BOURBON Full Year Revenues Up (France)

BOURBON, a company which offers the most demanding oil and gas companies a comprehensive range of surface and subsea marine services for offshore oil and gas fields and wind farms, has announced 2013 full year results.

Revenues increased 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. 4th quarter 2012 to €331.6 million impacted by US Dollar depreciation against the Euro.

– Annual Revenues increased 10.5% partly due to a 5.9% increase in the size of the fleet and a positive offshore demand environment;

– Utilization rate of the fleet remains at a high level at 89.5% (-0.9 pts compared with 2012), despite the increase in the size of the fleet, impacted by the transit of some vessels in order to adapt to regional market conditions;

– Average daily rates continue to increase regularly for supply and subsea vessels (+3.8%) as well as for crewboats (+7.1%);

– Foreign currency movements versus the Euro in 2013 (most notably versus the US Dollar) impacted revenue growth in both the full year 2013 (-2.6 pts) and 4th quarter (-3.3 pts) compared with the corresponding periods in 2012;

– Revenues in the 4th quarter were stable at €331.6 million compared to the previous quarter (-0.3%) as new vessel deliveries had little impact on the quarter, all having been delivered during the 2nd half of the quarter and the previously announced sale of three older vessels, which had almost no revenues during the quarter.

“2013 revenues of more than €1.3 billion, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes BOURBON a leader in the offshore marine services industry,” says Christian Lefèvre, Chief Executive Officer of BOURBON. “Stability of utilization rates and a positive trend in annual average daily rates are solid fundamentals in a context of continued fleet growth with 38 new vessel deliveries for a net increase in the fleet of 27 vessels in 2013.

“BOURBON continues its focus on operational excellence and debt reduction via the Transforming for beyond action plan. The asset smart portion of this action plan is progressing well with the sale and bareboat charter of 24 vessels during 2013, the proceeds from which are primarily aimed at reducing debt.”

Subsea services

The Company reported improved activity due to the continued increase in number of wellhead installations with almost 600 wellheads ordered by the industry in 2013, a growth of approximately 40% over the prior year. Also continued increase in average daily rates was recorded during 2013 which reflects the combination of improving demand and better terms on contract renewals.

During 2013, one new MPSV was delivered in the 1st quarter and as previously announced, an older MPSV was sold in the 4th quarter.

Full year revenues for Subsea Services increased more than 17% compared with 2012 with increases in both utilization rates and average daily rates. 4th quarter revenues increased 7.8% year on year with partly offsetting impacts of higher average daily rates and reduced utilization rates, while there was a negative impact on revenues from the sale of an MPSV at the beginning of the quarter. Average daily rate increases were partly due to continued demand for the vessels as well as a positive vessel mix effect. Utilization rates in the 4th quarter were impacted by maintenance and classification drydocks, as well as the transit of 2 MPSV vessels to new operational areas.

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February 05, 2014