BOURBON (EPA:GBB) BOURBON - Press Release : 2012 First Quarter Revenues

Transparency directive : regulatory news

10/05/2012 07:00

Communiqué de presse

                                                            Paris, May 10, 2012

                        Quarterly Financial Information

   Revenues continue to rise in the first quarter of 2012 in a market showing
                            significant improvement

                 +18.0% compared with the 1st quarter of 2011
                 +1.8% compared with the 4th quarter of 2011

"BOURBON is reaping the benefits of a booming market in the offshore oil & gas
marine services, encouraged by the stability of the price of Brent (an average
of US$ 119 a barrel in the first quarter of 2012). This quarter's business
growth of 18% is in line with the BOURBON 2015 Leadership Strategy plan,"
announced Christian Lefèvre, Chief Executive Officer of BOURBON. "BOURBON
continues to enjoy this positive business climate as new vessels are gradually
comm issioned and existing contracts are renewed."

                              BOURBON      Marine Services   Subsea Services
                         Q1 2012  Q1 2011  Q1 2012  Q1 2011  Q1 2012  Q1 2011

Revenues                   278.0    235.5    222.1    185.1     45.7     40.7
(in millions of euros)              +18.0%            +20.0%            +12.1%

Number of vessels            443      418      425      400       17       17
(end of period)                       +25               +25                +0

Average utilization rate    83.7     83.1     83.7     82.7     85.7     92.0
(%)                               +0.6 pt             +1 pt          -6.3 pts

                                   Marine Services           Subsea Services
                            Deepwater       Shallow water
                             offshore         offshore

                         Q1 2012  Q1 2011  Q1 2012  Q1 2011  Q1 2012  Q1 2011
Average daily rate        20,011   18,835   13,290   12,653   38,181   31,842
($/day)                           + 1,176             + 637            +6,339
                                    + 6.2%               +5%              +20%

First quarter 2012: three highlights

* BOURBON performed well (utilization rate) despite a large number of planned
  class dockings: 5 in deepwater offshore, 8 in shallow water offshore, and 2
  in Subsea Services.

* In Marine Services, average increase of 10% in daily rates for the new supply
  vessels commissioned (3 in shallow water offshore) and for renewals of
  expiring contracts (6 in deepwater offshore and 19 in shallow water
  offshore).

* The growth in demand from clients gradually led to a disappearance of
  over-capacity, as illustrated by payment for vessel mobilization. This has
  been the case for 30% of the new contracts for supply and IMR vessels since
  January 2012.

Quarterly revenues

(in millions of euros)      Q1 2012   Q1 2011    Change at    Q4 2011
                                                  current
                                               exchange rate

Marine Services               222.1     185.1     +20.0%        216.5
of which deepwater
offshore vessels               86.5      74.8     +15.6%         87.5
of which shallow water
offshore vessels               70.5      54.4     +29.4%         66.6
of which crewboats             65.1      55.8     +16.7%         62.4
Subsea Services                45.7      40.7     +12.1%         48.1
Others                         10.2       9.7      +5.3%          8.5
BOURBON TOTAL                 278.0     235.5     +18.0%        273.1

Compared with the first quarter of 2011, BOURBON posted revenues of 278.0
million euros, up 18.0% (17.8% at constant exchange rates) with the addition of
37 vessels to the fleet (including 20 crewboats). This growth was observed in
all BOURBON's business segments and operating areas.

Compared with the fourth quarter of 2011, BOURBON's revenues rose 1.8%,
impacted generally by the following:

  - numerous vessel class dockings in the deepwater and shallow water offshore
    segments of Marine Services as well as Subsea Services ;

  - effect of the winter season in the North Sea in deepwater offshore and the
    end of the monsoon in Southeast Asia in the shallow water offshore segment.

Indicators for BOURBON activity

   * BOURBON fleet (owned vessels)

BOURBON                                  Q1 2012  Q1 2011     Change   Q4 2011
Number of vessels (end of period)          443       418   +25 vessels   437
Average utilization rate                  83.7%     83.1%    +0.6 pt    85.7%

During the quarter, BOURBON took delivery of 8 new vessels (3 shallow water
offshore vessels and 5 crewboats), while 2 crewboats were withdrawn from the
fleet in the period.

The average utilization rate of the fleet was up 0.6 point over the same period
in 2011 and was down 2 points compared with the fourth quarter of 2011, owing
mainly to the numerous planned class dockings.

* Geographic breakdown of BOURBON's revenues

(in millions of euros)            Q1 2012  Q1 2011  Change    Q4 2011
Africa                             179.3    150.8   +18.9%     164.6
Europe & Mediterranean/Middle-East  46.0     37.5   +22.8%      50.4
American continent                  33.8     30.0   +12.7%      34.1
Asia                                18.8     17.2    +9.2%      24.0

Compared with the first quarter of 2011, revenues were up 18.9% in Africa,
BOURBON's main operating area, particularly in Nigeria and Angola. Revenues
also rose substantially in the Europe & Mediterranean/Middle East region
(+22.8%), owing to the implementation of contracts in Egypt and Romania. The
American continent and Asia also performed well.

Compared with the fourth quarter of 2011, the Europe & Mediterranean/Middle
East and Asia areas were impacted by the winter season in the North Sea and the
monsoon in Southeast Asia.

MARINE SERVICES

                                 Q1 2012    Q1 2011       Change    Q4 2011
Revenues (in millions of euros)    222.1      185.1       +20.0%      216.5
Number of vessels (end of period)    425        400  +25 vessels        418
Average utilization rate            83.7%     82.7%        +1 pt      85.5%

Compared with the first quarter of 2011, Marine Services revenues rose by 20.0%
to 222.1 million euros. This increase was pronounced in all three segments,
particularly shallow water offshore.

Compared with the fourth quarter of 2011, revenues in this Activity were up
only slightly by 2.6% owing to the large number of class dockings over the
quarter. Indicators of Marine Services Activity by segment

* Deepwater offshore vessels

                                 Q1 2012  Q1 2011      Change    Q4 2011
Revenues (in millions of euros)     86.5     74.8      +15.6%       87.5
Number of vessels (end of period)     69       69         -           70
Average utilization rate           92.5%    88.1%    +4.4 pts      93.7%

Compared with the first quarter of 2011, deepwater offshore vessels revenues
for the first quarter of 2012 were 15.6% higher at 86.5 million euros, due to
a solid increase in the average utilization rate (+4.4 points) and the average
daily rate (+6.2%).

Compared with the fourth quarter of 2011, revenues were down 1.2%. The decline
in the utilization rate (-1.2 point) and the average daily rate (-1%) reflects
the combined effect of the planned class docking of 5 vessels over the period
and a decline in the spot business in the North Sea because of winter weather
conditions.

* Shallow water offshore vessels

                                  Q1 2012   Q1 2011       Change    Q4 2011
Revenues (in millions of euros)      70.5      54.4       +29.4%       66.6
Number of vessels (end of period)      96        81  +15 vessels         91
Average utilization rate            84.3%     84.8%      -0.5 pt      88.3%

Compared with the first quarter of 2011, revenues for the first quarter of 2012
from shallow water offshore vessels rose sharply (+29.4%) to 70.5 million
euros, mainly driven by the commissioning of new vessels in the interval. The
average vessel utilization rate fell very slightly (-0.5 point), while average
daily rates increased by 5%.

Compared with the fourth quarter 2011, revenues were up 5.8%. The average
utilization rate (-4 points) was impacted by the planned class docking of 8
vessels over the quarter combined with a seasonal business slowdown in Asia
because of the monsoon. In the first quarter of 2012, for the first time since
2009, charter rates for new contracts increased by an average of 10%.

* Crewboats

                                  Q1 2012  Q1 2011       Change    Q4 2011
Revenues (in millions of euros)      65.1     55.8       +16.7%       62.4
Number of vessels (end of period)     260      250  +10 vessels        257
Average utilization rate            81.0%    80.5%      +0.5 pt      82.1%

Compared with the first quarter of 2011, first quarter 2012 revenues from
crewboats rose 16.7% to 65.1 million euros, owing to two factors; BOURBON took
delivery of numerous vessels, and the utilization rate remained high.

Compared with the fourth quarter of 2011, revenues were up 4.4%; the
utilization rate fell slightly by 1.1 point.

* SUBSEA SERVICES

                                 Q1 2012   Q1 2011     Change    Q4 2011
Revenues (in millions of euros)     45.7      40.7     +12.1%       48.1
Number of vessels (end of period)     17        17         -          18
Average utilization rate           85.7%     92.0%   -6.3 pts      91.0%

Compared with the first quarter of 2011, revenues in the first quarter of 2012
rose by 12.1% to 45.7 million euros under the positive full-time effect of
adding a new IMR vessel to the fleet in late 2011.

Compared with the fourth quarter of 2011, revenues were down 5.1%, impacted by
the planned class docking of 2 vessels and by the weak wind farm activity in
the North Sea, which picked up only in late March.

It should be noted that 2 small IMR vessels were transferred from Subsea
Services to Marine Services, and that a stimulation vessel was transferred from
Marine Services to Subsea Services.

* OTHER

Compared with the first quarter of 2011, revenues " Other " were up 5.3%.
Compared with the fourth quarter 2011, revenues " Other " were up 20.3%.

The use of chartered vessels enables client requests to be met and contracts to
be fulfilled pending delivery of new vessels f rom 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. In a context in which the price of Brent remained stable at an average
of US$ 119 per barrel over the quarter, significant investments by oil and gas
clients and their 4-year prospects have been scaled up.

The number of drilling rigs on order slated to come on line in the next few
years, and the contractors' order books confirm the sharp market rebound.

The process of replacing older vessels (deemed obsolete) on the market is set
to gather pace to meet the increasingly stringent demands of oil & gas
companies in terms of "risk management". Clients will continue to favor
innovative, high-productivity vessels, which is where BOURBON's fleet of
vessels is particularly appreciated.

In this market, the utilization rates and daily rates of offshore service
vessels are expected to continue rising.

In this context, aside from the vessels under construction of which it plans to
take delivery, over the next 9 months, BOURBON will renew contracts for at
least 46 supply vessels in the Marine Services Activity and 4 IMR vessels in
Subsea Services Activity, enjoying the benefits of improved charter rates.

BOURBON's results are influenced by the EUR/US$ exchange rate. Therefore
BOURBON has set up foreign exchange hedges to cover the entire estimated
exposure of EBITDA to the EUR/US$ exchange rate in 2012. These forward sales of
dollars were set up at the average exchange rate of 1EUR = 1.3070US$.

* MAJOR OPERATIONS AND HIGHLIGHTS

As announced on January 23, 2012, Jaccar Holdings rised above the threshold of
25% of the capital stock of BOURBON.

* FINANCIAL CALENDAR

- Combined annual and special shareholders' meeting               June 1, 2012

- 1st half 2012 results release                                August 29, 2012

APPENDICES

Quarterly revenues
(in millions of euros)          2012                      2011
                                 Q1               Q4    Q3    Q2    Q1

Marine Services                222.1            216.5 200.3 191.1 185.1
Deepwater offshore vessels      86.5             87.5  81.7  74.4  74.8
Shallow water offshore vessels  70.5             66.6  61.5  58.9  54.4
Crewboats                       65.1             62.4  57.0  57.8  55.8
Subsea Services
IMR                             45.7             48.1  42.3  41.6  40.7
Others                          10.2              8.5   9.6  14.5   9.7
GROUP TOTAL                    278.0            273.1 252.2 247.2 235.5

Quarterly breakdown of the average utilization rates of the BOURBON fleet

(in %)                          2012                     2011
                                 Q1               Q4   Q3   Q2   Q1

Deepwater offshore vessels      92.5             93.7 90.2 86.9 88.1
Shallow water offshore vessels  84.3             88.3 86.4 90.2 84.8
Crewboats                       81.0             82.1 79.7 81.4 80.5
Marine Services average
utilization rate                83.7             85.5 83.0 84.2 82.7
Subsea Services average
utilization rate                85.7             91.0 94.0 96.3 92.0
Total fleet average
utilization rate                83.7             85.7 83.4 84.7 83.1

Quarterly breakdown of the average daily rate for the BOURBON fleet

(in $/day)                       2012                      2011
                                  Q1              Q4     Q3     Q2     Q1
Deepwater offshore vessels      20,011          20,222 20,547 19,154 18,835
Shallow water offshore vessels  13,290          12,681 13,179 12,883 12,653
Crewboats                        4,447           4,349  4,409  4,361  4,263
IMR                             38,181          34,516 33,822 32,379 31,842

Quarterly commissioning of vessels

(in number of vessels)          2012                     2011
                                 Q1                  Q4 Q3 Q2 Q1
FLEET TOTAL                      8                    3 15 11 10
Marine Services                  8                    2 15 11 10
Deepwater offshore               0                    0  0  1  0
Shallow water offshore           3                    1  6  5  3
Crewboats                        5                    1  9  5  7
Subsea Services / IMR            0                    1  0  0  0

* Other key indicators

                                                2012              2011
                                                 Q1       Q4    Q3    Q2    Q1
Average EUR/US$ exchange rate for the quarter
(in EUR)                                        1.31    1.35  1.41  1.44  1.37
EUR/US$ exchange rate at closing
(in EUR)                                        1.34    1.29  1.35  1.45  1.42
Average price of Brent for the quarter
(in $/bl)                                        119     109   113   117   105

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. This array of services is backed by a wide range of
latest generation vessels. The Group provides a 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 operating Activities (Marine Services and Subsea Services) and
also protects the French coastline for the French Navy.

Under the "BOURBON 2015 Leadership Strategy" plan, the Group is investing
US$2 billion in a large fleet of innovative and high-performance and built-in
series offshore vessels.

In 2011, BOURBON posted revenues of EUR1.008 billion and operates a fleet of
443 vessels as of March 31, 2012.

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 DowJones 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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BOURBON (EPA:GBB) BOURBON - Press Release : 2012 First Quarter Revenues

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