BOURBON (EPA:GBB) BOURBON Press Release 2009 4th quarter and 2009 annual revenues

Transparency directive : regulatory news

10/02/2010 07:00

Paris, February 10, 2010

Group annual revenues up by 3.1% at 960.5 million euros
Offshore Division posts annual growth of 20.5% at 809.9 million euros
4th quarter revenues impacted by the global context of the offshore oil and gas
activity

Commenting on the results, Jacques de Chateauvieux, Chairman & Chief Executive
Officer of BOURBON said: "With 71 new units coming into the fleet in 2009,
annual revenues from BOURBONowned Offshore vessels alone saw growth of 27%,
while the need for chartering was substantially reduced in a context of
cost-cutting by the oil and gas companies. This trend, which was particularly
marked at the end of last year, is likely to continue to influence activity in
the early part of this year. We are starting to see a recovery in capital
expenditure but the effects will not show through until the second half of
2010."

                           4th quarter                  12 months
                     Q4 2009 Q4 2008 Change at  2009  2008  Change   Change at
                                      current             at current  constant
                                      exchange             exchange   exchange
(in millions of euros)                 rates                 rates      rates
Offshore Division     194.6    209.1   -6.9%    809.9 672.1 +20.5%     +14.8%
   of which Marine
   Services           155.7    170.6   -8.7%    661.5 539.6 +22.6%
   of which Subsea
   Services            38.9     38.5   +1.0%    148.4 132.5 +12.0%
Bulk Division          28.3     44.0  -35.5%    119.3 234.8 -49.2%     -51.8%
Other                   8.6      5.1  +69.5%     31.3  24.5 +28.0%     +30.7%
BOURBON TOTAL         231.5    258.2  -10.3%    960.5 931.3  +3.1%      -1.6%

Revenues for 2009 amounted to 960.5 million euros, up 3.1% compared with the
previous year (down 1.6% at constant exchange rates).
Year-on-year growth for the Offshore Division (which represents over 84% of the
Group's activity) amounted to 20.5% with revenues of 809.9 million euros, while
the Bulk Division saw its revenues reduced to 119.3 million euros (down 49.2%
compared with 2008) due to the decrease in charter rates.
The share of Offshore revenues from chartered vessels declined over the year.

4th quarter revenues came to 231.5 million euros, down 10.3% compared with the
4th quarter of 2008, mainly due to the oil and gas companies' decline in
activity and the impact on the Offshore Division.

* OFFSHORE DIVISION

                                 4th quarter               12 months
                                       Change at            Change at Change at
                            Q4     Q4   current   2009 2008  current   constant
(in millions of euros)    2009   2008  exchange             exchange  exchange
                                         rates                rates      rates
Offshore Division         194.6  209.1    -6.9%  809.9 672.1  +20.5%    +14.8%

Activity in 2009

The Offshore Division recorded revenues of 809.9 million euros in 2009, a 20.5%
increase (up 14.8% at constant exchange rates), in a globally declining
market.

BOURBON's good results are mainly due to a policy of long-term contracts and the
commissioning of new highperformance vessels.

BOURBON took delivery of 71 new Offshore vessels, including 20 Bourbon Liberty
which are proving to be very much appreciated by clients, and sold 2 older
vessels.

The owned-vessel activity grew at an annual rate of 27.1%, reaching a total of
739.3 million euros.

The share of revenues from chartered vessels declined over the year.

4th quarter 2009 activity

4th quarter activity for the Offshore Division was down 7.0% compared with the
last quarter of 2008. However, the decline in revenues for BOURBON owned vessels
was limited to 1.3%.

Reduced expenditure by the oil and gas companies, particularly marked in the
second half of the year, led to a significant deterioration of market
conditions, and to a lesser extent, impacted the vessels' utilization rate. The
transit of vessels from their construction site in China to their operating area
is no longer integrated in client contracts, which accordingly reduced the
utilization rates and revenues from the newly commissioned units.

It should be noted that, in accordance with the Division's strategy, the
chartered vessel activity is in decline; in the 4th quarter of 2009 it was down
by 3.7 million euros from the previous quarter and by 12.1 million euros from
the 4th quarter of 2008. Revenues from chartered vessels thus only represented
5.9% of the revenues for the entire BOURBON fleet in operation during the last
quarter.

* Revenues by activity

                                               12 months  12 months
(in millions of euros)  Q4 2009 Q4 2008 Change %  2009      2008     Change %

Marine Services           155.7  170.6   -8.7%    661.5     539.6     +22.6%
Subsea Services            38.9   38.5   +1.0%    148.4     132.5     +12.0%
TOTAL                     194.6  209.1   -6.9%    809.9     672.1     +20.5%
Of which:
      BOURBON vessels     183.0  185.4   -1.3%    739.3     581.5     +27.1%
    Chartered vessels      11.6   23.7  -51.0%     70.6      90.6     -22.1%

Marine Services

Annual revenues for the Marine Services activity were up 22.6% at 661.5 million
euros. This growth was driven by BOURBON-owned vessels, with revenues from
chartered vessels recording a decrease of 18.8 million euros compared with
2008.

4th quarter revenues came to 155.7 million euros, down 8.7% compared with the
4th quarter of 2008. Activity in the final quarter was particularly impacted by
the unfavorable market conditions, and the systematic reduction in the share of
chartered vessels was accelerated. The activity of new vessels commissioned in
the 4th quarter did not totally offset the impact of the fall in chartering and
the decline in the vessel utilization rate.

Subsea Services

Annual revenues for the Subsea Services activity came to 148.4 million euros, up
12.0% compared with the previous year.

4th quarter revenues were up 38.9 million euros, representing 1.0% compared with
the 4th quarter of 2008. Despite good performance from the IMR fleet over the
quarter, a new vessel joining the fleet in the first half and new contracts
operated by chartered ROVs, activity in the quarter was adversely affected by
unfavorable market conditions.

* Revenues by geographical region

                           4th quarter               12 months
(in millions of euros) Q4 2009 Q4 2008 Change %  2009  2008  Change %
Offshore Division        194.6  209.1    -6.9%   809.9 672.1  +20.5%
          Africa         125.3  134.7    -7.0%   531.3 448.5  +18.5%
Europe & Mediterranean /
           Middle East    33.6   38.0   -11.5%   136.6 124.6   +9.6%
                  Asia    19.7   22.4   -12.2%    85.0  51.9  +63.6%
    American continent    16.0   14.0   +14.4%    57.1  47.1  +21.2%

Over the full year 2009, West Africa, a region in which BOURBON made 66% of its
sales, in particular in Nigeria, Angola and the Congo, continued to post strong
growth.
Strong growth in BOURBON's activity in the Far East and Asia (up 63.6%),
especially in India, reflects the success of the Group's development strategy in
this region, which now accounts for over 10% of the Division's revenues.

In the 4th quarter, the sharp deterioration of market conditions affected all
regions, and the American continent was alone in posting growth over the final
quarter of 2008.

* BULK DIVISION

                          4th quarter                  12 months
                     Q4 2009 Q4 2008 Change at  2009  2008  Change   Change at
                                      current             at current  constant
                                      exchange             exchange   exchange
(in millions of euros)                 rates                 rates      rates

Bulk Division          28.3    44.0   -35.5%   119.3 234.8  -49.2%     -51.8%

Annual revenues for the Bulk Division amounted to 119.3 million euros, down
49.2% compared with 2008, notably because of lower charter rates. The Baltic
Supramax Index (BSI) averaged out at $17,300 per day in 2009 compared with
$41,550 per day in 2008, down 41.6%.
The BSI improved steadily during the year in 2009.
At the end of 2009, BOURBON owned a fleet of 12 bulk carriers, compared with 5
at the end of December 2008.

4th quarter revenues amounted to 28.3 million euros, down 35.5% compared with
the 4th quarter of 2008.
This decline was due to a negative base effect as the 4th quarter of 2008 had
benefited from long-term contracts which have since come to an end and which had
been signed at previous historically high rates.
As regards the owned fleet, BOURBON took delivery at the end of November of a
new Supramax-type bulk carrier (58,000 tonnes), and has been led to cancel the
order for a Panamax-type bulk carrier in India, due to a serious delay in
construction.
The Baltic Supramax Index (BSI) continued to rise at the end of the year,
averaging $22,150 per day in the 4th quarter of 2009 compared with an average of
$19,782 per day in the previous quarter.

* OUTLOOK

Offshore Division
Given the expected increase in demand for oil, the faster pace of decline in
production in existing fields, and the necessity in the medium term to
reconstitute reserves, an upturn in oil and gas activity is expected in 2010.
Production maintenance activities should be the first to benefit, followed in
the second half of 2010, by drilling activities.
In parallel with this forecast recovery in demand, the offer of offshore vessels
is likely to continue to be affected by the demolition of old vessels.
In accordance with its Horizon 2012 plan and its strategy of "investing to
reduce client costs", BOURBON will continue to take delivery of new modern
high-productivity vessels, such as the Bourbon Liberty vessels, which provide
the offshore continental market with replacement vessels that transport more,
consume less and have the maneuverability of vessels operating in deepwater
offshore.
BOURBON is now well placed to withstand the impact of the current excess
capacity of high-tonnage vessels (particularly those destined for deepwater
offshore) to respond to the demand in continental offshore, and to reap the full
benefit of the impact of the recovery in the coming years.

Bulk Division

Charter prices on the market will continue to depend on the global economic
recovery, the number of new vessels actually delivered in 2010, and the level of
demolition which may well continue at the historically high rate seen in 2009.

Echoing the Offshore Division, although on a lesser scale, the Bulk Division
will continue to expand its fleet of owned bulk carriers and will take delivery
of six 58,000-tonne Supramax vessels in 2010; however, there continues to be
some uncertainty on the delivery dates of the Panamax ordered in India.

Having sold two 49,000-tonne vessels in January 2010, generating a capital gain
of 23 million dollars, the Bulk Division owned fleet is expected to consist of a
minimum of 16 vessels by the end of 2010.

* FINANCIAL CALENDAR

-   Presentation of 2009 annual results                  March 17, 2010
-   1st quarter 2010 financial results                      May 5, 2010
-   Combined Annual and Special Shareholders' Meeting      June 9, 2010
-   2nd quarter and 1 st half 2010 financial results     August 9, 2010
-   Presentation of 1 st half 2010 results             August 25, 2010

APPENDICES

* BOURBON QUARTERLY DATA               2009                    2008
(in millions of euros)         Q4    Q3    Q2    Q1    Q4    Q3    Q2    Q1
Offshore Division
Marine Services              155.7  167.5 171.6 166.7 170.6  140.2 116.1 112.5
Subsea Services               38.9   40.1  34.1  35.3  38.5   37.7  32.1  24.2
Offshore TOTAL               194.6  207.6 205.7 202.0 209.1  178.0 148.2 136.8
from owned vessels           183.0  192.5 184.5 179.3 185.4  153.2 125.3 117.6
from chartered vessels        11.6   15.1  21.2  22.7  23.7   24.8  23.0  19.1
Bulk Division                 28.3   30.5  30.6  29.9  44.0   57.4  67.8  65.6
Other                          8.6    8.8   7.2   6.7   5.1    4.1   6.0   9.3
BOURBON TOTAL                231.5  246.8 243.5 238.7 258.2  239.5 222.0 211.7

* KEY INDICATORS

                                                           Q4 2009     Q4 2008
Average USD exchange rate for the quarter (in EUR)           1.48         1.32
USD exchange rate at closing (in EUR)                        1.44         1.39
Average price of Brent for the quarter (in $/b)              73           56
Average Baltic Supramax Index for the quarter (in $/day) 22,150        8,725

The average euro/dollar exchange rate in 2009 was $1.39 compared with $1 .47 in
2008.

The Baltic Supramax Index (BSI) averaged $17,300 per day in 2009 versus $41,550
per day in 2008.

The price of Brent averaged $61 per barrel for the year 2009 compared with $97
per barrel for the year 2008.

About BOURBON

BOURBON offers a broad range of offshore oil and gas marine services. Under its
strategic plan BOURBON intends to become the leader in modern offshore oil and
gas marine services by offering the most demanding clients worldwide, a full
line of innovative, high performance and new-generation vessels and a modular
offer of Inspection, Maintenance and Repair services, with the launch of its new
"Subsea Services" Activity.
BOURBON also specializes in bulk transport and protects the French coastline for
the French Navy.
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 and Dow Jones
Stoxx 600 indices.

Contacts
Publicis Consultants / Press Relations
Elodie Woillez       +33(0)1 57 32 86 97 elodie.woillez@consultants.publicis.fr
Stéphane Chery       +33(0)1 57 32 85 63 stephane.chery@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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12/02/2020 11:21

BOURBON (EPA:GBB) BOURBON Press Release 2009 4th quarter and 2009 annual revenues

Transparency directive : regulatory news

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