Paris, September 7, 2017
BOURBON First Half 2017 Results:
Performance still largely impacted by a continuously challenging
Offshore oil and gas services market
|
|
|
"In a cyclical downturn whose duration remains uncertain, BOURBON is committed to creating the necessary conditions to face the challenge on all fronts, particularly when it comes to implementing the transformation plan, maintaining operational excellence for clients and ensuring autonomous financing capacity in a low-activity market context,"
declares
Jacques de Chateauvieux, Chairman and CEO of BOURBON Corporation
.
"From this standpoint, the debt reorganization concluded at the end of July is an important step in the 'Stronger for longer' action plan
".
In € millions, unless otherwise noted | H1 2017 | H1 2016 |
var
H1 2017 /
H1 2016 | H2 2016 |
var
H1 2017 /
H2 2016 |
Operational indicators | |||||
| 513.5 | 511.3 | 0.4% | 513.3 | - |
| 513 | 513 | - | 514 | -1 vessel |
| 97.3% | 97.6% | -0.3 pt | 97.4% | -0.1 pt |
| 53.8% | 66.8% | -13.0 pts | 58,6% | -4.8 pts |
| 8,948 | 9,961 | -10.2% | 9,193 | -2.7% |
(*) FTE: full time equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat charter). | |||||
Financial performance | |||||
| 459.5 | 599.2 | -23.3% | 503.4 | -8.7% |
(change at constant rate) | -24.9% | -9.2% | |||
| (314.3) | (370.3) | -15.1% | (349.3) | -10.0% |
| 145.1 | 228.8 | -36.6% | 154.2 | -5.9% |
Adjusted EBITDAR / Revenues | 31.6% | 38.2% | 30.6% | ||
| 59.6 | 134.4 | -55.7% | 58.9 | 1.1% |
| - | - | (36.0) | ||
| (87.0) | (24.8) | n/s | (140.4) | -38.0% |
| (3.8) | (3.6) | 7.0% | (6.6) | -41.7% |
| (90.8) | (28.3) | n/s | (147.0) | -38.2% |
| (170.4) | (87.3) | n/s | (175.7) | -3.0% |
| (170.1) | (104.3) | n/s | (175.3) | -2.9% |
(***) Effect of consolidation of jointly controlled companies using the equity method.
Average utilization rate (excl. Crew boats) | 48.3% | 68.1% | -19.8 pts | 55.2% | -6.9 pts |
Average daily rate (excluding Crew boats, US$/d) | 15,133 | 15,741 | -3.9% | 15,123 | 0.1% |
(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). 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.
The reconciliation between the adjusted data and the consolidated data can be found in Annex I on page 10.
Market highlights and 1 st Half 2017 operations
1 st Half 2017 results highlights
MARINE SERVICES
Operational Business Indicators | H1 2017 | H1 2016 |
var
H1 2017 / | H2 2016 |
var
H1 2017 / |
H1 2016 | H2 2016 | ||||
Number of vessels FTE * | 490.5 | 488.3 | 0.5% | 490.3 | - |
Technical availability rate | 97.2 | 97.6% | -0.4 pt | 97.4% | -0.2 pt |
Average utilization rate | 53.5% | 67.4% | -13.9 pts | 58.5% | -5.0 pts |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter). | |||||
Adjusted Financial Performance
In € millions | H1 2017 | H1 2016 |
var
H1 2017 / | H2 2016 |
var
H1 2017 / |
H1 2016 | H2 2016 | ||||
Revenues | 327.1 | 478.0 | -31.6% | 386.1 | -15.3% |
costs (excluding bareboat charter costs) | (237.2) | (308.2) | -23.0% | (277.7) | -14.6% |
EBITDAR (excluding capital gains) | 90.0 | 169.8 | -47.0% | 108.4 | -17.0% |
EBITDAR (excluding capital gains) / Revenues | 27.5% | 35.5% | -8.0 pts | 28.1% | -0.6 pt |
EBITDA | 28.0 | 103.5 | -73.0% | 40.7 | -31.3% |
Impairment | - | - | (36.0) | ||
EBIT | (87.9) | (22.6) | n/s | (133.1) | -34.0% |
The reduction in revenue reflects strong pressure on daily rates and slightly lower utilization rates. The Shallow water Offshore segment has been the most affected in these difficult market conditions.
Sustained cost-reduction efforts enabled the Marine services business to preserve an EBITDAR/adjusted revenue margin of 27.5%.
Marine Services : Deepwater offshore vessels
Operational Business Indicators | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Number of vessels FTE * | 89.0 | 88.7 | 0.3% | 89.0 | - |
Technical availability rate | 96.8 | 95.4% | +1.4 pts | 94.8% | +2.0 pts |
Average utilization rate | 60.6% | 73.4% | -12.8 pts | 63.4% | -2.8 pts |
Average daily rate ($/day) | 15,016 | 17,114 | -12.3% | 15,945 | -5.8% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter) | |||||
Adjusted Financial Performance
In € millions | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Revenues | 137.0 | 182.8 | -25.0% | 154.2 | -11.1% |
costs (excluding bareboat charter costs) | (91.7) | (112.9) | -18.8% | (108,8) | -15.7% |
EBITDAR (excluding capital gains) | 45.4 | 69.9 | -35.1% | 45.4 | -0.2% |
EBITDAR / Revenues | 33.1% | 38.2% | -5.2 pts | 29.4% | +3.6 pts |
EBITDA | 13.0 | 36.1 | -64.0% | 11.3 | 14.7% |
The decline in drilling activity and vessel overcapacity in this segment continued to impact utilization rates (-2.8 points) and daily rates (-5.8%) compared to the second semester 2016.
Cost reduction and proactive vessel stacking allowed to slightly improve the EBITDAR/adjusted revenue margin by 3.6 points compared to the previous half year.
Marine Services : Shallow water offshore vessels
Operational Business Indicators | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Number of vessels FTE* | 132.5 | 133.0 | -0.4% | 133.0 | -0.4% |
Technical availability rate | 99.4% | 98.7% | +0.7 pt | 99.4% | - |
Average utilization rate | 37.8% | 66.9% | -29.1 pts | 48.9% | -11.1 pts |
Average daily rate (in US$/day) | 9,128 | 11,289 | -19.1% | 10,148 | -10.1% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter). | |||||
Adjusted Financial Performance
In € millions | H1 2017 | H1 2016 |
var
H1 2017 /
H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Revenues | 76.2 | 168.2 | -54.7% | 111.0 | -31.4% |
costs (excluding bareboat charter costs) | (61.1) | (107.2) | -43.0% | (80.0) | -23.7% |
EBITDAR (excluding capital gains) | 15.2 | 61.0 | -75.2% | 31.0 | -51.1% |
EBITDAR / Revenues | 19.9% | 36.3% | -16.4 pts | 27.9% | -8.0 pts |
EBITDA | (14.6) | 28.2 | n/s | (2.6) | n/s |
In the context of a weak drilling activity, the main driver of this segment, revenue decreased by 31% and margins dropped by 8 points compared with the second half of 2016. After hitting a low in the first quarter, activity recovered in the second quarter, mainly driven by Egypt and the end of the monsoon season in Asia. The segment recorded revenue growth of 5.3% and a rise of 4.3 points in utilization rates between the first and second quarters of 2017.
Marine Services : Crew boat vessels
Operational Business Indicators | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Number of vessels FTE | 269.0 | 266.6 | +0.9% | 268.3 | 0.2% |
Technical availability rate | 96.3% | 97.9% | -1.6 pts | 97.4% | -1.1 pts |
Average utilization rate | 58.9% | 65.6% | -6.7 pts | 61.6% | -2.7 pts |
Average daily rate (in US$/day) | 4,355 | 4,478 | -2.7% | 4,364 | -0.2% |
Adjusted Financial Performance
In € millions | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Revenues | 113.8 | 127.0 | -10.3% | 120.8 | -5.8% |
costs (excluding bareboat charter costs) | (84.4) | (88.1) | -4.2% | (88.9) | -5.0% |
EBITDAR (excluding capital gains) | 29.4 | 38.8 | -24.2% | 31.9 | -7.8% |
EBITDAR / Revenues | 25.9% | 30.6% | -4.7 pts | 26.4% | -0.6 pt |
EBITDA | 29.5 | 39.2 | -24.7% | 31.9 | -7.6% |
The Crew boats segment saw a decrease in revenue this half-year, mainly due to the reduction in contractors' activity in West Africa. Average utilization rates and daily rates fell by 2.7 points and 0.2% respectively compared with the second half of 2016.
The EBITDAR/adjusted revenue margin was stable compared with the previous half-year due to effective cost control and the proactive stacking of vessels.
Subsea Services
Operational Business Indicators | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Number of vessels FTE* | 22.0 | 22.0 | - | 22.0 | - |
Technical availability rate | 97.7% | 96.1% | +1.6 pts | 96.5% | +1.2 pts |
Average utilization rate | 61.6% | 54.1% | +7.5 pts | 60.1% | +1.5 pts |
Average daily rate (in US$/day) | 37,774 | 41,501 | -9.0% | 36,062 | 4.7% |
* Vessels operated by BOURBON (including vessels owned or on bareboat charter). | |||||
Adjusted Financial Performance
In € millions | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Revenues | 124.4 | 110.8 | 12.2% | 106.3 | 17.0% |
costs (excluding bareboat charter costs) | (72.1) | (54.5) | 32.1% | (64.5) | 11.7% |
EBITDAR (excluding capital gains) | 52.3 | 56.3 | -7.1% | 41.8 | 25.2% |
EBITDAR / Revenues | 42.1% | 50.8% | -8.7 pts | 39.3% | +2.7 pts |
EBITDA | 28.8 | 28.1 | 2.3% | 14.3 | 101.6% |
Impairment | - | - | - | ||
EBIT | 1.4 | 4.0 | -63.9% | (10.6) | n/s |
The average utilization rate held up well with a rise of 1.5 points in this half-year compared with the previous semester.
Turnkey projects in Africa and Asia contributed to revenue growth in this half-year, as well as to the increase in EBITDAR compared with the second half of 2016.
Despite significant pressure on daily rates, the IMR (Inspection, Maintenance and Repair) market remained indeed stable due to its essential nature in maintaining production in Deepwater offshore.
Other
Adjusted Financial Performance
In € millions | H1 2017 | H1 2016 |
var
H1 2017 / H1 2016 | H2 2016 |
var
H1 2017 / H2 2016 |
Revenues | 8.0 | 10.4 | -23.2% | 11.0 | -27.7% |
costs | (5.1) | (7.6) | -32.6% | (7.0) | -26.9% |
EBITDAR (excluding capital gains) | 2.8 | 2.7 | 2.9% | 4.0 | -29.1% |
EBITDAR / Revenues | 35.5% | 26.5% | +9.0 pts | 36.2% | -0.7 pt |
EBITDA | 2.8 | 2.7 | +2.9% | 4.0 | -29.1% |
EBIT | (0.5) | (6.1) | -91.7% | 3.3 | n/s |
Activities included are those that do not fit into either Marine Services or Subsea Services. For the most part, they correspond to the results of various ship management and logistics activities and to the cement carrier Endeavor, which was sold in July 2017.
Consolidated Capital Employed | 06/30/2017 | 12/31/2016 |
In millions of euros | ||
Net non-current Assets | 2,427.0 | 2,654.5 |
Working Capital | 181.2 | 198.0 |
Total Capital Employed | 2,608.2 | 2,852.5 |
Shareholders equity | 1,098.0 | 1,255.5 |
Non-current liabilities (provisions and deferred taxes) | 134.7 | 128.7 |
Net debt | 1,375.4 | 1,468.2 |
Total Capital Employed | 2,608.2 | 2,852.5 |
Consolidated Sources and uses of Cash | H1 2017 | H2 2016 | H1 2016 | |||
In € millions | ||||||
Cash generated by operations | 81.6 | 41.5 | 111.8 | |||
Vessels in service (A) | 79.0 | 37.1 | 110.9 | |||
Vessel sales | 2.6 | 4.4 | 0.9 | |||
Cash out for: | (31.4) | (76.5) | (40.6) | |||
Interest | (23.4) | (23.7) | (23.5) | |||
Taxes (B) | (8.0) | (14.2) | (11.7) | |||
Dividends | - | (38.6) | (5.3) | |||
Net Cash from activity | 50.2 | (35.0) | 71.2 | |||
Net debt changes | (62.4) | 3.1 | 56.6 | |||
Perpetual bond | - | - | - | |||
Use of cash for: | 2.4 | 30.8 | (93.4) | |||
Investments | (17.0) | (36.4) | (117.9) | |||
Working capital (C) | 19.4 | 67.1 | 24.5 | |||
Other sources and uses of cash | 9.8 | 1.1 | (34.4) | |||
Free cash flow | 76.0 | 58.0 | 6.7 | |||
Net Cash flow from operating activities (A+B+C) | 90.4 | 90.1 | 123.7 | |||
Acquisition of property, plant and equipment and intangible assets | (17.0) | (36.4) | (117.9) | |||
Sale of property, plant and equipment and intangible assets | 2.6 | 4.4 | 0.9 | |||
OUTLOOK
With oil prices having stabilized at around US$50, oil companies have adapted and started again exploration-production projects. Demand remains low; however, signs of a gradual return to drilling and development of existing oilfields are visible in certain countries.
In this context, utilization rates can be expected to stabilize in the Subsea and Crew boats segments. The Deepwater offshore and Shallow water offshore segments will see a slight upturn in activity, however at prices that are expected to remain under heavy pressure due to the continued impact of vessel overcapacity on the market.
In order to face this major market change, the group has launched a transformation plan and is pursuing in particular its efforts to streamline operations, cut costs and protect cash, while maintaining its focus on operational excellence.
ADDITIONAL INFORMATION
FINANCIAL CALENDAR
2017 3 rd Quarter revenues press release | November 9, 2017 |
APPENDIX I
Reconciliation of adjusted financial information with the consolidated financial statements
The adjustment items are the effects of the consolidation of joint ventures according to the equity method. At June 30, 2017 and for the comparative period presented, adjustment elements are:
In millions of euros | H1 2017 Adjusted | IFRS 11 Impact* |
H1 2017
Consolidated |
Revenues | 459.5 | (39.8) | 419.7 |
Direct Costs & General and Administrative costs | (314.3) | 31.5 | (282.9) |
EBITDAR (excluding capital gains) | 145.1 | (8.3) | 136.8 |
Bareboat charter costs | (85.6) | - | (85.6) |
EBITDA (excluding capital gains) | 59.5 | (8.3) | 51.2 |
Capital gain | - | - | - |
EBITDA | 59.6 | (8.3) | 51.2 |
Depreciation, Amortization & Provisions | (146.6) | 2.9 | (143.7) |
Impairment | - | - | - |
Share of results from companies under the equity method | - | 1.6 | 1.6 |
EBIT | (87.0) | (3.8) | (90.8) |
*Effect of consolidation of jointly controlled companies using the equity method. | |||
In millions of euros | H2 2016 Adjusted | IFRS 11 Impact* |
H2 2016
Consolidated |
Revenues | 503.4 | (39.4) | 464.1 |
Direct Costs & General and Administrative costs | (349.3) | 28.8 | (320.5) |
EBITDAR (excluding capital gains) | 154.2 | (10.6) | 143.6 |
Bareboat charter costs | (95.2) | - | (95.2) |
EBITDA (excluding capital gains) | 58.9 | (10.6) | 48.4 |
Capital gain | - | - | - |
EBITDA | 58.9 | (10.6) | 48.4 |
Depreciation, Amortization & Provisions | (163.3) | 4.0 | (159.4) |
Impairment | (36.0) | - | (36.0) |
Share of results from companies under the equity method | - | - | - |
EBIT | (140.4) | (6.6) | (147.0) |
*E ffect of consolidation of jointly controlled companies using the equity method. | |||
In millions of euros | H1 2016 Adjusted | IFRS 11 Impact* |
H1 2016
Consolidated |
Revenues | 599.2 | (42.6) | 556.6 |
Direct Costs & General and Administrative costs | (370.3) | 36.9 | (333.4) |
EBITDAR (excluding capital gains) | 228.8 | (5.7) | 223.2 |
Bareboat charter costs | (93.4) | - | (93.4) |
EBITDA (excluding capital gains) | 135.4 | (5.7) | 129.7 |
Capital gain | (1.0) | 1.4 | 0.4 |
EBITDA | 134.4 | (4.2) | 130.1 |
Depreciation, Amortization & Provisions | (159.1) | 2.1 | (157.0) |
Share of results from companies under the equity method | - | (1.4) | (1.4) |
EBIT | (24.8) | (3.6) | (28.3) |
*Effect of consolidation of jointly controlled companies using the equity method. |
APPENDIX II
Consolidated Income Statement
In € millions (except per share data) | H1 2017 | H1 2016 |
var
H1 2017 /
H1 2016 | H2 2016 |
var
H1 2017 /
H2 2016 |
Revenues | 419.7 | 556.6 | -24.6% | 464.1 | -9.6% |
Direct costs | (231.9) | (275.0) | -15.7% | (263.8) | -12.1% |
General & Administrative costs | (51.0) | (58.3) | -12.6% | (56.7) | -10.0% |
EBITDAR excluding capital gains | 136.8 | 223.2 | -38.7% | 143.6 | -4.7% |
Bareboat charter costs | (85.6) | (93.4) | -8.4% | (95.2) | -10.1% |
EBITDA excluding capital gains | 51.2 | 129.7 | -60.6% | 48.4 | 5.8% |
Capital gain | - | 0.4 | -88.6% | - | n/s |
Gross operating income (EBITDA) | 51.2 | 130.1 | -60,6% | 48.4 | 5.9% |
Depreciation, Amortization & Provisions | (143.7) | (157.0) | -8.5% | (159.4) | -9.8% |
Impairment | - | - | (36.0) | ||
Share of results from companies under the equity method | 1.6 | (1.4) | n/s | - | n/s |
Operating income (EBIT) | (90.8) | (28.3) | n/s | (147.0) | -38.2% |
Financial profit/loss | (69.8) | (36.5) | 91.2% | (27.2) | n/s |
Income tax | (9.7) | (22.5) | -56.9% | (1.4) | n/s |
Net Income | (170.4) | (87.3) | 95.6% | (175.7) | -3.0% |
Minority interests | 0.2 | (16.9) | -101.3% | 0.4 | -37.5% |
Net income (Group share) | (170.1) | (104.3) | 63.2% | (175.3) | -2.9% |
Earnings per share | (2.21) | (1.35) | - | ||
Weighted average number of shares outstanding | 77,080,103 | 77,046,318 | - | ||
APPENDIX III
Simplified Consolidated Balance Sheet
In millions of euros | 06/30/2017 | 12/31/2016 | 06/30/2017 | 12/31/2016 | |
Shareholders' equity | 1,098.0 | 1,255.5 | |||
Net property, plant and equipment | 2,283.0 | 2,437.6 | Financial debt > 1 year | 286.4 | 218.7 |
Other non-current assets | 141.8 | 243.5 | Other non-current liabilities | 132.4 | 151.1 |
TOTAL NON-CURRENT ASSETS | 2,424.8 | 2,681.0 | TOTAL NON-CURRENT LIABILITIES | 418.8 | 369.7 |
Cash on hand and in banks | 279.3 | 281.5 | Financial debt < 1 year | 1,368.3 | 1,531.1 |
Other currents assets | 608.3 | 597.3 | Other current liabilities | 427.2 | 403.5 |
TOTAL CURRENT ASSETS | 887.6 | 878.8 | TOTAL CURRENT LIABILITIES | 1,795.6 | 1,934.5 |
Non-current assets held for sale | - | - | Liabilities directly associated with non-current assets classified as held for sale | - | - |
TOTAL LIABILITIES | 2,214.4 | 2,304.3 | |||
TOTAL ASSETS | 3,312.4 | 3,559.8 | TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 3,312.4 | 3,559.8 |
APPENDIX IV
Simplified Consolidated Cash Flow Statement
In € millions | H1 2017 | H1 2016 | H2 2016 |
Net cash flow from operating activities (A) | 90.4 | 123.7 | 90.1 |
Cash flow from investing activities | |||
acquisition of property, plant and equipment and intangible assets | (17.0) | (117.9) | (36.4) |
sale of property, plant and equipment and intangible assets | 2.6 | 0.9 | 4.4 |
other cash flow from investing activities | 9.9 | (30.3) | 1.4 |
Net Cash flow used in investing activities (B) | (4.5) | (147.3) | (30.7) |
Cash flow from financing activities | |||
net increase (decrease) in borrowings | (75.8) | 16.4 | (32.6) |
Issuance of perpetual bonds | - | - | - |
dividends paid to shareholders of the group | - | - | (25.5) |
Dividends paid to non-controlling interests | - | (5.3) | (13.2) |
cost of net debt | (23.4) | (23.5) | (23.7) |
other cash flow from financing activities | (0.1) | (4.1) | (0.3) |
Net Cash flow used in financing activities (C) | (99.3) | (16.6) | (95.2) |
Impact from the change in exchange rates and other reclassifications (D) | 12.3 | (1.0) | 1.3 |
Change in net cash (A) + (B) + (C) + (D) | (1.1) | (41.2) | (34.4) |
Net cash at beginning of period | (11.8) | 63.8 | 22.6 |
Change in net cash | (1.1) | (41.2) | (34.4) |
Net cash at end of period | (12.9) | 22.6 | (11.8) |
APPENDIX V
Quarterly average utilization rates for the BOURBON offshore fleet
In % | 2017 | 2016 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 52.7 | 54.3 | 57.1 | 59.9 | 64.5 | 70.3 | ||
Deepwater offshore vessels | 60.3 | 61.0 | 60.5 | 66.4 | 69.7 | 77.2 | ||
Shallow water offshore vessels | 40.0 | 35.6 | 44.6 | 53.1 | 62.5 | 71.3 | ||
Crew boats | 56.4 | 61.4 | 62.2 | 61.1 | 63.8 | 67.5 | ||
Subsea Services | 65.7 | 57.5 | 63.3 | 57.0 | 56.0 | 52.3 | ||
"Total fleet excluding Crewboats" | 49.8 | 46.8 | 52.1 | 58.3 | 64.5 | 71.7 | ||
"Total fleet" average utilization rate | 53.3 | 54.5 | 57.4 | 59.7 | 64.2 | 69.5 |
Quarterly average daily rates for the BOURBON offshore fleet
In US$/day | 2017 | 2016 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Deepwater offshore vessels | 14,863 | 15,084 | 15,526 | 16,492 | 16,537 | 17,630 | ||
Shallow water offshore vessels | 8,749 | 9,534 | 9,958 | 10,365 | 10,712 | 11,967 | ||
Crew boats | 4,393 | 4,270 | 4,359 | 4,473 | 4,405 | 4,538 | ||
Subsea Services | 37,976 | 37,488 | 35,195 | 37,182 | 39,583 | 44,119 | ||
"Total fleet excluding Crewboats" average daily
rate | 14,955 | 15,267 | 15,081 | 15,260 | 15,265 | 16,299 |
Quarterly number of vessels (end of period)
In number of vessels* | 2017 | 2016 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 490 | 491 | 491 | 491 | 490 | 492 | ||
Deepwater offshore vessels | 89 | 89 | 89 | 89 | 89 | 89 | ||
Shallow water offshore vessels | 132 | 133 | 133 | 133 | 133 | 133 | ||
Crew boats | 269 | 269 | 269 | 269 | 268 | 270 | ||
Subsea Services | 22 | 22 | 22 | 22 | 22 | 22 | ||
FLEET TOTAL | 512 | 513 | 513 | 513 | 512 | 514 |
*Vessels operated by BOURBON (including vessels owned or on bareboat charter)
Quarterly deliveries of vessels
In number of vessels | 2017 | 2016 | ||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Marine Services | 0 | 0 | 0 | 1 | 0 | 4 | ||
Deepwater offshore vessels | 0 | 0 | 0 | 0 | 0 | 1 | ||
Shallow water offshore vessels | 0 | 0 | 0 | 0 | 0 | 0 | ||
Crew boats | 0 | 0 | 0 | 1 | 0 | 3 | ||
Subsea Services | 0 | 0 | 0 | 0 | 0 | 0 | ||
FLEET TOTAL | 0 | 0 | 0 | 1 | 0 | 4 |
Half-year adjusted revenue breakdown
In € millions |
2017
H1 | 2016 | |||
H2 | H1 | ||||
Marine Services | 327.1 | 386.1 | 478.0 | ||
Deepwater offshore vessels | 137.0 | 154.2 | 182.8 | ||
Shallow water offshore vessels | 76.2 | 111.0 | 168.2 | ||
Crew boats | 113.8 | 120.8 | 127.0 | ||
Subsea Services | 124.4 | 106.3 | 110.8 | ||
Other | 8.0 | 11.0 | 10.4 | ||
Total adjusted revenues | 459.5 | 503.4 | 599.2 | ||
IFRS 11 impact * | (39.8) | (39.4) | (42.6) | ||
TOTAL CONSOLIDATED | 419.7 | 464.1 | 556.6 |
*Effect of consolidation of joint ventures using the equity method
Half-year average utilization rates for the BOURBON offshore fleet
In % |
2017
H1 | 2016 | |||
H2 | H1 | ||||
Marine Services | 53.5 | 58.5 | 67.4 | ||
Deepwater offshore vessels | 60.6 | 63.4 | 73.4 | ||
Shallow water offshore vessels | 37.8 | 48.9 | 66.9 | ||
Crew boats | 58.9 | 61.6 | 65.6 | ||
Subsea Services | 61.6 | 60.1 | 54.1 | ||
"Total fleet excluding Crewboats" | 48.3 | 55.2 | 68.1 | ||
"Total fleet" average utilization rate | 53.8 | 58.6 | 66.8 |
Half-year average daily rates for the BOURBON offshore fleet
In US$/day |
2017
H1 | 2016 | |||
H2 | H1 | ||||
Deepwater offshore vessels | 15,016 | 15,945 | 17,114 | ||
Shallow water offshore vessels | 9,128 | 10,148 | 11,289 | ||
Crew boats | 4,355 | 4,364 | 4,478 | ||
Subsea Services | 37,774 | 36,062 | 41,501 | ||
"Total fleet excluding Crew boats" average daily rate | 15,33 | 15,123 | 15,741 |
Half-year deliveries of vessels
In number of vessels |
2017
H1 | 2016 | |||
H2 | H1 | ||||
Marine Services | 0 | 1 | 4 | ||
Deepwater Offshore vessels | 0 | 0 | 1 | ||
Shallow water Offshore | 0 | 0 | 0 | ||
Crew boats | 0 | 1 | 3 | ||
Subsea Services | 0 | 0 | 0 | ||
FLEET TOTAL | 0 | 1 | 4 |
Contractualization rates for the BOURBON offshore fleet (end of period)
6/30/2017 | 12/31/2016 | 6/30/2016 | |||
Deepwater offshore vessels | 36.0% | 43.8% | 46.1% | ||
Shallow water offshore vessels | 31.1% | 24.8% | 42.1% | ||
Crew boats | 41.3% | 43.9% | 41.8% | ||
Subsea Services | 22.7% | 27.3% | 36.5% |
Breakdown of BOURBON revenues by geographical region
In € millions | Second quarter | First half | ||||
Q2 2017 | Q2 2016 | Change | H1 2017 | H1 2016 | Change | |
Africa | 135.3 | 162.9 | -17.0% | 265.4 | 349.5 | -24.1% |
Europe & Mediterranean/Middle East | 31.6 | 36.9 | -14.4% | 60.4 | 70.6 | -14.4% |
Americas | 38.1 | 51.9 | -26.6% | 79.4 | 118.3 | -32.9% |
Asia | 29.0 | 32.9 | -12.0% | 54.3 | 60.8 | -10.7% |
2017 | 2016 | |||||||
In € millions | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
Africa | 135.3 | 130.1 | 135.9 | 131.0 | 162.9 | 186.5 | ||
Europe & Mediterranean/Middle East | 31.6 | 28.8 | 42.0 | 45.7 | 36.9 | 33.7 | ||
Americas | 38.3 | 41.3 | 45.4 | 52.9 | 51.9 | 66.4 | ||
Asia | 29.0 | 25.3 | 21.0 | 29.5 | 32.9 | 27.8 |
Other key indicators
Quarterly breakdown
2017 | 2016 | |||||||
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||
Average €/US$ exchange rate for the quarter (in €) | 1.10 | 1.06 | 1.08 | 1.12 | 1.13 | 1.10 | ||
€/US$ exchange rate at closing (in €) | 1.14 | 1.07 | 1.05 | 1.12 | 1.11 | 1.14 | ||
Average price of Brent for the quarter (in US$/bbl) | 51 | 54 | 49 | 46 | 46 | 34 |
Half-yearly breakdown
2017
H1 | 2016 | ||||
H2 | H1 | ||||
Average €/US$ exchange rate for the half year (in €) | 1.08 | 1.10 | 1.12 | ||
€/US$ exchange rate at closing (in €) | 1.14 | 1.05 | 1.11 | ||
Average price of Brent for the half year (in US$/bbl) | 52 | 47 | 40 |
Financial Glossary
Adjusted data : internal reporting (and thus adjusted financial information) records the performance of operational joint ventures in which the Group has joint control by the full consolidation method. 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).
EBITDA : operating margin before depreciation, amortization and impairment.
EBITDAR : revenue less direct operating costs (except bare-boat rental costs) and general and administrative costs.
EBIT : EBITDA after increases and reversals of amortization, depreciation provisions and impairment and share in income/loss of associates, but excluding capital gains on equity interests sold.
Capital employed : including (i) shareholders' equity, (ii) provisions (including net deferred tax), (iii) net debt; they are also defined as the sum (i) of net non-current assets (including advances on fixed assets), (ii) working capital requirement, and (iii) net assets held for sale.
Average capital employed excl. installments : is understood as the average of the capital employed at the beginning of the period and end of the period, excluding installments on fixed assets.
Free cash-flows : net cash flows from operating activities after including incoming payments and disbursements related to acquisitions and sales of property, plant and equipment and intangible assets.
About BOURBON
Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 9,300 skilled employees. Through its 37 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.
BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.
In 2016, BOURBON'S revenue came to €1,102.6 million and the company operated a fleet of 514 vessels.
Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON
Investor Relations, analysts, shareholders
+33 140 138 607
investor-relations@bourbon-online.com
Corporate Communications
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations agency
Publicis Consultants
Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr