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BOURBON: Press Release - Full Year 2015

PARIS, March 10, 2016 (GLOBE NEWSWIRE) -- BOURBON Full Year 2015: Adjusted EBITDAR increased 7.5% to €547.7 million and adjusted EBITDAR/Revenues margin improved 2.2 points versus 2014 to 38.1%, thanks to proactive cost reductions, stacking of vessels and the impact of the $US

Net loss, group share, of €76.6 million impacted by a reduced utilization rate and an unrealized foreign exchange loss

In a very difficult market, BOURBON generated positive free cash flow of €90 million in 2015

  • Adjusted EBIT decreased 54.5% compared with 2014, as improved cost control was more than offset by higher bareboat charter costs and less capital gains
  • BOURBON's cost reduction action plan is progressing well, with an 8% reduction in costs in 2015 (on a constant perimeter) compared with 2014
  • Proposed to maintain dividend payment of €1.00 per share to shareholders

H2 2015 H2 2014
restated
Change
H2/H2
H1 2015 2015 2014
restated
Change
2015/2014
Operational indicators
Number of vessels (FTE)* 505.4 496.7 +1.8% 500.6 503.0 492.2 +2.2%
Number of vessels (end of period)** 511 505 +6 vessels 506 511 505 +6 vessels
Technical availability rate (%) 96.5% 95.8% +0.7 pts 96.4% 96.4 95.5% +0.9 pts
Average utilization rate (%) 73.0% 80.5% -7.5 pts 78.1% 75.5% 81.0% -5.5 pts
Average daily rate $/d 10,920 12,442 -12.2% 11,885 11,381 12,254 -7.1%
* FTE: full time equivalent.
** Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Financial performance
Adjusteda Revenues 678.3 750.2 -9.6% 758.8 1,437.1 1,421.1 +1.1%
(change at constant rate) -6.8% -8.6%
Adjusteda Costs (excl. bareboat charters) (421.0) (470.9) -10.6% (468.4) (889.5) (911.5) -2.4%
Adjusteda EBITDAR (ex. cap. Gain) 257.3 279.2 -7.9% 290.4 547.7 509.6 +7.5%
EBITDAR / Revenues 37.9% 37.2% +0.7 pts 38.3% 38.1% 35.9% +2.2 pts
Adjusteda EBITDA 166.3 264.7 -37.2% 205.0 371.3 459.8 -19.2%
Adjusteda EBIT 15.0 100.7 -85.1% 51.1 66.1 145.3 -54.5%
IFRS 11 impact *** (11.9) (4.4) n/s (6.4) (18.3) (8.4) n/s
EBIT 3.0 96.2 -96.9% 44.8 47.8 137.0 -65.1%
Net income (39.7) 88.1 n/s (3.7) (43.4) 98.7 n/s
Net income (group share) (57.4) 78.5 n/s (19.2) (76.6) 73.7 n/s

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

Average utilization rate (excl. crew boats) 76.4% 86.6% -10.2 pts 81.9% 79.1% 87.7% -8.6 pts
Average daily rate (excluding crew boats $/d) 17,237 19,938 -13,5% 19,012 18,089 19,658 -8.0%

"BOURBON shows good resilience in a deteriorating market with an EBITDAR of €547.7 million", says Christian Lefèvre, Chief Executive Officer of BOURBON. "The unique positioning of a standardized fleet and cost reduction efforts enabled an increase in the operational margin by 2.2 points. In highly demanding market conditions, BOURBON is demonstrating a solid capacity to adapt quickly, showing, in particular, discipline in spending. Cost reductions and operational efficiency remains a high priority for the upcoming quarters."

(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.

2015 market and operational highlights

  • The price of oil remains very low and oil & gas companies have continued to reduce both their capital expenditures as well as general expenditures
  • There remains a high number of deepwater vessels on order with the shipyards, primarily PSVs, that will add to the excess capacity already seen in this market
  • BOURBON is focused on operational excellence in service execution:
    • Safety remains a strength at BOURBON, with a TRIR (Total Recordable Incident Rate per million hours worked) of 0.55
    • Strong technical availability of 96.4% in 2015, surpassing the target of 95% for the end of 2015, reflecting good technical management and the benefits of BOURBON's strategy of investing in an efficient, modern, standardized fleet

Full year 2015 results highlights

  • Adjusted EBITDAR increased in 2015 versus the prior year in all segments of Marine Services as well as in Subsea Services, enabling each to realize a stable or increased margin (adjusted EBITDAR/revenues)
  • Capital expenditures dropped significantly in 2015 to €298 million (from €568 million in 2014) as the newbuilding vessel investment plan neared its end and there remains only 3 supply vessels to be delivered in 2016
  • Net debt increased slightly to €1,395.5 million, notably as a result of foreign exchange effects on US Dollar denominated debt

MARINE SERVICES



Operational Business Indicators
H2 2015 H2 2014 Change
H2 /H2
H1 2015 2015 2014 Change
2015/2014
Number of vessels FTE * 482.9 476.7 +1.3% 479.3 481.1 473.3 +1.4%
Technical availability rate 96.5% 95.9% +0.6 pts 96.5% 96.5% 95.6% +0.9 pts
Average utilization rate 73.6% 80.5% -6.9 pts 78.3% 75.9% 80.8% -4.9 pts
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In millions of euros
H2 2015 H2 2014
(restated)
Change
H2 /H2
H1 2015 2015 2014
(restated)
Change 2015/2014
Revenues 554.7 604.1 -8.2% 612.0 1,166.7 1,155.9 +0.9%
costs (excluding bareboat charter costs) (355.0) (389.2) -8.8% (389.8) (744.7) (761.3) -2.2%
EBITDAR (excluding capital gains) 199.7 214.9 -7.1% 222.3 422.0 394.6 +6.9%
EBITDAR (excluding capital gains) / Revenues 36.0% 35.6% +0.4 pts 36.3% 36.2% 34.1% +2.0 pts
EBITDA 132.7 186.0 -28.7% 162.2 294.8 325.8 -9.5%
EBIT 6.5 54.9 -88.2% 35.0 41.5 68.2 -39.2%


Adjusted EBITDAR as a percent of adjusted revenues increased overall, as continued cost reduction efforts, combined with vessel stacking, contributed to a 2 point increase to 36.2%. The reduction in adjusted EBITDA versus 2014 was a combined result of the higher level of bareboat charter costs and lower capital gains. The technical availability rate increased in each of the 3 segments and surpassed the 95% objective set for BOURBON's entire fleet thanks to strong management of the maintenance program.

Marine Services : Deepwater offshore vessels



Operational Business Indicators
H2 2015 H2 2014 Change
H2/H2
H1 2015 2015 2014 Change 2015/2014
Number of vessels FTE * 85.1 75.3 +13.0% 78.6 81.9 73.7 +11.1%
Technical availability rate 95.4% 92.3% +3.1 pts 96.1% 95.7% 92.6% +3.1 pts
Average utilization rate 81.4% 85.8% -4,4 pts 84.9% 83.1% 86.9% -3.8 pts
Average daily rate (in US$/day) 18,718 23,350 -19.8% 21,097 19,804 22,967 -13.8%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In millions of euros
H2 2015 H2 2014
(restated)
Change
H2/H2
H1 2015 2015 2014
(restated)
Change 2015/2014
Revenues 208.1 217.7 -4.4% 223.4 431.5 411.7 +4.8%
costs (excluding bareboat charter costs) (123.5) (129.1) -4.3% (136.6) (260.2) (247.9) +4.9%
EBITDAR (excluding capital gains) 84.6 88.6 -4.5% 86.7 171.3 163.8 +4.6%
EBITDAR (excluding capital gains) / Revenues 40.6% 40.7% -0.1 pt 38.8% 39.7% 39.8% -0.1 pt
EBITDA 51.3 76.2 -32.6% 58.6 110.0 127.3 -13.6%

Adjusted EBITDAR increased 4.6% versus 2014 as cost reductions and vessel stacking were able to contribute to offsetting the decline in the average daily rate and utilization rate. The contributions of the cost reductions is also visible in the margin of adjusted EBITDAR/Revenues. This margin was able to remain flat versus the prior year while absorbing an increase to the fleet of 11% during 2015. Adjusted EBITDA declined versus last year, primarily due to the increase in bareboat charter costs compared with 2014.
Marine Services : Shallow water offshore vessels



Operational Business Indicators
H2 2015 H2 2014 Change
H2/H2
H1 2015 2015 2014 Change
2015/2014
Number of vessels FTE * 135.1 134.4 +0.5% 138.1 136.6 131.2 +4.1%
Technical availability rate 97.5% 96.6% +0.9 pts 97.7% 97.6% 96.5% +1.1 pts
Average utilization rate 76.0% 87.8% -11.8 pts 81.4% 78.7% 88.6% -9.9 pts
Average daily rate (in US$/day) 12,507 14,307 -12.6% 13,732 13,137 14,177 -7.3%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In millions of euros
H2 2014 H2 2014
restated
Change
H2/H2
H1 2015 2015 2014
restated
Change
2015/2014
Revenues 210.2 240.8 -12.7% 239.6 449.8 455.7 -1.3%
costs (excluding bareboat charter costs) (133.7) (160.4) -16.6% (152.0) (285.8) (306.1) -6.6%
EBITDAR (excluding capital gains) 76.4 80.4 -4.9% 87.5 164.0 149.5 +9.7%
EBITDAR (excluding capital gains) / Revenues 36.4% 33.4% +3.0 pts 36.5% 36.5% 32.8% +3.6 pts
EBITDA 42.5 63.9 -33.5% 55.5 98.0 117.3 -16.4%

The positive effects of cost reduction measures implemented were evident as total costs decreased almost 7%, enabling a significant 3.6 point increase in the margin of adjusted EBITDAR/Revenues. Helping to offset the decline in activity while at the same time absorbing an increase in the fleet of 4%, this improved margin resulted in an increase of adjusted EBITDAR by almost 10%. The decline in adjusted EBITDA versus 2014 was mostly due to the increase in bareboat charter costs over this period.

Marine Services : Crew boat vessels



Operational Business Indicators
H2 2015 H2 2014 Change
H2/H2
H1 2015 2015 2014 Change 2015/2014
Number of vessels FTE * 262.8 267.0 -1.6% 262.6 262.7 268.4 -2.1%
Technical availability rate 96.3% 96.6% -0.3 pts 96.1% 96.2% 96.0% +0.2 pts
Average utilization rate 69.9% 75.3% -5.4 pts 74.7% 72.3% 75.4% -3.1 pts
Average daily rate (in US$/day) 4,579 5,066 -9.6% 4,837 4,697 5,100 -7.9%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In millions of euros
H2 2015 H2 2014
restated
Change
H2/H2
H1 2015 2015 2014
restated
Change 2015/2014
Revenues 136.4 145.6 -6.3% 149.1 285.5 288.5 -1.0%
costs (excluding bareboat charter costs) (97.7) (99.7) -2.0% (101.1) (198.8) (207.2) -4.1%
EBITDAR (excluding capital gains) 38.7 45.9 -15.7% 48.0 86.7 81.3 +6.7%
EBITDAR (excluding capital gains) / Revenues 28.4% 31.5% -3.2 pts 32.2% 30.4% 28.2% +2.2 pts
EBITDA 38.8 45.9 -15.5% 48.0 86.8 81.3 +6.8%

Compared with 2014, cost improvements efforts yielded a 4% decline in total costs in 2015, enabling an increase in adjusted EBITDAR of almost 7% for the year. The margin of adjusted EBITDAR/revenues increased 2.2 points despite the negative impacts of the decline in average utilization rates and average daily rates during the year. Adjusted EBITDA increased for the year overall, though the second half of the year was more challenging than the first half as the demand for the larger FSIV vessels declined significantly.

Subsea Services



Operational Business Indicators
H2 2015 H2 2014 Change
H2/H2
H1 2015 2015 2014 Change 2015/2014
Number of vessels FTE * 21.4 19.0 +12.6% 20.2 20.9 18.0 +16.1%
Technical availability rate 96.7% 93.6% +3.1 pts 93.8% 95.3% 93.5% +1.8 pts
Average utilization rate 59.0% 81.7% -22.7 pts 73.1% 65,8% 85.0% -19,2 pts
Average daily rate (in US$/day) 47,459 48,622 -2.4% 49,718 48,365 47,470 +1.8%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter).
Adjusted Financial Performance
In millions of euros
H2 2015 H2 2014
restated
Change
H2/H2
H1 2015 2015 2014
restated
Change 2015/2014
Revenues 114.3 133.3 -14.3% 138.0 252.3 244.2 +3.3%
costs (excluding bareboat charter costs) (60.0) (71.5) -16.0% (72.6) (132.7) (133.5) -0.7%
EBITDAR (excluding capital gains) 54.3 61.9 -12.2% 65.3 119.6 110.7 +8.1%
EBITDAR (excluding capital gains) / Revenues 47.5% 46.4% +1.1 pts 47.4% 47.4% 45.3% +2.1 pts
EBITDA 30.4 76.3 -60.2% 40.0 70.4 129.6 -45.7%
EBIT 6.5 45.8 -85.8% 16.2 22.7 77.9 -70.8%

The combination of new Bourbon Evolution 800 fleet entries and cost reductions versus the year ago period enabled adjusted EBITDAR to increase 8% and as a percentage of adjusted revenues, an increase of 2.1 points to 47.4%. The combined effects of higher bareboat charter costs and lower capital gains in 2015 versus the prior year have resulted in a reduction in adjusted EBITDA.

Other

Adjusted Financial Performance
In millions of euros
H2 2015 H2 2014
restated
Change
H2 /H2
H1 2015 2015 2014
restated
Change 2015/2014
Revenues 9.3 12.7 -27.1% 8.8 18.1 21.0 -13.8%
costs (excluding bareboat charter costs) (6.1) (10.3) -41.2% (6.0) (12.1) (16.7) -27.6%
EBITDAR (excluding capital gains) 3.2 2.5 +32.3% 2.8 6.0 4.3 +38.8%
EBITDAR (excluding capital gains) / Revenues 34.9% 19.2% +15.7 pts 31.7% 33.3% 20.7% +12.6 pts
EBITDA 3.2 2.5 +32.3% 2.8 6.0 4.3 +38.7%
EBIT 2.0 0.0 n/s (0.1) 1.9 (0.8) n/s

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.

Consolidated Capital Employed 12/31/2015 12/31/2014
In millions of euros
Net non-current Assets 2,725.9 2,777.7
Assets held for sale 72.4 28.2
Working Capital 269.7 268.9
Total Capital Employed 3,068.0 3,074.8
Shareholders equity 1,564.3 1,625.0
Non-current liabilities (provisions and deferred taxes) 108.2 101.4
Net debt 1,395.5 1,348.5
Total Capital Employed 3,068.0 3,074.8

Since the start of the Asset Smart action plan, $US1,697 million worth of vessels have been sold, with an additional 3 vessels remaining to be transferred to Minsheng Financial Leasing under the agreement signed in the 4th quarter 2014.

Having already transferred almost all of the vessels sold under the Asset Smart action plan in 2013 and 2014, there was very little movement in capital employed in 2015.

The gearing ratio was at 0.89 as of December 31, 2015. The gearing ratio is more than 40% lower than it was at the end of June 2013 (1.53), after which the impact of the vessel sale proceeds began to impact net debt.

Consolidated Sources and uses of Cash

In millions of euros
2015 2014
Cash generated by operations 411.2 1,123.3
Vessels in service (A) 352.5 406.0
Vessels sale 58.7 717.3
Cash out for : (180.3) (156.1)
Interest (49.3) (55.7)
Taxes (B) (37.5) (15.3)
Dividends (93.5) (85.1)
Net Cash from activity 231.0 967.1
Net debt change 22.8 (430.1)
Perpetual bond 19.8 98.7
Use of cash for (283.7) (641.9)
Investments (298.2) (567.6)
Working capital (C) 14.5 (74.3)
Other sources and uses of cash 10.1 6.2
Free cash flow 90.0 466.1
Net Cash flow from operating activities (A+B+C) 329.5 316.4
Acquisition of property, plant and equipment and intangible assets (298.2) (567.6)
Sale of property, plant and equipment and intangible assets 58.7 717.3

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 the continued high level of 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, having generated total free cash flows of almost €1 billion in the past 3 years. This has enabled BOURBON to reduce its net debt by approximately €756 million since June 30, 2013 while taking delivery of 75 new vessels during this period.

OUTLOOK

2016 will likely see a low point in the cycle for the demand of offshore vessels with a slight rebound in the second half of the year, mainly in the areas of maintenance of production units and of maintaining production of existing oil fields.

BOURBON will focus on excellence in service execution and will strive to maintain a high utilization rate of the fleet in operation (excluding stacked vessels) utilizing its international network, mainly with local partnerships.

The group will continue to stack up to 20% of its supply fleet if there are no commercial opportunities in the medium term in order to reduce operational costs.

In this context, BOURBON anticipates 2016 adjusted revenues to have a moderate decline versus 2015 and the operating margin (adjusted EBITDAR/revenues) to decline slightly compared with 2015. BOURBON is at the end of its investment plan, and expects to take delivery of 3 supply vessels and 4 crew boats in 2016. We therefore expect free cash flow to increase appreciably versus 2015.

As the industry remains in this prolonged downturn, BOURBON remains focused on what it can control: safety, cost control initiatives and operational efficiency

ADDITIONAL INFORMATION

  • BOURBON's results will continue to be influenced by the €/US$ exchange rate
  • BOURBON set up €/US$ hedging contracts at an average exchange rate of €1 = 1.09 to partially cover its estimated EBITDA exposure in 2016
  • The 2015 financial statements were closed by the Board of Directors on March 7, 2016
  • The auditing procedures have been completed and the audit report relating to certification is in the process of being issued
  • At the next Annual General Meeting, The Board will propose to maintain the dividend payment to shareholders of €1.00 per share, with an ex-dividend date of June 3, 2016 and a payment date of June 6, 2016

FINANCIAL CALENDAR

2016 1st Quarter Revenues press release May 4, 2016
Annual Shareholder's Meeting May 26, 2016

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 December 31, 2015 and for the comparative period presented, adjustment elements are:

In millions of euros 2015 Adjusted IFRS 11 Impact* 2015
Consolidated
Revenues 1,437.1 (107.5) 1,329.6
Direct Costs & General and Administrative costs (889.5) 80.2 (809.2)
EBITDAR (excluding capital gains) 547.7 (27.3) 520.4
Bareboat charter costs (179.1) - (179.1)
EBITDA (excluding capital gains) 368.5 (27.3) 341.2
Capital gain 2.8 (2.4) 0.4
EBITDA 371.3 (29.6) 341.7
Depreciation, Amortization & Provisions (305.2) 5.5 (299.7)
Share of results from companies under the equity method - 5.8 5.8
EBIT 66.1 (18.3) 47.8
*Effect of consolidation of jointly controlled companies using the equity method.


In millions of euros 2014 Adjusted IFRS 11 Impact* 2014
Consolidated
Revenues 1,421.1 (74.7) 1,346.4
Direct Costs & General and Administrative costs (911.5) 53.2 (858.3)
EBITDAR (excluding capital gains) 509.6 (21.5) 488.1
Bareboat charter costs (110.6) - (110.6)
EBITDA (excluding capital gains) 399.0 (21.5) 377.5
Capital gain 60.8 - 60.8
EBITDA 459.8 (21.5) 438.3
Depreciation, Amortization & Provisions (314.5) 7.4 (307.0)
Share of results from companies under the equity method - 5.7 5.7
EBIT 145.3 (8.4) 137.0
*Effect of consolidation of jointly controlled companies using the equity method.

APPENDIX II

Simplified Income Statement

In millions of euros (except per share data) H2 2015 H2 2014 Change
H2/H2
2015 2014 Change
2015/2014
Revenues 628.3 703.8 -10.7% 1,329.6 1,346.4 -1.2%
Direct costs (320.9) (369.1) -13.1% (678.2) (720.5) -5.9%
General & Administrative costs (64.2) (67.3) -4.6% (131.0) (137.8) -4.9%
EBITDAR excluding capital gains 243.2 267.4 -9.0% 520.4 488.1 +6.6%
Bareboat charter costs (91.4) (65.4) +39.7% (179.1) (110.6) +61.9%
EBITDA excluding capital gains 151.8 202.0 -24.8% 341.2 377.5 -9.6%
Capital gain (1.9) 50.9 -103.8% 0.4 60.8 -99.3%
Gross operating income EBITDA 149.9 252.9 -40.7% 341.7 438.3 -22.0%
Depreciation, Amortization & Provisions (148.4) (158.9) -6.6% (299.7) (307.0) -2.4%
Share of results from companies under the equity method 1.6 2.2 -28.7% 5.8 5.7 +2.1%
Operating income (EBIT) 3.0 96.2 -96.9% 47.8 137.0 -65.1%
(60.8-
Financial profit/loss (26.6) 5.7 n/s (60.8) (9.0) n/s
Income tax (16.1) (13.8) +16.6% (30.5) (29.2) +4.2%
Income on equity interests sold - - n/s - - n/s
Income from discontinued operations - - n/s - - n/s
Net Income (39.7) 88.1 n/s (43.4) 98.7 n/s
Minority interests (17.7) (9.6) +85.0% (33.2) (25.0) +32.8%
Net income (Group share) (57.4) 78.5 n/s (76.6) 73.7 n/s
Earnings per share - - (1.07) 1.03
Weighted average number of shares outstanding - - 71,504,490 71,586,734

APPENDIX III

Simplified Consolidated Balance Sheet

In millions of euros 12/31/2015 12/31/2014 12/31/2015 12/31/2014
Shareholders' equity 1,564.3 1,625.0
Net property, plant and equipment 2,503.0 2,576.8 Financial debt > 1 year 1,127.5 1,082.5
Other non-current assets 276.7 256.8 Other non-current liabilities 158.8 152.6
TOTAL NON-CURRENT ASSETS 2,779.7 2,833.6 TOTAL NON-CURRENT LIABILITIES 1,286.3 1,235.0
Cash on hand and in banks 263.3 352.4 Financial debt < 1 year 531.3 618.4
Other currents assets 575.6 603.2 Other current liabilities 309.2 339.1
TOTAL CURRENT ASSETS 839.0 955.6 TOTAL CURRENT LIABILITIES 840.5 957.4
Non-current assets held for sale 72.4 28.2 Liabilities directly associated with non-current assets classified as held for sale - -
TOTAL LIABILITIES 2,126.8 2,192.5
TOTAL ASSETS 3,691.1 3,817.4 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 3,691.1 3,817.4

APPENDIX IV

Simplified Consolidated Cash Flow Statement

In millions of euros 2015 2014
Cash flow from operating activities
consolidated net income (loss) (43.4) 98.7
cash flow from operating activities 373.0 217.7
Net cash flow from operating activities (A) 329.5 316.4
Cash flow from investing activities
acquisition of property, plant and equipment and intangible assets (298.2) (567.6)
sale of property, plant and equipment and intangible assets 58.7 717.3
other cash flow from investing activities 7.9 1.9
Net Cash flow from investing activities (B) (231.5) 151.5
Cash flow from financing activities
net increase (decrease) in borrowings (88.8) (366.7)
Perpetual bond issue 19.8 98.7
dividends paid to shareholders of the group (71.6) (71.6)
Dividends paid to non-controlling interests (21.9) (13.5)
cost of net debt (49.3) (55.7)
other cash flow from financing activities 2.1 4.3
Net Cash flow used in financing activities (C) (209.6) (404.5)
Impact from the change in exchange rates (D) 4.7 8.3
Change in net cash (A) + (B) + (C) + (D) (106.9) 71.7
Net cash at beginning of period 170.7 99.0
Change in net cash (106.9) 71.7
Net cash at end of period 63.8 170.7

APPENDIX V

Quarterly revenue breakdown

In millions of euros 2015 2014
(restated)
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 275.7 279.0 299.8 312.2 314.3 289.8 277.5 274.3
Deepwater offshore vessels 106.1 101.9 109.6 113.8 111.4 106.3 98.9 95.1
Shallow water offshore vessels 103.0 107.2 116.1 123.5 127.8 112.9 108.3 106.6
Crew boats 66.6 69.9 74.2 74.9 75.0 70.6 70.3 72.6
Subsea Services 53.3 61.0 70.9 67.1 67.6 65.7 56.2 54.6
Other 5.2 4.1 4.5 4.3 6.6 6.1 4.2 4.1
Total adjusted revenues 334.2 344.1 375.2 383.6 388.5 361.7 337.9 333.0
IFRS 11 impact* (26.1) (23.8) (30.1) (27.4) (25.5) (20.8) (15.3) (13.0)
TOTAL CONSOLIDATED 308.1 320.2 345.1 356.3 363.0 340.8 322.6 320.0

*Effect of consolidation of joint ventures using the equity method

Quarterly average utilization rates for the BOURBON offshore fleet

In % 2015 2014
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 73.0 74.1 77.4 79.2 81.7 79.4 80.0 82.4
Deepwater offshore vessels 82.6 79.8 84.0 86.0 85.8 85.7 87.2 88.6
Shallow water offshore vessels 76.5 75.5 78.3 84.5 89.1 86.6 87.8 91.2
Crew boats 68.0 71.5 75.0 74.4 76.7 74.0 74.3 76.6
Subsea Services 54.0 64.3 70.2 75.9 82.8 81.1 83.9 94.4
"Total fleet excluding Crew boats" 76.7 76.0 79.5 84.3 87.5 85.8 87.3 90.6
"Total fleet" average utilization rate 72.1 73.7 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
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Deepwater offshore vessels 18,360 19,518 20,286 21,942 23,093 23,887 23,219 22,839
Shallow water offshore vessels 12,205 12,880 13,507 13,882 14,452 14,152 14,006 14,199
Crew boats 4,530 4,632 4,732 4,934 5,067 5,113 5,197 5,323
Subsea Services 47,232 47,657 48,847 50,118 48,063 50,992 46,868 45,407
"Total fleet excluding Crew boats" average daily rate 16,809 17,858 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
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Marine Services 488 484 483 479 483 481 481 479
Deepwater offshore vessels 88 86 82 79 79 75 74 73
Shallow water offshore vessels 133 134 138 138 139 135 133 130
Crew boats 267 264 263 262 265 271 274 276
Subsea Services 22 22 22 21 21 19 19 18
FLEET TOTAL 510 506 505 500 504 500 500 497

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

Quarterly deliveries of vessels

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

Yearly revenue breakdown

In millions of euros Full Year
2015 2014
(restated)
Marine Services 1,166.7 1,155.9
Deepwater offshore vessels 431.5 411.7
Shallow water offshore vessels 449.8 455.7
Crew boats 285.5 288.5
Subsea Services 252.3 244.2
Other 18.1 21.0
Total adjusted revenues 1,437.1 1,421.1
IFRS 11 impact* (107.5) (74.7)
TOTAL CONSOLIDATED 1,329.6 1,346.4

*Effect of consolidation of joint ventures using the equity method

Yearly average utilization rates for the BOURBON offshore fleet

In % Full Year
2015 2014
Marine Services 75.9 80.8
Deepwater offshore vessels 83.1 86.9
Shallow water offshore vessels 78.7 88.6
Crew boats 72.3 75.4
Subsea Services 65.8 85.0
"Total fleet excluding Crew boats" 79.1 87.7
"Total fleet" average utilization rate 75.5 81.0

Yearly average daily rates for the BOURBON offshore fleet

In US$/day Full Year
2015 2014
Deepwater offshore vessels 19,804 22,967
Shallow water offshore vessels 13,137 14,177
Crew boats 4,697 5,100
Subsea Services 48,365 47,470
"Total fleet excluding Crew boats" average daily rate 18,089 19,658

Yearly deliveries of vessels

In number of vessels Full Year
2015 2014
Marine Services 15 35
Deepwater Offshore vessels 9 9
Shallow water Offshore 0 15
Crew boats 6 11
Subsea Services 1 5
FLEET TOTAL 16 40

Breakdown of BOURBON revenues by geographical region

In millions of euros 4th quarter Full Year
Q4 2015 Q4 2014
(restated)
Change 2015 2014
(restated)
Change
Africa 193.3 227.2 -14.9% 814.3 817.7 -0.4%
Europe & Mediterranean/Middle East 45.5 65.3 -30.3% 215.0 235.9 -8.8%
Americas 62.6 49.6 +26.2% 263.8 189.3 +39.3%
Asia 32.9 46.4 -29.1% 144.1 178.2 -19.2%

Other key indicators

Quarterly breakdown

2015 2014
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Average €/US$ exchange rate for the quarter (in €) 1.10 1.11 1.11 1.13 1.25 1.33 1.37 1.37
€/US$ exchange rate at closing (in €) 1.09 1.12 1.12 1.08 1.21 1.26 1.37 1.38
Average price of Brent for the quarter (in US$/bbl) 44 50 62 54 76 102 110 108

Annual breakdown

Full Year
2015 2014
Average 12-month €/US$ exchange rate in (€) 1.11 1.33
€/US$ exchange rate at closing (in €) 1.09 1.21
Average 12-month price of Brent (in US$/bbl) 52 99

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 11,000 skilled employees. Through its 34 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 2015, BOURBON'S revenue came to €1,329.6 million and the company operated a fleet of 511 vessels as of December 31, 2015.

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
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

Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr



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HUG#1993160

Source: BOURBON