February 03, 2016

Adjusted annual revenues increased 1.1% to €1,437 million at current rates, remained resilient during the prolonged oil industry downturn

  • Regionally, adjusted revenues in 2015 in Africa continued to be resilient, steady versus the prior year and in the Americas, adjusted revenues increased almost 40% partly due to additional vessels in the fleet, while adjusted revenues in Asia continued to decline (-19%)
  • Adjusted revenues were positively impacted by foreign exchange rates with an increase of 1.1% at current rates in 2015 compared with 2014, and decreased 8.6% at constant rates
  • Average daily rates declined for the year in all segments of Marine Services, reflecting the impact of the difficult market conditions throughout the year
  • Average utilization rates excluding crew boats in the 4th quarter declined more than 10 points versus the prior year period; average utilization rates were steady versus the 3rd quarter 2015

2015 figures are unaudited


In € millions, unless otherwise noted

Quarter

Full Year

Q4 2015

Q4 2014

(restated)

∆ 2015/
2014

Q4 2015

2015

2014

(restated)

∆ 2015/
2014

Operational indicators

 

 

 

 

 

 

 

Number of vessels (FTE)*

508.0

497.5

+2.1%

502.8

503.0

492.2

+2.2%

Number of vessels (end of period)**

511

505

+6 vessels

507

511

505

+6 vessels

Average utilization rate (%)

72.1%

81.7%

-9.6 pts

73.7%

75.5%

81.0%

-5.5 pts

Average daily rate (US$/day)

10,781

12,429

-13.3%

11,167

11,381

12,254

-7.1%

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


Adjusted Revenues (a)

                

               

                    

              

            

               

                   

Marine Services

275.7

314.3

-12.3%

279.0

1,166.7

1,155.9

+0.9%

  • Deepwater offshore vessels

106.1

111.4

-4.7%

101.9

431.5

411.7

+4.8%

  • Shallow water offshore vessels

103.0

127.8

-19.4%

107.2

449.8

455.7

-1.3%

  • Crew boats

66.6

75.0

-11.3%

69.9

285.5

288.5

-1.0%

Subsea Services

53.3

67.6

-21.1%

61.0

252.3

244.2

+3.3%

Other

5.2

6.6

-21.8%

4.1

18.1

21.0

-13.8%

Total adjusted revenues

334.2

388.5

-14.0%

344.1

1,437.1

1,421.1

+1.1%

(change at constant rates)     -17.5%       -8.6%

IFRS Impact***

(26.1)

(25.5)

 

(23.8)

(107.5)

(74.7)

 

Group TOTAL

308.1

363.0

 -15.1%

320.2

1,329.6

1,346.4

-1.2%

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


Average utilization rate (excl. crew boats)

76.7%

87.5%

-10.8 pts

76.0%

79.1%

87.7%

 -8.6 pts

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

16,809

19,871

-15.4%

17,858

18,089

19,658

-8.0%

 

“In 2015, BOURBON achieved adjusted revenues of €1,437 million, showing resiliency despite a very difficult market”, says Christian Lefèvre, Chief Executive Officer of BOURBON.
“As the industry remains in this prolonged downturn, BOURBON remains focused on what it can control: safety, cost control initiatives and operational efficiency”.

 

(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.

Related documents