.

Paris, November 5, 2014

  • 3rd quarter revenues increased by 5.7% as fleet growth and higher average daily rates were partially offset by lower utilization rates.
     
  • Average daily rates increased in almost all segments and regions, owing in part to newer, larger vessels having higher day rates and also improved rates on some contract renewals and extensions.
     
  • Utilization rates had mixed results across regions, with Asia and West Africa being adversely affected by increased supply of vessels and reduced activity, respectively.
     
  • Cost reduction programs by oil companies had an overall impact on all segments.

 

Quarter

9 months

Q3 2014

Q3 2013

∆ 2014/
2013

Q2 2014

2014

2013

∆ 2014/
2013

Operational indicators

 

 

 

 

 

 

 

Number of vessels (FTE)*

494.8

472.2

+4.8%

490.8

489.6

463.5

+5.6%

Number of vessels (end of period)**

501

479

+22 vessels

501

501

479

+22 vessels

Average utilization rate (%)

79.4

82.9

-3.5 pts

80.2

80.8

83.3

-2.5 pts

Average daily rate (US$/day)

12,604

11,884

+6.1%

12,274

12,292

11,679

+5.2%

(*) FTE: Full Time Equivalent.

(**) Vessels operated by BOURBON (including vessels owned or on bareboat charter).

 

Revenues

 

 

 

 

 

 

 

Marine Services

283.1

267.0

+6.0%

272.7

826.2

794.3

+4.0%

Deepwater offshore vessels

104.0

100.6

+3.4%

97.1

294.7

295.9

-0.4%.

Shallow water offshore vessels

110.3

93.0

+18.6%

106.3

321.8

276.0

+16.6%

Crew boats

68.8

73.4

-6.2%

69.3

209.7

222.5

-5.8%

Subsea Services

61.9

58.9

+5.2%

53.3

167.2

167.8

-0.4%

Other

6.3

6.5

-4.0%

4.6

15.6

18.1

-13.9%

Total revenues by Activity/Segment

351.3

332.4

+5.7%

330.6

1,009.0

980.3

+2.9%

(change at constant rate)     +5.7%       +6.8%

Adjustments***

(10.5)

(7.8)

 

(8.1)

(25.6)

(16.3)

 

Group TOTAL

340.8

324.6

+5.0%

322.6

983.4

964.0

+2.0%

(***) Effect of consolidation of jointly controlled companies using the equity method.

(a) See page 2.

 

Average utilization rate (excl. crew boats)

85.8%

90.0%

-4.2 pts

87.3%

87.8%

89.4%

-1.6 pts

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

20,247

19,573

+3.4%

19,588

19,728

19,474

+1.3%

In the short term, we are entering a period in which the market will be more complex, taking into account cost reductions by clients and the decrease in the price of oil per barrel”, says Christian Lefèvre, Chief Executive Officer of BOURBON.In this context, BOURBON remains focused on excellence in client service execution and on continued cost control. However, structurally the supply and demand for oil & gas will require recovery in the level of investment in the future.

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