February 04, 2015

.

  • The Shallow water segment had very good performance (+18.7%), and became the largest contributor to adjusted annual revenues at €446 million

  • Deepwater segment and Subsea were impacted by difficult market conditions in the 4th quarter, with less annual growth at +3.0% and +3.1%, respectively

  • Strong adjusted annual revenue growth of 18.0% in Asia

  • The average utilization rate in Shallow water remained high during the 4th quarter at 89.1%

  • Average utilization rates in the 4th quarter declined versus the prior year period in Deepwater to 85.8% (-4.3 pts) and in Subsea to 82.8% (-6.4 pts), reflecting more difficult market conditions

  • The Euro/US Dollar exchange rate had a negative impact on revenues in the 1st half of the year and a positive impact during the 2nd half; adjusted annual revenue growth at current rates was 5.6% compared with +6.7% at constant rates

 

Quarter

Full Year

Q4 2014

Q4 2013

∆ 2014/
2013

Q3 2014

2014

2013

∆ 2014/
2013

Operational indicators

 

 

 

 

 

 

 

Number of vessels (FTE)*

497.5

479.1

+3.8%

495.8

492.2

468.2

+5.1%

Number of vessels (end of period)**

505

485

+20 vessels

501

505

485

+20 vessels

Average utilization rate (%)

81.7

83.5

-1.8 pts

79.4

81.0

83.3

-2.3 pts

Average daily rate (US$/day)

12,429

11,901

+4.4%

12,604

12,254

11,754

+4.3%

(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat charter).


Adjusted Revenues (a)

 

 

 

 

 

 

 

Marine Services

306.1

270.3

+13.2%

283.1

1,132.3

1,064.7

+6.4%

  • Deepwater offshore vessels

108.4

95.7

+13.3%

104.0

403.2

391.6

+3.0%

  • Shallow water offshore vessels

124.6

100.0

+24.6%

110.3

446.3

376.0

+18,7%

  • Crew boats

73.2

74.7

-2.0%

68.8

282.9

297.2

-4.8%

Subsea Services

62.9

55.4

+13.5%

61.9

230.2

223.3

+3.1%

Other

7.2

5.8

+23.6%

6.3

22.8

24.0

-4.8%

Total adjusted revenues

376.3

331.6

+13.5%

351.3

1,385.3

1,311.9

+5.6%

(change at constant rates)     +6.5%       +6.7%

IFRS Impact***

(13.3)

(6.0)

 

(10.5)

(38.9)

(22.3)

 

Group TOTAL

363.0

325.6

 +11.5%

340.8

1,346.4

1,289.6

+4.4%

(***) Effect of consolidation of jointly controlled companies using the equity method.
(a) See page 2.


Average utilization rate (excl. crew boats)

87.5%

90.1%

-2.6 pts

85.8%

87.7%

89.5%

-1.8 pts

Average daily rate (excl. crew boats US$/d)

19,871

19,329

+2.8%

20,247

19,658

19,447

+1.1%

"In 2014, BOURBON achieved adjusted revenues of €1,385 million, a solid growth of 6.7%, during a more difficult market towards the end of the year", says Christian Lefèvre, Chief Executive Officer of BOURBON. "In this environment, the good performance of the Shallow water segment demonstrates the validity of the strategy to operate modern, standardized vessels. Today, with a strong fleet and reduced financial debt, BOURBON is well equipped to get through this period".

(a) Consolidated revenues for the 4th quarter and full year 2014 were established for the first time according to the new accounting standards IFRS 10, IFRS 11 and IFRS 12 relating to consolidation which became mandatory as of January 1, 2014. Specifically, joint ventures on which BOURBON has joint control are now consolidated using the equity method which replaces the proportionate consolidation method. Comparative figures are restated accordingly.
The adjusted financial information is presented by Activity and by segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). The principles of internal reporting do not reflect the application of the new IFRS 10, IFRS 11 and IFRS 12. Consequently, joint ventures are still proportionately consolidated, as in previous years.