November 04, 2015

Adjusted revenues for first 9 months maintained their resilience with an increase of 6.8% to €1,103 million at current rates (-5.5% at constant rates) in a difficult offshore market

  • 3rd quarter 2015 average utilization rate of over 73% (-5.7 pts versus one year ago) showed good resistance in a very weak market while average daily rates declined 11%, reflecting the lower rates negotiated with clients on long term contracts as well as reduced rates on spot contracts compared with a year ago
  • Positive foreign currency impact enabled 9 months 2015 revenues to reach over €1.1 billion also helped by BOURBON’s modern, standardized fleet, combined with its strong worldwide client network and local partnerships
  • Revenues increased in the Americas versus the 3rd quarter 2014 while the most significant impact of the market downturn was felt in Asia, where revenues declined 27% over the same period
  • Compared with the preceding quarter, adjusted revenues decreased 8.3%, impacted by stacked vessels and contracting of vessels at lower rates

In € millions,
unless otherwise noted

Quarter

9 months

Q3 2015

Q3 2014

(restated)

∆ 2015/
2014

Q2 2015

2015

2014

(restated)

∆ 2015/
2014

Operational indicators

 

 

 

 

 

 

 

Number of vessels (FTE)*

502.8

495.8

+1.4%

501.2

501.3

490.6

+2.2%

Number of vessels (end of period)**

507

501

+6 vessels

506

507

501

+6 vessels

Average utilization rate (%)

73.7%

79.4%

-5.7 pts

77.1%

76.6%

80.8%

-4.2 pts

Average daily rate (US$/day)

11,167

12,604

-11.4%

11,558

11,632

12,292

-5.4%

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


Adjusted Revenues (a)

 

 

 

 

 

 

 

Marine Services

279.0

289.8

-3.7%

299.8

891.0

841.6

+5.9%

  • Deepwater offshore vessels

101.9

106.3

-4.1%

109.6

325.3

300.3

+8.3%

  • Shallow water offshore vessels

107.2

112.9

-5.1%

116.1

346.7

327.8

+5.8%

  • Crew boats

69.9

70.6

-1.0%

74.2

219.0

213.5

+2.6%

Subsea Services

61.0

65.7

-7.2%

70.9

199.0

176.6

+12.7%

Other

4.1

6.1

-32.8%

4.5

12.9

14.4

-10.2%

Total adjusted revenues

344.1

361.7

-4.9%

375.2

1,102.9

1,032.6

+6.8%

(change at constant rates)     -12.9%       -5.5%

IFRS Impact***

(23.8)

(20.8)

 

(30.1)

(81.4)

(49.2)

 

Group TOTAL

320.2

340.8

 -6.0%

345.1

1,021.6

983.4

+3.9%

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


Average utilization rate (excl. crew boats)

76.0%

85.8%

-9.8 pts

79.5%

79.8%

87.8%

-8 pts

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

17,858

20,247

-11.8%

18,640

18,599

19,728

-5.7%

 

"In today’s market environment, BOURBON remains determined in the search of operational excellence and is focusing on what it can control: safety, cost control initiatives and operational efficiency", says Christian Lefèvre, Chief Executive Officer of BOURBON. "The objectives in the coming quarters will be to maximize the utilization of the fleet by extending the scope of services on the full range of vessels and extend the portfolio of clients thanks to its network and strong partnerships overseas."

 

(a) Adjusted data:
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). As of January 1, 2015, the internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Adjusted comparative figures are restated accordingly.

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