August 05, 2015

Adjusted 1st Half 2015 revenues increased 13.1% to €759 million at current rates (-1.7% at constant rates), which demonstrates good operational resilience in a very challenging market

  • First Half 2015 adjusted revenues reached a company record of €758.8 million, confirming BOURBON’s position as a world leader in the OSV market
  • Aside from the impact of a stronger US dollar on revenues, activity remained robust, despite adverse market conditions, on the back of a:
    -   2.6% increase in the fleet size
    -   3.4 point decrease in the average utilization rate
    -   2.6% decrease in the average daily rate (in US$)
  • Compared with the second semester of 2014, adjusted revenues decreased by 6.8% at constant rates
  • Compared with the preceding quarter, adjusted revenues decreased 2.2%, reflecting the additional impact of average daily rate renegotiations and further stacking of vessels

In € millions, unless otherwise noted

Quarter

Half Year

Q2 2015

Q2 2014
(restated)

∆ 2015/
2014

Q1 2015

H1 2015

H1 2014
(restated)

∆ 2015/
2014

Operational indicators

 

 

 

 

 

 

 

Number of vessels (FTE)*

501.2

491.8

+1.9%

500.0

500.6

487.9

+2.6%

Number of vessels (end of period)**

506

501

+5 vessels

501

506

501

+5 vessels

Average utilization rate (%)

77.1%

80.2%

-3.1 pts

79.1%

78.1%

81.5%

-3.4 pts

Average daily rate (US$/day)

11,558

12,274

-5.8%

12,169

11,885

12,207

-2.6%

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


Adjusted Revenues (a)

 

 

 

 

 

 

 

Marine Services

299.8

277.5

+8.1%

312.2

612.0

551.8

+10.9%

Deepwater offshore vessels

109.6

98.9

+10.8%

113.8

223.4

194.0

+15.2%

Shallow water offshore vessels

116.1

108.3

+7.2%

123.5

239.6

214.9

+11.5%

Crew boats

74.2

70.3

+5.5%

74.9

149.1

142.9

+4.3%

Subsea Services

70.9

56.2

+26.1%

67.1

138.0

110.9

+24.5%

Other

4.5

4.2

+7.4%

4.3

8.8

8.3

+6.6%

Total adjusted revenues

375.2

337.9

+11.0%

383.6

758.8

670.9

+13.1%

(change at constant rates)     -4.9%       -1.7%

IFRS 11 impact***

(30.1)

(15.3)

n/s

(27.4)

(57.5)

(28.3)

n/s

Group TOTAL

345.1

322.6

+7.0%

356.3

701.3

642.6

+9.1%

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


Average utilization rate (excl. Crew boats)

79.5%

87.3%

-7.8 pts

84.3%

81.9%

88.9%

-7 pts

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

18,640

19,588

-4.8%

19,301

19,012

19,541

-2.7%

 

"The first half of 2015 was highlighted by a continued slowdown in activity in most regions and negotiations with clients on commercial terms. Throughout this difficult period, BOURBON has demonstrated resilience, evidenced by the revenue progression, thanks to our strategy of operating a safe, modern and efficient fleet", says Christian Lefèvre, Chief Executive Officer of BOURBON. "While the duration of this downturn is uncertain, BOURBON is constantly adapting to the market and is unwavering in its focus on excellence in service execution and reducing its costs. This focus will not only improve the group’s resilience in the current cycle but will make it even stronger going forward."