BOURBON First Half 2014: Strong cost  control helps offset weak dollar

Paris, September 3, 2014

  • Adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates)
  • Adjusted EBITDAR as a percentage of adjusted revenues, remained at a stable level of 34.4% following good cost control over the period
  • Adjusted EBIT decreased more than 50% largely due to €41.8 million increase in bareboat charter costs year on year, not fully offset by capital gains
  • Positive free cash flow of almost €250 million enabled further debt reduction for a total of €556 million since June 30, 2013
  H1 2014 H1 2013 H1 2014/2013 H2 2013
Operational indicators        
  • Number of vessels (FTE)*
487.9 460.1 +6.0% 476.1
  • Number of vessels (end of period)**
501 472 +29 vessels 485
  • Technical availability rate (%)
95.2% 93.5% +1.7 pts 95.5%
  • Average utilization rate (%)
81.5% 83.4% -1.9 pts 83.2%
  • Average daily rate $/d
12,207 11,579 +5.4% 11,901

* FTE: full time equivalent.
** vessels operated by BOURBON (including vessels owned or on bareboat charter).

Financial performance        
  • Adjusteda Revenues
657.7 647.9 +1.5% 664.1
(change at constant rate)     (+8.9%)  
  • Adjusteda Costs (excl. bareboat charters)
(431.4) (424.8) +1.6% (436.8)
  • Adjusteda EBITDAR (ex. cap. Gain)
226.3 223.0 +1.5% 227.3
EBITDAR / Revenues 34.4% 34.4%   34.2%
  • Adjusteda EBITDA
190.9 221.0 -13.6% 354.7
  • Adjusteda EBIT
41.5 92.1 -54.9% 210.5
  • IFRS 11 impact ***
(0.8) (1.0)   (1.7)
  • EBIT
40.7 91.1 -55.3% 208.9
  • Net income 
10.6 30.9 -65.7% 112.5
  • Net income (group share)
(4.8) 14.4 n/a 100.5

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

Average utilization rate (excl. crewboats) 88.9% 89.0% -0.1 pt 90.0%
Average daily rate (excluding crewboats $/d) 19,541 19,431 +0.6% 19,459

 

Offshore markets duringthe first half of 2014 were affected by a slowdown in activity, partly due to cost reductions by oil & gas companies and delays on some projects”, says Christian Lefèvre, Chief Executive Officer of BOURBON. “BOURBON showed strong improvement in cost control while taking delivery of 23 vessels during the period, bringing the total number of vessels under operation to 500 offshore vessels."

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