BOURBON (EPA:GBB) Bourbon - First quarter 2013 financial information

Transparency directive : regulatory news

02/05/2013 07:00

PRESS RELEASE

                                                          Paris, May 2, 2013

                     1st Quarter 2013 Financial Information

                     Revenues up 13.4% vs. 1st quarter 2012
         And stable compared with 4th quarter 2012 due to seasonal effects

"In a favorable context for the oil & gas and related services industry, BOURBON
is continuing to grow. Daily rates for vessels with contracts renewals continue
trending upwards," says Christian Lefèvre, Chief Executive Officer of BOURBON.
"In the first quarter, BOURBON took delivery of 4 supply vessels, 1 IMR vessel
and 5 crewboats. The activity was affected by the seasonal impact of the North
Sea winter and the South-East Asia monsoons. 23 classification dry- docks were
scheduled for the supply and IMR vessels during this period of reduced activity.

The remaining quarters of the year will see a 25% decrease in the number of
classification dry-docks in a market stimulated by growing demand for vessels."

                        First quarter 2013 highlights

* Continued growth especially in the Shallow water offshore segment (+31.7%);
  this is due to the combined effect of the entry into service of 9 vessels in
  the last 12 months and improved market conditions (utilization rates and
  average daily rates).

* Signing of a 3-year contract in Trinidad for the latest generation FSIV (Fast
  Support Intervention Vessel) with dynamic positioning (DP 2).

* Beginning of the charter contract for the third vessel in the Bourbon
  Evolution 800 series in Asia as soon as it left the shipyard, underlining the
  success of this series.

                               BOURBON      Marine Services   Subsea Services
                          Q1 2013  Q1 2012  Q1 2013 Q1 2012  Q1 2013   Q1 2012

Revenues                    315.1    278.0    258.5   222.1     51.6      45.7
(in millions of euros)      +13.4%            +16.4%           +12.9%

Number of vessels*            465      443      445     425       19        17
(end of period)       +22 vessels       +20 vessels       +2 vessels
Average utilization
rate                         84.2%    83.7%    83.9%   83.7%    90.6%    85.7%
(in %)                    +0.5 pt           +0.2 pt         +4.9 pts

*Vessels owned by BOURBON or on bareboat charter

                                       Shallow          Total fleet
                            Deepwater   water              excl.
                            offshore   offshore    IMR   Crewboats   Crewboats
Average
utilization    Q1 2013        86.6%     89.8%     90.6%    88.7%       80.8%
rate (in %)    Q1 2012        92.5%     84.3%     85.7%    87.6%       81.0%

Average
daily rate     Q1 2013        21,392    14,315   40,405   19,427       5,034
                                +6.9%     +7.7%    +5.8%    +6.1%      +13.2%
(in US$/d)     Q1 2012        20,011    13,290   38,181   18,309       4,447

Quarterly revenues
                                                           Change at
                                                            current
  (in millions of euros)             Q1 2013   Q1 2012   exchange rate  Q4 2012
Marine Services                        258.5     222.1      +16.4%       257.2
of which Deepwater offshore vessels     93.0      86.5       +7.5%        92.6
of which Shallow water offshore
vessels                                 92.8      70.5      +31.7%        91.1
of which Crewboats                      72.8      65.1      +11.8%        73.5
Subsea Services                         51.6      45.7      +12.9%        51.4
Other                                    4.9      10.2      -51.5%         4.2
BOURBON TOTAL                          315.1     278.0      +13.4%       312.8

Compared with the first quarter of 2012, BOURBON's revenues grew by 13.4% to
315.1 million euros (+14.3% at constant exchange rates), benefiting from 35 new
vessels joining the fleet (of which 20 crewboats). This growth occurred in all
segments (particularly in Shallow water offshore).

Compared with the fourth quarter of 2012, BOURBON's revenues were stable,
impacted by the number of planned classification dry-docks over the period,
especially in areas with a highly seasonal impact (winter in the North Sea and
monsoon period in Asia).

Indicators for BOURBON activity

    * THE BOURBON fleet

BOURBON                                 Q1 2013  Q1 2012    Change     Q4 2012
Number of vessels* (end of period)        465      443   +22 vessels     458
Average utilization rate                 84.2%    83.7%     +0.5 pt     86.2%

* Vessels owned by BOURBON or on bareboat charter

During the quarter, BOURBON took delivery of 10 new vessels (1 IMR, 1 Deepwater
offshore, 3 Shallow water offshore and 5 Crewboats), while 3 crewboats were
taken out of the fleet during the period.

MARINE SERVICES

                                        Q1 2013  Q1 2012    Change     Q4 2012

Revenues (in millions of euros)           258.5    222.1     +16.4%      257.2
Number of vessels* (end of period)         445      425    +20 vessels    439
Average utilization rate                  83.9%    83.7%     +0.2 pt     86.0%

* Vessels owned by BOURBON or on bareboat charter

Compared with the first quarter of 2012, Marine Services revenues were up 16.4%
to 258.5 million euros, a particularly marked increase in Shallow water
offshore.

Compared with the fourth quarter of 2012, the fleet's average utilization rate
was affected during the period by a number of planned classification dry-docks,
the transit of vessels between regions, and a seasonal impact.

Marine Services indicators by segment

* Deepwater offshore vessels

                                      Q1 2013  Q1 2012      Change     Q4 2012

Revenues (in millions of euros)        93.0      86.5        +7.5%        92.6
Number of vessels* (end of period)       73        69   +4 vessels          72
Average utilization rate              86.6%     92.5%     -5.9 pts       90.2%

* Vessels owned by BOURBON or on bareboat charter

Compared with the first quarter of 2012, revenues from Deepwater offshore
vessels in the first quarter of 2013 were up by 7.5% to 93.0 million euros,
benefiting from 4 vessels joining the fleet and the increase in daily rates in
the majority of BOURBON's areas of operation. However, this increase was limited
by a decline in average utilization rates due to transit of "large PSVs" from
shipyards to operating zones in Europe and planned classification dry-docks in
the North Sea.

Compared with the fourth quarter of 2012, revenues were stable. The utilization
rate was strongly impacted by the classification dry-docks mentioned above and
reduced activity due to the winter season in the North Sea.

* Shallow water offshore vessels

                                      Q1 2013  Q1 2012      Change     Q4 2012

Revenues (in millions of euros)         92.8    70.5        +31.7%        91.1
Number of vessels (end of period)        105      96    +9 vessels         102
Average utilization rate               89.8%   84.3%       +5.5 pt       92.2%

Compared with the first quarter of 2012, revenues for the first quarter of 2013
for Shallow water offshore vessels were up significantly (+31.7%) to 92.8
million euros, boosted particularly by the entry into service of new vessels in
recent months and supported by higher average utilization and daily rates in all
its main operating regions (Asia, West Africa, Middle East).

Compared with the fourth quarter of 2012, revenues were up 1.8%, despite the
impact of classification dry-docks and the transit of new vessels from the
shipyards to their operating areas leading to a reduction in utilization rates.
Overall, average daily rates were stable across all operating regions from one
quarter to the next quarter.

* Crewboats

                                      Q1 2013  Q1 2012      Change     Q4 2012

Revenues (in millions of euros)          72.8     65.1      +11.8%        73.5
Number of vessels (end of period)         267      260  +7 vessels         265
Average utilization rate                80.8%    81.0%     -0.2 pt       82.5%

Compared with the first quarter of 2012, revenues in the first quarter of 2013
for Crewboats were 11.8% higher at 72.8 million euros, due to the increased size
of the fleet and the increase in average daily rates, especially for the larger
vessels in the segment (+13.2%).

Compared with the fourth quarter of 2012, revenues were slightly down by 1%,
mainly due to reduced activity in West Africa in the first three months of the
year.

SUBSEA SERVICES

                                      Q1 2013  Q1 2012      Change     Q4 2012

Revenues (in millions of euros)          51.6     45.7      +12.9%        51.4
Number of vessels (end of period)          19       17  +2 vessels          18
Average utilization rate                90.6%    85.7%    +4.9 pts       91.7%

Compared with the first quarter of 2012, revenues in the first quarter of 2013
were up by 12.9% to 51.6 million euros, benefiting in part from 2 new Bourbon
Evolution 800 series vessels joining the fleet.

Compared with the fourth quarter of 2012, the advent of the third vessel in the
Bourbon Evolution 800 series which began as soon as it left the shipyard its
charter contract in South-East Asia, emphasizing the success of this series,
offset the loss of revenue due to planned classification dry-docks and the
repositioning of a vessel in South-East Asia during the period.

It should be noted that BOURBON has strengthened its position in Asia with 3 IMR
vessels now operating in this area.

* OTHER

Compared with the first quarter of 2012, "Other" revenues were down 51.5%.

Compared with the fourth quarter of 2012, "Other" revenues were up 19%.

Using chartered vessels has two advantages for BOURBON: it makes it possible to
meet client demands and generate contracts while new vessels are being built and
added to the fleet. Using chartered vessels also enables BOURBON to offer
vessels that are not part of its regular line of services when needed for global
calls for tenders.

* OUTLOOK

Robust investments in Exploration/Production by oil and gas clients continue to
stimulate demand for offshore vessels.

In Shallow water offshore, the combined effects of an increase in demand for
vessels, clients' stricter criteria for the selection of vessels and operators,
and a reduction in the number of vessels coming out of shipyards in this segment
should have a positive impact on utilization and charter rates for BOURBON
vessels.

In Deepwater offshore, the high number of new vessels coming out of the
shipyards should only marginally impact BOURBON due to high contract coverage of
the fleet BOURBON is operating in this segment.

The strategy of fleet standardization, the focus on crew training through the
use of simulators, and the systematization of maintenance and procurement
procedures will continue to underpin BOURBON's operational and financial
performance.

* MAJOR OPERATIONS AND HIGHLIGHTS

On April 9, BOURBON announced the signing of an agreement between BOURBON and
ICBC Financial Leasing (China) for the sale and bareboat charter back of up to
51 vessels, over 10 years, for a maximum value of US$ 1.5 billion, as part of
the implementation of the "Transforming for beyond" action plan.

* ADDITIONAL INFORMATION

BOURBON's results will continue to be affected by the EUR/US$ exchange rate.

* CHANGE IN BOURBON CONSOLIDATION SCOPE

As of January 1, 2013, companies that were previously consolidated
proportionally have been fully consolidated. The impact of this change in
consolidation scope is not significant for the group. Consequently, and in
accordance with regulations, no pro forma financial statements have been
established for the current period.

For information, the table below shows comparative information restated:

In millions of euros                           TOTAL BOURBON

Q1 2013                                                315.1

Q1 2012 restated at Q1 2013 constant rate              284.9

Change at constant rate                               +10.6%

Q4 2012 restated at Q1 2013 constant rate              320.2

* FINANCIAL CALENDAR

- Combined Annual and Special Shareholders' Meeting          May 28, 2013
- Release and presentation of 2013 1st half results       August 28, 2013
- 3rd Quarter 2013 revenue release                       November 6, 2013

APPENDICES
Quarterly breakdown of revenues

(in millions of euros)                   2013              2012
                                          Q1     Q4      Q3     Q2     Q1

Marine Services                         258.5   257.2   254.5  238.4  222.1
Deepwater offshore vessels               93.0    92.6    93.2   88.5   86.5
Shallow water offshore vessels           92.8    91.1    91.7   83.4   70.5
Crewboats                                72.8    73.5    69.7   66.4   65.1
Subsea Services
IMR vessels                              51.6    51.4    46.5   46.4   45.7
Other                                     4.9     4.2     5.1    5.2   10.2
GROUP TOTAL                             315.1   312.8   306.1  290.0  278.0

Quarterly breakdown of the average utilization rate for the BOURBON offshore
fleet

                                         2013              2012
(%)                                       Q1     Q4      Q3     Q2     Q1

Deepwater offshore vessels               86.6   90.2    92.1   91.3   92.5
Shallow water offshore vessels           89.8   92.2    90.3   92.5   84.3
Crewboats                                80.8   82.5    78.4   78.6   81.0
Marine Services average utilization
rate                                     83.9   86.0    83.4   83.9   83.7
Subsea Services average utilization
rate                                     90.6   91.7    85.2   89.7   85.7
"Total fleet excl. Crewboats" average
utilization rate                         88.7   91.4    90.5   91.8   87.6
"Total fleet" average utilization
rate                                     84.2   86.2    83.5   84.0   83.7

Quarterly breakdown of the average daily rate for the BOURBON offshore fleet

                                         2013                2012
(in US$/day)                              Q1      Q4      Q3      Q2      Q1

Deepwater offshore vessels              21,392  21,074  20,702  20,480  20,011
Shallow water offshore vessels          14,315  14,257  14,308  13,773  13,290
Crewboats                                5,034   4,987   4,923   4,763   4,447
IMR vessels                             40,405  39,064  38,991  38,018  38,181

"Total fleet excl. Crewboats"
average daily rate                      19,427  19,097  18,883  18,526  18,309

Quarterly number of vessels delivered

                                         2013                2012
(in number of vessels)                    Q1      Q4      Q3      Q2      Q1

FLEET TOTAL                               10       5      14       6       8
Marine Services                            9       5      13       6       8
  Deepwater offshore vessels               1       1       0       2       0
  Shallow water offshore vessels           3       1       4       1       3
  Crewboats                                5       3       9       3       5
Subsea Services / IMR                      1       0       1       0       0

Breakdown of BOURBON revenues by geographical region

(in millions of euros)                    Q1 2013   Q1 2012   Change   Q4 2012

Africa                                      187.0     179.3    +4.3%     188.2
Europe & Mediterranean/Middle East           50.2      46.0    +9.1%      54.9
Americas                                     46.3      33.8   +36.9%      36.0
Asia                                         31.6      18.8   +68.1%      33.6

Other key indicators

Quarterly breakdown

                                         2013                2012
                                          Q1      Q4      Q3      Q2      Q1

Average EUR/US$ exchange rate for
the quarter (in EUR)                     1.32    1.30    1.25    1.28    1.31
EUR/US$ exchange rate at closing
(in EUR)                                 1.28    1.32    1.29    1.26    1.34
Average price of Brent for the quarter
(in $/bl)                                 112     110     109     108     119

About BOURBON
BOURBON offers the most demanding oil & gas companies a comprehensive range of
surface and subsea marine services for offshore oil & gas fields and wind farms.
These services are based on an extensive range of latest-generation vessels. The
Group provides local service through its 27 operating affiliates 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 in a
large fleet of innovative and highperformance offshore vessels built-in
series.
In 2012, BOURBON posted revenues of EUR1.187 billion and as of March 31, 2013,
it operated a fleet of 465 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, in the SBF 120 and CAC Mid 60
index.

CONTACTS

PR Agency : 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

BOURBON
Investors - Analysts - Shareholders Relations
James Fraser     +33 (0)4 91 13 35 45 - james.fraser@bourbon-online.com
Communication Department Christa
Roqueblave       +33 (0)1 40 13 86 06 - christa.roqueblave@bourbon-online.com

                            www.bourbon-online.com

BOURBON's latest news

12/02/2020 11:21

BOURBON (EPA:GBB) Bourbon - First quarter 2013 financial information

Transparency directive : regulatory news

BOURBON's latest news

Other stories