BOURBON - Press Release: 1st Half 2015 Results

PARIS, Sept. 9, 2015 (GLOBE NEWSWIRE) -- BOURBON 1st Half 2015 Results: Adjusted EBITDAR generated by the fleet reached €290.4 million, a 26% increase compared with the 1st half 2014

  • Record adjusted EBITDAR is the result of:
    • Fleet size increase of 2.6%
    • 96.4% availability rate, well above target
    • Positive impact of the US$ exchange rate
  • In the first half of 2015, adjusted EBIT of €48.8 million, excluding capital gain, increased 40% compared with H1 2014 and was stable compared with the previous semester due to:
    • Good cost management
    • Positive impact of adjusted EBITDAR generated
    • Negative impact of utilization rate (-3.4pt) and of the average daily rates in dollars (-2.6%)
  • Net Loss (group share) limited to €19.2 million
  • During the first half of 2015, free cash flow amounted to €127 million

In € millions, unless otherwise noted H1 2015 H1 2014
(restated)
var H1 2015/
H1 2014
H2 2014
(restated)
Operational indicators
Number of vessels (FTE)* 500.6 487.9 +2.6% 496.7
Number of vessels (end of period)** 506 501 + 5 vessels 505
Technical availability rate (%) 96.4% 95.2% +1.2 pts 95.8%
Average utilization rate (%) 78.1% 81.5% -3.4 pts 80.5%
Average daily rate $/d 11,885 12,207 -2.6% 12,442
* FTE: full time equivalent.
** vessels operated by BOURBON (including vessels owned or on bareboat charter).
Financial performance
Adjusteda Revenues 758.8 670.9 +13.1% 750.2
(change at constant rate) -1.7% -6.8%
Adjusteda Costs (excl. bareboat charters) (468.4) (440.5) +6.3% (470.9)
Adjusteda EBITDAR (ex. cap. gain) 290.4 230.4 +26.0% 279.2
EBITDAR / Revenues 38.3% 34.3% +3.9 pts 37.2%
Adjusteda EBITDA 205.0 195.1 +5.1% 264.7
Adjusteda EBIT 51.1 44.7 +14.5% 100.7
IFRS 11 impact *** (6.4) (3.9) +62.6% (4.4)
EBIT 44.8 40.7 +9.9% 96.2
Net income (3.7) 10.6 n/s 88.1
Net income (group share) (19.2) (4.8) n/s 78.5

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

Average utilization rate (excl. crew boats) 81.9% 88.9% -7 pts 86.6%
Average daily rate (excluding crew boats, US$/d) 19,012 19,541 -2.7% 19,938

"In the current market environment, clients are looking to their service providers to help them achieve their cost reduction objectives", says Christian Lefèvre, Chief Executive Officer of BOURBON. "BOURBON has been responding to its clients' needs through cost control initiatives and improving operational efficiency. In the first half of 2015, we have once again exceeded the targets set, by achieving a technical availability rate of 96.4% for the entire fleet. Thus, BOURBON is delivering to its clients the safest, most efficient and cost effective operation possible."

(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.

Half year 2015 market and operational highlights

  • The global deepwater PSV fleet is facing overcapacity as projects cancelled and postponed are mostly in deepwater exploration projects
  • BOURBON is focused on operational excellence in execution:
    • Safety remains a strength at BOURBON, with TRIR (Total Recordable Incident Rate per million hours worked) improving to 0.69
    • Strong Technical availability of 96.4% in the first half of 2015 far exceeds our BOURBON 2015 target of 95%
    • Cost control remains a high priority in order to continuously improve the efficiency of the fleet

Half year 2015 results highlights

  • At constant exchange rates, the reduction in adjusted costs (excluding bareboat charters) for the 1st half 2015 versus 2nd half 2014 is approximately 3%
  • EBITDAR as a percent of revenues, which increased almost 4 points compared with the 1st half 2014, showed stable, high performance in Deepwater and significant improvements in Shallow water, Crew boats and Subsea, all showing the benefits of continued cost control efforts
  • There was an increase in bareboat charter costs in the first half 2015 compared with the same period last year, from €45.2 million to €87.8 million, as the vessels sold over the course of 2014 had their full rental cost impact during the current period as well as the impact of the €/$ exchange rate increasing the euro value of the rents
  • Compared with the 1st half 2014, Financial profit/loss was primarily impacted by foreign exchange differences, partially offset by a slight reduction in cost of debt

MARINE SERVICES



Operational Business Indicators
H1 2015 H1 2014 var H1 2015 / H2 2014
H1 2014
Number of vessels FTE * 479.3 469.9 +2.0% 476.7
Technical availability rate 96.5% 95.3% +1.2 pts 95.9%
Average utilization rate 78.3% 81.2% -2.9 pts 80.5%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In € millions
H1 2015 H1 2014
(restated)
var H1 2015/ H2 2014 (restated)
H1 2014
Revenues 612.0 551.8 +10.9% 604.1
costs (excluding bareboat charter costs) (389.8) (372.1) +4.8% (389.2)
EBITDAR (excluding capital gains) 222.3 179.7 +23.7% 214.9
EBITDAR (excluding capital gains) / Revenues 36.3% 32.6% +3.7 pts 35.6%
EBITDA 162.2 139.9 +15.9% 186.0
EBIT 35.0 13.4 n/s 54.9

The adjusted EBITDAR/Revenue margin increased almost 4 points year on year, which was partially aided by the favorable exchange rates and also reflecting improved cost control. The cost control efforts are also seen when comparing total costs versus the second half of 2014 as costs remained flat. The stacking of vessels also contributed to the improvement in costs during the period.

Marine Services: Deepwater offshore vessels

Operational Business Indicators H1 2015 H1 2014 var H1 2015 /
H1 2014
H2 2014
Number of vessels FTE * 78.6 72.2 +8.9% 75.3
Technical availability rate 96.1% 92.9% +3.2 pts 92.3%
Average utilization rate 84.9% 87.9% -3 pts 85.8%
Average daily rate ($/day) 21,097 23,008 -8.3% 23,350
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
Adjusted Financial Performance
In € millions
H1 2015 H1 2014
(restated)
var H1 2015 /
H1 2014
H2 2014
(restated)
Revenues 223.4 194.0 +15.2% 217.7
costs (excluding bareboat charter costs) (136.6) (118.8) +15.0% (129.1)
EBITDAR (excluding capital gains) 86.7 75.2 +15.4% 88.6
EBITDAR / Revenues 38.8% 38.8% +0.1 pt 40.7%
EBITDA 58.6 51.1 +14.7% 76.2

The good growth in adjusted EBITDAR enabled the margin as a percentage of revenues to remain stable compared with a year ago, while being slightly aided by the stacking of vessels (up to 6 during the period). Adjusted EBITDA increased 15% while absorbing a significant increase in the amount of bareboat charter costs. There was a significant improvement in the technical availability rate as a result of a decrease in the amount of classification drydocks during the period.

Marine Services: Shallow water offshore vessels

Operational Business Indicators H1 2015 H1 2014 var H1 2015 /
H1 2014
H2 2014
Number of vessels FTE* 138.1 128.0 +7.9% 134.4
Technical availability rate 97.7% 96.5% +1.2 pts 96.6%
Average utilization rate 81.4% 89.5% -8.1 pts 87.8%
Average daily rate (in US$/day) 13,732 14,070 -2.4% 14,307
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In € millions
H1 2015 H1 2014
(restated)
var H1 2015 /
H1 2014
H2 2014
(restated)
Revenues 239.6 214.9 +11.5% 240.8
costs (excluding bareboat charter costs) (152.0) (145.7) +4.3% (160.4)
EBITDAR (excluding capital gains) 87.5 69.2 +26.6% 80.4
EBITDAR / Revenues 36.5% 32.2% +4.4 pts 33.4%
EBITDA 55.5 53.4 +4.0% 63.9

Good cost control combined with revenue growth aided by the strength of the US dollar lead to a 26% increase in adjusted EBITDAR compared with the prior year period and a strong 4.4 point increase in the margin as a percentage of adjusted revenues. The stacking of up to 20 vessels during the period also contributed to the reduction of costs as stacked vessels have minimal operating costs. A further improvement in the technical availability rates to almost 98% due to lower levels of maintenance compared with the prior periods enabled the Shallow water segment to once again exceed the 2015 year-end target.

Marine Services: Crewboat vessels

Operational Business Indicators H1 2015 H1 2014 var H1 2015 /
H1 2014
H2 2014
Number of vessels FTE 262.6 269.7 -2.6% 267.0
Technical availability rate 96.1% 95.4% +0.7 pts 96.6%
Average utilization rate 74.7% 75.5% -0.8 pts 75.3%
Average daily rate (in US$/day) 4,837 5,250 -7.9% 5,066
Adjusted Financial Performance
In € millions
H1 2015 H1 2014 (restated) var H1 2015 /
H1 2014
H2 2014 (restated)
Revenues 149.1 142.9 +4.3% 145.6
costs (excluding bareboat charter costs) (101.1) (107.6) -6.0% (99.7)
EBITDAR (excluding capital gains) 48.0 35.4 +35.7% 45.9
EBITDAR / Revenues 32.2% 24.7% +7.4 pts 31.5%
EBITDA 48.0 35.4 +35.7% 45.9

Costs reduced by a greater percentage than the reduction of the fleet compared with the same period last year and when combined with the increase in adjusted revenues, the result is a significant increase in adjusted EBITDAR by over 35% and a more than 7 point increase as a percentage of revenues.

Subsea Services

Operational Business Indicators H1 2015 H1 2014 var H1 2015 /
H1 2014
H2 2014
Number of vessels FTE* 20.2 17.0 +18.8% 19.0
Technical availability rate 93.8% 93.3% +0.5 pts 93.6%
Average utilization rate 73.1% 88.8% -15.7 pts 81.7%
Average daily rate (in US$/day) 49,718 46,452 +7.0% 48,622
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In € millions
H1 2015 H1 2014 (restated) var H1 2015 /
H1 2014
H2 2014 (restated)
Revenues 138.0 110.9 +24.5% 133.3
costs (excluding bareboat charter costs) (72.6) (62.1) +17.1% (71.5)
EBITDAR (excluding capital gains) 65.3 48.8 +33.9% 61.9
EBITDAR / Revenues 47.4% 44.0% +3.3 pts 46.4%
EBITDA 40.0 53.3 -24.9% 76.3
EBIT 16.2 32.1 -49.4% 45.8

Benefitting from a combination of cost reductions and the stacking of vessels, overall costs only increased by 17%, while the fleet grew by a slightly larger proportion. Combined with the nearly 25% growth in adjusted revenues, Subsea Services was able to increase its margin as a percentage of adjusted revenues to over 47% compared with the 1st half 2014. The reduction in adjusted EBITDA and EBIT compared with a year ago mostly reflects the increase in bareboat charter costs and that the 2014 results included a capital gain.

Other

Adjusted Financial Performance
In € millions
H1 2015 H1 2014 (restated) var H1 2015 /
H1 2014
H2 2014 (restated)
Revenues 8.8 8.3 +6.6% 12.7
costs (6.0) (6.4) -5.5% (10.3)
EBITDAR (excluding capital gains) 2.8 1.9 +47.2% 2.5
EBITDAR / Revenues 31.7% 22.9% +8.7 pts 19.2%
EBITDA 2.8 1.9 +47.2% 2.5
EBIT (0.1) (0.8) n/s 0.0

Activities included are those that do not properly fit into either Marine Services or Subsea Services. Making up the majority of the total are earnings from such items as miscellaneous ship management activities, logistics as well as from the cement carrier Endeavor. The higher revenues in H2 2014 were due primarily to the charter of a vessel to meet client needs prior to the availability of a BOURBON owned and operated vessel.

Consolidated Capital Employed 6/30/2015 12/31/2014
In € millions
Net non-current Assets 2,810.5 2,777.7
Assets held for sale 39.0 28.2
Working Capital 218.9 268.9
Total Capital Employed 3,068.4 3,074.8
Shareholders equity 1,613.4 1,625.0
Non-current liabilities (provisions and deferred taxes) 116.3 101.4
Net debt 1,338.8 1,348.5
Total Capital Employed 3,068.4 3,074.8

Net non-current assets increased due to the delivery of vessels that are not part of the vessel sale and bareboat charter agreements. The assets held for sale increased sligthly, albeit from a very low level, reflecting the ongoing fleet management activities of the group.

The significant reduction in gearing ratio (net debt/shareholders equity) is seen when comparing to the end of June 2013, when vessel sale proceeds began to impact net debt. This reduction was significant with a 46% reduction in the ratio from 1.53 to the current level of 0.83 thanks to total proceeds from the disposal of vessels of $US1.7 billion.

Consolidated Sources and uses of Cash

In € millions
H1 2015 H1 2014
Cash generated by operations 266.5 593.7
Vessels in service (A) 217.0 167.0
Vessel sales 49.4 426.7
Cash out for: (127.5) (114.7)
Interest (25.2) (27.6)
Taxes (B) (15.7) (4.5)
Dividends (86.6) (82.6)
Net Cash from activity 139.0 479.1
Net debt changes

(45.3) (150.1)
Perpetual bond

19.8 -
Use of cash for: (123.6) (343.0)
Investments (147.7) (284.1)
Working capital (C) 24.1 (59.0)
Other sources and uses of cash 10.1 14.1
Free cash flow 127.2 246.2
Net Cash flow from operating activities (A+B+C) 225.5 103.5
Acquisition of property, plant and equipment and intangible assets (147.7) (284.1)
Sale of property, plant and equipment and intangible assets 49.4 426.7

The two primary sources of cash generation for BOURBON are from the vessels in service as a ship operator and the sale of vessels as a ship owner. From these sources of cash, the stakeholders such as banks, government entities and shareholders receive a portion in the form of interest, taxes and dividends. Another use of cash is for investment in assets for the business and required working capital increases. These various uses of cash make the speed of debt reduction less rapid, though still significant.

The free cash flow generated through the combined vessel operator and vessel owner elements of the business has made a significant improvement since the beginning of the vessel sale and bareboat charter program, moving from a negative free cash flow position in H1 2013 to a strong positive free cash flow of close to €130 million at the end of H1 2015. This has enabled BOURBON to reduce its net debt significantly over this period.

OUTLOOK

The drop in the oil price and the uncertainty of the price recovery will continue to affect the development of new deepwater fields and the level of activity in shallow water fields.

BOURBON will continue to adapt to conditions and maintain its focus on cost control. Among the measures taken, BOURBON will continue to temporarily stack certain vessels which have no anticipated activity for 3 months and currently expects that there will be up to 35 supply vessels stacked during the 2nd half of 2015.

The continued pressure on the industry underscores the need for BOURBON to continue focusing on the four pillars of excellence in service execution, cost reduction, maintaining close contact with customers and their needs (while favoring utilization rates).

Due to high uncertainties in the offshore market and the impact of foreign exchange on its performances, BOURBON is not changing its full year objectives and is still anticipating a stable or slight decrease in adjusted revenues for 2015 and a slight decrease in the margin of adjusted EBITDAR/revenues.

MAJOR OPERATIONS AND HIGHLIGHTS

  • As an update to the sale agreement with Minsheng Financial Leasing Co. for the sale and bareboat charter of 8 vessels, the ownership of 3 vessels had been transferred at the end of 2014 for approximately US$57 million. Of the remaining 5 vessels, 2 have been transferred (both Deepwater) during the first half for proceeds of approximately US$54 million, with the remaining 3 vessels to be transferred to MFL during the 2nd half 2015.

ADDITIONAL INFORMATION

  • The accounts for the first half of 2015 were approved by the Board of Directors on the recommendation of the Audit Committee
  • The accounts for the first half of 2015 underwent a limited examination by the statutory auditors
  • BOURBON's results will continue to be influenced by the €/US$ exchange rate

FINANCIAL CALENDAR

3rd Quarter 2015 financial information press release November 4, 2015

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, 2015 and for the comparative periods presented, adjustment elements are:

In millions of euros H1 2015 Adjusted IFRS 11 Impact* H1 2015
Consolidated
Revenues 758.8 (57.5) 701.3
Direct Costs & General and Administrative costs (468.4) 44.3 (424.2)
EBITDAR (excluding capital gains) 290.4 (13.2) 277.2
Bareboat charter costs (87.8) - (87.8)
EBITDA (excluding capital gains) 202.6 (13.2) 189.4
Capital gain 2.4 - 2.4
EBITDA 205.0 (13.2) 191.8
Depreciation, Amortization & Provisions (153.8) 2.6 (151.2)
Share of results from companies under the equity method - 4.2 4.2
EBIT 51.1 (6.4) 44.8
*effect of consolidation of jointly controlled companies using the equity method.


In millions of euros H2 2014 Adjusted
(restated)
IFRS 11 Impact* H2 2014
Consolidated
Revenues 750.2 (46.4) 703.8
Direct Costs & General and Administrative costs (470.9) 34.5 (436.4)
EBITDAR (excluding capital gains) 279.2 (11.8) 267.4
Bareboat charter costs (65.4) - (65.4)
EBITDA (excluding capital gains) 213.8 (11.8) 202.0
Capital gain 50.9 - 50.9
EBITDA 264.7 (11.8) 252.9
Depreciation, Amortization & Provisions (164.1) 5.2 (158.9)
Share of results from companies under the equity method - 2.2 2.2
EBIT 100.7 (4.4) 96.2
*effect of consolidation of jointly controlled companies using the equity method.
In millions of euros H1 2014 Adjusted
(restated)
IFRS 11 Impact* H1 2014
Consolidated
Revenues 670.9 (28.3) 642.6
Direct Costs & General and Administrative costs (440.5) 18.7 (421.8)
EBITDAR (excluding capital gains) 230.4 (9.6) 220.8
Bareboat charter costs (45.2) - (45.2)
EBITDA (excluding capital gains) 185.2 (9.6) 175.6
Capital gain 9.9 - 9.9
EBITDA 195.1 (9.6) 185.4
Depreciation, Amortization & Provisions (150.4) 2.2 (148.1)
Share of results from companies under the equity method - 3.5 3.5
EBIT 44.7 (3.9) 40.7
*effect of consolidation of jointly controlled companies using the equity method.

APPENDIX II

Simplified Consolidated Income Statement

In € millions (except per share data) H1 2015 H1 2014 var H1 2015 /
H1 2014
H2 2014
Revenues 701.3 642.6 +9.1% 703.8
Direct costs (357.3) (351.3) +1.7% (369.1)
General & Administrative costs (66.8) (70.5) -5.2% (67.3)
EBITDAR excluding capital gains 277.2 220.8 +25.5% 267.4
Bareboat charter costs (87.8) (45.2) +94.1% (65.4)
EBITDA excluding capital gains 189.4 175.6 +7.9% 202.0
Capital gain 2.4 9.9 -76.1% 50.9
Gross operating income (EBITDA) 191.8 185.4 +3.4% 252.9
Depreciation, Amortization & Provisions (151.2) (148.1) +2.1% (158.9)
Share of results from companies under the equity method 4.2 3.5 +21.5% 2.2
Operating income (EBIT) 44.8 40.7 +9.9% 96.2
Financial profit/loss (34.2) (14.7) n/s 5.7
Income tax (14.3) (15.4) -6.9% (13.8)
Net Income (3.7) 10.6 n/s 88.1
Minority interests (15.5) (15.4) +0.5% (9.6)
Net income (Group share) (19.2) (4.8) n/s 78.5
Earnings per share (0.27) (0.07) -
Weighted average number of shares outstanding 71,578,168 71,586,260 -

APPENDIX III

Simplified Consolidated Balance Sheet

In € millions 6/30/2015 12/31/2014 6/30/2015 12/31/2014
Shareholders' equity 1,613.4 1,625.0
Net property, plant and equipment 2,592.0 2,576.8 Financial debt > 1 year 1,203.6 1,082.5
Other non-current assets 272.9 256.8 Other non-current liabilities 163.6 152.5
TOTAL NON-CURRENT ASSETS 2,864.9 2,833.6 TOTAL NON-CURRENT LIABILITIES 1,367.2 1,235.0
Cash on hand and in banks 404.4 352.4 Financial debt < 1 year 539.5 618.4
Other currents assets 567.3 603.2 Other current liabilities 355.4 339.0
TOTAL CURRENT ASSETS 971.7 955.6 TOTAL CURRENT LIABILITIES 894.9 957.4
Non-current assets held for sale 39.0 28.2 Liabilities directly associated with non-current assets classified as held for sale - -
TOTAL LIABILITIES 2,262.2 2,192.5
TOTAL ASSETS 3875.6 3,817.4 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 3,875.6 3,817.4

APPENDIX IV

Simplified Consolidated Cash Flow Statement

In € millions H1 2015 H1 2014
Cash flow from operating activities
consolidated net income (loss) (3.7) 10.6
Other adjustments to cash flow from operating activities 229.2 93.0
Net cash flow from operating activities (A) 225.5 103.5
Cash flow from investing activities
acquisition of property, plant and equipment and intangible assets (147.7) (284.1)
sale of property, plant and equipment and intangible assets 49.4 426.7
other cash flow from investing activities 4.2 13.1
Net Cash flow used in investing activities (B) (94.1) 155.8
Cash flow from financing activities
net increase (decrease) in borrowings (29.7) (306.2)
dividends paid to shareholders of the group (71.6) (71.6)
cost of net debt (25.2) (27.6)
other cash flow from financing activities 10.7 (10.0)
Net Cash flow used in financing activities (C) (115.8) (415.4)
Impact from the change in exchange rates (D) 5.6 2.8
Change in net cash (A) + (B) + (C) + (D) 21.2 (153.3)
Net cash at beginning of period 170.7 99.0
Change in net cash 21.2 (153.3)
Net cash at end of period 191.9 (54.3)
Free cash flow calculation
Net Cash flow from operating activities 225.5 103.5
acquisition of property, plant and equipment and intangible assets (147.7) (284.1)
sale of property, plant and equipment and intangible assets 49.4 426.7
Free cash flow 127.2 246.2

APPENDIX V

Quarterly adjusted revenue breakdown

In € millions 2015 2014 (restated)
Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 299.8 312.2 314.3 289.8 277.5 274.3
Deepwater offshore vessels 109.6 113.8 111.4 106.3 98.9 95.1
Shallow water offshore vessels 116.1 123.5 127.8 112.9 108.3 106.6
Crewboats 74.2 74.9 75.0 70.6 70.3 72.6
Subsea Services 70.9 67.1 67.6 65.7 56.2 54.6
Other 4.5 4.3 6.6 6.1 4.2 4.1
Total adjusted revenues 375.2 383.6 388.5 361.7 337.9 333.0
Adjustments * (30.1) (27.4) (25.5) (20.8) (15.3) (13.0)
TOTAL CONSOLIDATED 345.1 356.3 363.0 340.8 322.6 320.0

* effect of consolidation of joint ventures using the equity method.

Quarterly average utilization rates for the BOURBON offshore fleet

In % 2015 2014
Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 77.4 79.2 81.7 79.4 80.0 82.4
Deepwater offshore vessels 84.0 86.0 85.8 85.7 87.2 88.6
Shallow water offshore vessels 78.3 84.5 89.1 86.6 87.8 91.2
Crewboats 75.0 74.4 76.7 74.0 74.3 76.6
Subsea Services 70.2 75.9 82.8 81.1 83.9 94.4
"Total fleet excluding Crewboats" 79.5 84.3 87.5 85.8 87.3 90.6
"Total fleet" average utilization rate 77.1 79.1 81.7 79.4 80.2 82.8

Quarterly average daily rates for the BOURBON offshore fleet

In US$/day 2015 2014
Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 20,286 21,942 23,093 23,887 23,219 22,839
Shallow water offshore vessels 13,507 13,882 14,452 14,152 14,006 14,199
Crewboats 4,732 4,934 5,067 5,113 5,197 5,323
Subsea Services 48,847 50,118 48,063 50,992 46,868 45,407
"Total fleet excluding Crewboats" average daily
rate
18,640 19,301 19,871 20,247 19,588 19,497

Quarterly number of vessels (end of period)

In number of vessels* 2015 2014
Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 483 479 483 481 481 479
Deepwater offshore vessels 82 79 79 75 74 73
Shallow water offshore vessels 138 138 139 135 133 130
Crewboats 263 262 265 271 274 276
Subsea Services 22 21 21 19 19 18
FLEET TOTAL 505 500 504 500 500 497

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Quarterly deliveries of vessels

In number of vessels 2015 2014
Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 4 0 10 5 8 12
Deepwater offshore vessels 3 0 5 1 1 2
Shallow water offshore vessels 0 0 4 2 3 6
Crewboats 1 0 1 2 4 4
Subsea Services 1 0 2 0 1 2
FLEET TOTAL 5 0 12 5 9 14

Half-year adjusted revenue breakdown

In € millions 2015
H1
2014 (restated)
H2 H1
Marine Services 612.0 604.1 551.8
Deepwater offshore vessels 223.4 217.7 194.0
Shallow water offshore vessels 239.6 240.8 214.9
Crewboats 149.1 145.6 142.9
Subsea Services 138.0 133.3 110.9
Other 8.8 12.7 8.3
Total adjusted revenues 758.8 750.2 670.9
IFRS 11 impact * (57.5) (46.4) (28.3)
TOTAL CONSOLIDATED 701.3 703.8 642.6

* effect of consolidation of joint ventures using the equity method.

Half-year average utilization rates for the BOURBON offshore fleet

In % 2015
H1
2014
H2 H1
Marine Services 78.3 80.5 81.2
Deepwater offshore vessels 84.9 85.8 87.9
Shallow water offshore vessels 81.4 87.8 89.5
Crewboats 74.7 75.3 75.5
Subsea Services 73.1 81.7 88.8
"Total fleet excluding Crewboats" 81.9 86.6 88.9
"Total fleet" average utilization rate 78.1 80.5 81.5

Half-year average daily rates for the BOURBON offshore fleet

In US$/day 2015
H1
2014
H2 H1
Deepwater offshore vessels 21,097 23,350 23,008
Shallow water offshore vessels 13,732 14,307 14,070
Crewboats 4,837 5,066 5,250
Subsea Services 49,718 48,622 46,452
"Total fleet excluding Crewboats" average daily rate 19,012 19,938 19,541

Half-year deliveries of vessels

In number of vessels 2015
H1
2014
H2 H1
Marine Services 4 15 20
Deepwater Offshore vessels 3 6 3
Shallow water Offshore 0 6 9
Crewboats 1 3 8
Subsea Services 1 2 3
FLEET TOTAL 5 17 23

Contractualization rates for the BOURBON offshore fleet (end of period)

6/30/2015 12/31/2014 6/30/2014
Deepwater offshore vessels 76.5% 74.4% 78.4%
Shallow water offshore vessels 65.2% 64.5% 74.4%
Crewboats 62.6% 71.2% 67.2%
Subsea Services 47.6% 57.9% 77.8%

Breakdown of BOURBON adjusted revenues by geographical region

In € millions Second quarter First half
Q2 2015 Q2 2014
(restated)
Change H1 2015 H1 2014 (restated) Change
Africa 212.5 190.8 +11.4% 432.3 385.2 +12.2%
Europe & Mediterranean/Middle East 57.2 55.9 +2.3% 116.3 110.0 +5.7%
Americas 68.9 46.9 +47.0% 133.1 90.6 +46.9%
Asia 36.6 44.4 -17.5% 77.1 85.1 -9.3%
2015 2014 (restated)
In € millions Q2 Q1 Q4 Q3 Q2 Q1
Africa 212.5 219.8 227.2 205.3 190.8 194.4
Europe & Mediterranean/Middle East 57.2 59.1 65.3 60.6 55.9 54.2
Americas 68.9 64.2 49.6 49.1 46.9 43.8
Asia 36.6 40.5 46.4 46.8 44.4 40.7

Other key indicators

Quarterly breakdown

2015 2014
Q2 Q1 Q4 Q3 Q2 Q1
Average €/US$ exchange rate for the quarter (in €) 1.11 1.13 1.25 1.33 1.37 1.37
€/US$ exchange rate at closing (in €) 1.12 1.08 1.21 1.26 1.37 1.38
Average price of Brent for the quarter (in US$/bbl) 62 54 76 102 110 108

Half-yearly breakdown

2015
H1
2014
H2 H1
Average €/US$ exchange rate for the half year (in €) 1.12 1.29 1.37
€/US$ exchange rate at closing (in €) 1.12 1.21 1.37
Average price of Brent for the half year (in US$/bbl) 58 89 109

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 almost 12,000 skilled employees. Through its 29 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 2014, BOURBON'S revenue came to €1,346.4 million and the company operated a fleet of 506 vessels as of June 30, 2015.

Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment A.

Contacts

BOURBON

Investor Relations, analysts, shareholders

James Fraser, CFA
+33 491 133 545
james.fraser@bourbon-online.com

Corporate Communications

Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com

Media relations agency
Publicis Consultants

Véronique Duhoux
+33 1 44 824 633
veronique.duhoux@consultants.publicis.fr

Vilizara Lazarova
+33 1 44 824 634
vilizara.lazarova@consultants.publicis.fr

PDF version http://hugin.info/159569/R/1950612/709246.pdf

HUG#1950612

Source: BOURBON