. Africa remains BOURBO N's main operating Region, totaling 61% of
revenues.
MARINE SERVICES
4th quarter Full year
Q4 2011 Q4 2010 Change 2011 2010 Change
Revenues
(in millions of euros) 216.5 173.4 +24.8% 792.9 660.3 +20.1%
Number of vessels
(end of period) 418 390 + 28 vessels 418 390 + 28 vessels
Average utilization rate 85.5% 80.7% + 4.6 pts 83.8% 79.5% + 4.3 pts
Compared with the fourth quarter of 2010, Marine Services revenues were 24.8%
higher at 216.5 million euros. This rise is mainly due to an improvement in the
utilization rates (+4.6 points) and average daily rates of this Activity and to
a strong performance from the shallow water offshore vessels segment which
posted revenue growth of 51.3%.
Compared with the third quarter of 2011, the Activity's revenues were up 8.1%,
marked by an upturn in utilization rates in all segments. It should be noted
that the slight dip in average daily rates seen in the fourth quarter for Marine
Services is mainly the result of seasonal effects of the monsoon period in Asia.
In full-year 2011, revenues for Marine Services were 20.1% higher compared with
the same period in 2010, largely due to growth in the shallow water offshore
segment, with an expansion of the fleet by 16.6% and the average utilization
rate up by 14.3 points.
Indicators of Marine Services Activity by segment
- Deepwater offshore vessels
4th quarter Full year
Q4 2011 Q4 2010 Change 2011 2010 Change
Revenues
(in millions of euros) 87.5 75.7 +15.6% 318.4 308.7 +3.2%
Number of vessels
(end of period) 70 69 +1 vessel 70 69 +1 vessel
Average utilization rate 93.7% 88.7% + 5 pts 89.8% 90.3% -0.5 pt
Compared with the fourth quarter of 2010, deepwater offshore vessels revenues
for the fourth quarter of 2011 were 15.6% higher at 87.5 million euros, thanks
to a solid increase in the average utilization rate (+5 points) and the average
daily rate (+8.5%).
Compared with the third quarter of 2011, revenues were up 7.1% due to an
increase in the utilization rate (+3.5 points) mainly as a result of increased
activity in West Africa and the Mediterranean (Egypt).
In full-year 2011 compared with full-year 2010, revenues were up 3.2%. One
single new vessel was delivered in the second quarter. The period was marked by
a steady upturn in activity in the second half of the year from a low point in
the second quarter. Numerous contracts were renewed during the period, enabling
daily rates to be ratcheted up, particularly in the PSV segment.
- Shallow water offshore vessels
4th quarter Full year
Q4 2011 Q4 2010 Change 2011 2010 Change
Revenues
(in millions of euros) 66.6 44.0 +51.3% 241.5 151.7 +59.1%
Number of vessels
(end of period) 91 78 + 13 vessels 91 78 +13 vessels
Average utilization rate 88.3% 74.2% + 14.1 pts 87.5% 73.2% + 14.3 pts
Compared with the fourth quarter of 2010, shallow water offshore revenues in the
fourth quarter of 2011 were sharply higher (+51.3%) at 66.6 million euros. The
vessel utilization rate rose to 88.3%, up 14.1 points year-on-year, buoyed by
the Bourbon Liberty series vessels and the commencement of contracts in Brazil.
Compared with the third quarter of 2011, revenues were up 8.3% thanks to steady
utilization rates (+1.9 point), despite a decline in average daily rates
resulting from reduced activity in Asia during the monsoon season.
In full-year 2011, revenues saw a strong increase, up 59.1% compared with
full-year 2010, thanks to:
- the entry of 15 new vessels into the fleet, mainly Bourbon Liberty series
vessels;
- a sharp rise in the average utilization rate (+14.3 points) attributable to
the full-time commissioning of the fleet in Brazil;
- a strong upturn in the contractors' activity in West Africa;
- the beginning of a general improvement in daily rates.
This performance confirms the success of the Bourbon Liberty series with clients
in the context of a sharp increase in the activity of oil companies and
contractors.
- Crewboats
4th quarter Full year
Q4 2011 Q4 2010 Change 2011 2010 Change
Revenues
(in millions of euros) 62.4 53.7 + 16.2% 233.0 199.9 + 16.6%
Number of vessels
(end of period) 257 243 +14 vessels 257 243 +14 vessels
Average utilization rate 82.1% 80.5% + 1.6 pt 80.9% 78.2% + 2.7 pts
Compared with the fourth quarter of 2010, crewboats revenues in the fourth
quarter of 2011 were up 16.2% at 62.4 million euros, largely due to the
expansion of the fleet and an improvement in average daily rates resulting from
the renewal of some FSIV contracts.
Compared with the third quarter of 2011, revenues grew by 9.5% due to an
increase in utilization rates (+2.4 points), helped by the start of the "good
season" in West Africa.
In full-year 2011, revenues were up by 16.6% compared with full-year 2010,
thanks to the expansion of the fleet at a time of sustained activity for oil
companies and offshore contractors (average utilization rate of +2.7 points).
- SUBSEA SERVICES
4th quarter Full year
Q4 2011 Q4 2010 Change 2011 2010 Change
Revenues
(in millions of euros) 48.1 40.2 + 19.8% 172.8 149.6 + 15.5%
Number of vessels
(end of period) 18 17 +1 vessel 18 17 +1 vessel
Average utilization rate 91.0% 91.2% -0.2 pt 93.2% 88.5% +4.7 pts
Compared with the fourth quarter of 2010, revenues for the fourth quarter of
2011 were 19.8% higher at 48.1 million euros, benefiting from the entry into the
fleet of a new IMR vessel and the renewal of existing contracts during the
year.
Compared with the third quarter of 2011, revenues continued to increase with a
rise of 13.7%, mainly linked to contract renewals in the fourth quarter and a
new IMR vessel joining the fleet. The vessel utilization rate was lower, due to
a reduction in wind farm activity in the North Sea during the winter. The
commissioning of 2 new subsea robots in the fourth quarter had a positive impact
on revenues for ROV operations.
In full-year 2011 compared with full-year 2010, revenues were up 15.5%. This
increase in activity was largely the result of:
- the full contribution in 2011 of the fleet's big g est vessel and new subsea
robots entering the fleet during 2010 on the spot market;
- the year-on-year increase in the average utilization rate of the IMR fleet;
- the upturn in the IMR activity and renewal of contracts with higher daily
rates;
- the development of the integrated services offer, combining engineering and
subsea robot operations within long-term contracts;
- the contribution of 2 new ROVs joining the fleet in the fourth quarter of
2011 and immediately operating on the spot market.
- OTHER
Compared with the fourth quarter of 2010, there was a 9.7% increase in the use
of external chartered vessels.
Compared with the third quarter of 2011, the reduced use of external chartered
vessels led to a sharp decline in "Other" revenues, down by -12.0% in the fourth
quarter 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 contractors' strong order books confirm the sharp market rebound.
Clients will continue to favor innovative, high-productivity vessels, which is
where BOURBON's fleet of vessels is particularly appreciated. The process of
replacing older vessels (deemed obsolete) on the market is set to gather pace to
meet the increasingly stringent demands of oil and gas companies in terms of
"risk management".
As regards the increase forecast in utilization rates for offshore vessels and
their daily rates, the market is anticipating continuing improvement in 2012
compared with 2011.
Due to its unique positioning, its comprehensive range of services, the quality
of its fleet and the competency of its employees, BOURBON will continue to reap
the full benefit of this improvement in the market.
BOURBON's results will continue to be impacted by the euro/dollar exchange rate.
- FINANCIAL CALENDAR
- Presentation of 2011 annual results March 7, 2012
- 1st quarter 2012 financial information May 10, 2012
- Combined Annual and Special Shareholders' Meeting June 1, 2012
- Presentation of 1st half 2012 results August 29, 2012
APPENDICES
Quarterly revenues
2011 2010
(in millions of euros Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 216.5 200.3 191.1 185.1 173.4 171.7 166.5 148.7
Deepwater
offshore vessels 87.5 81.7 74.4 74.8 75.7 79.3 79.8 73.8
Shallow water
offshore vessels 66.6 61.5 58.9 54.4 44.0 41.1 35.9 30.8
Crewboats 62.4 57.0 57.8 55.8 53.7 51.3 50.7 44.1
Subsea Services
IMR vessels 48.1 42.3 41.6 40.7 40.2 41.6 38.4 29.5
Other 8.5 9.6 14.5 9.7 7.7 9.0 11.2 12.1
GROUP TOTAL 273.1 252.2 247.2 235.5 221.3 222.2 216.1 190.2
Quarterly breakdown of the average utilization rates of the BOURBON fleet
2011 2010
(in %) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater
offshore vessels 93.7 90.2 86.9 88.1 88.7 90.4 92.1 89.4
Shallow water
offshore vessels 88.3 86.4 90.2 84.8 74.2 71.0 75.4 72.4
Crewboats 82.1 79.7 81.4 80.5 80.5 77.4 78.6 75.9
Average utilization
rate Marine Services 85.5 83.0 84.2 82.7 80.7 78.7 80.6 77.9
Average utilization
rate Subsea Services 91.0 94.0 96.3 92.0 91.2 91.5 89.8 80.9
Average utilization
rate total fleet 85.7 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 $/day) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater
offshore vessels 20,222 20,547 19,154 18,835 18,637 19,244 19,978 19,406
Shallow water
offshore vessels 12,681 13,179 12,883 12,653 12,255 12,420 12,371 12,623
Crewboats 4,349 4,409 4,361 4,263 4,160 3,863 4,021 4,135
IMR vessels 34,516 33,822 32,379 31,842 31,485 32,491 32,999 33,707
Quarterly commissioning of vessels
2011 2010
(in number of vessels) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
FLEET TOTAL 3 15 11 10 12 16 18 15
Marine Services 2 15 11 10 11 15 18 14
Deepwater offshore 0 0 1 0 - 1 1 -
Shallow water offshore 1 6 5 3 4 6 8 8
Crewboats 1 9 5 7 7 8 9 6
Subsea Services / IMR 1 0 0 0 1 1 0 1
- Other key indicators
2011 2010
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Average EUR/$ exchange
rate for the
quarter (in EUR) 1.35 1.41 1.44 1.37 1.36 1.29 1.27 1.38
EUR/$ exchange rate
at closing (in EUR) 1.29 1.35 1.45 1.42 1.34 1.36 1.23 1.35
Average price of
Brent for the quarter
(in $/bl) 109 113 117 105 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
Communication Department
Christa Roqueblave +33 (0)1 40 13 86 06 - christa.roqueblave@bourbon-online.com
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