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BOURBON - Press release: BOURBON Financial information 3rd Quarter 2019

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Marseilles, November 7, 2019

             

BOURBON Financial information 3rd quarter and 9 months 2019

             

     Adjusted revenue for Q3 2019 amounted to €177.7 million (consolidated revenue of €164.3 million), down 3.2% compared to Q2

                

  • Adjusted revenue for Q3 2019 was down by 3.2% compared to the previous quarter, impacted in particular by the planned maintenance of series-built vessels and the decrease in Subsea activity.
  • Fleet rationalization continued, as a result on the one hand, of the progressive return to service of vessels and, on the other, of the implementation of the sales and scrapping plan for non-strategic vessels.
  • The average utilization rate decreased slightly to 53.8% compared to 54.7% in Q2 2019, affected by planned maintenance and the reallocation of vessels to strategic zones.
  • Average daily rates decreased by 1.7%, impacted by the Subsea segment, and in particular, the end of two long-term charter contracts in India.


  Quarter 9 months
In € millions, unless otherwise noted Q3 2019 Q2 2019 Change
Q3 /  Q2
Q3 2018 2019 2018 Change
2019/2018
Financial performance              
               
Adjusteda revenues 177.7 183.6 -3.2% 173.5 539.3 513.7 +5.0%
(change at constant rate)     -3.4%       +2.0%
Bourbon Marine & Logistics 94.5 91.0 +3.8% 87.0 273.4 269.3 +1.5%
Bourbon Mobility 45.3 46.1 -1.9% 46.3 138.7 141.6 -2.1%
Bourbon Subsea Services 36.0 43.4 -16.9% 37.9 119.6 95.4 +25.5%
Others 1.9 3.0 -35.8% 2.3 7.5 7.4 +1.9%
               
IFRS 11 impact (13.4) (17.3)   (13.4) (46.4) (41.9)  
               
Consolidated revenues 164.3 166.3 -1.2% 160.2 492.9 471.7 +4.5%
 

 
             
               
Operational indicators              
               
Number of vessels (FTE)* 464.1 467.2 -0.6% 498.5 469.4 502.8 -6.7%
               
Average utilization rate (%) 53.8 54.7 -0.9 pt 51.6 54.3 52.3 +2.0 pts
               
Average daily rate ($/d) 8,122 8,262 -1.7% 7,854 8,178 7,947 +2.9%
               
* FTE: Full Time Equivalent              

" The market recovery is a reality, but our reactivation efforts and the maintenance of series-built vessels have impacted utilization rates and revenue. In a particularly difficult context for the company, our teams have been intensely mobilized to maintain the service provided to customers. The signing of a 3-year cooperation agreement with one of our largest customers for the deployment of our Smart Shipping program in Angola is a strong symbol of this," declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

 (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). 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. Furthermore, internal reporting   (and again the adjusted financial information) does not take into account   IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively from January 1) to an operational joint venture in Angola.

BOURBON MARINE & LOGISTICS

  Quarter 9 months
In € millions, unless otherwise noted Q3 2019 Q2 2019 Change
Q3 /  Q2
Q3 2018 2019 2018 Change
2019/2018
Financial performance              
               
Adjusteda revenues 94.5 91.0 +3.8% 87.0 273.4 269.3 +1.5%
Deepwater offshore vessels 56.7 53.6 +5.8% 52.4 164.0 164.7 -0.4%
Shallow water offshore vessels 37.8 37.5 +0.9% 34.6 109.4 104.6 +4.6%
               
               
Operational indicators              
               
Number of vessels (FTE)* 201.9 203.8 -0.9% 213.1 204.4 215.3 -5.1%
               
Average utilization rate (%) 56.4 56.0 +0.4 pt 51.0 55.4 51.6 +3.8 pts
Deepwater offshore vessels 67.2 66.9 +0.3 pt   60.4 67.0   62.5 +4.5 pts
Shallow water offshore vessels 48.8 48.3 +0.5 pt   44.4 47.2   44.2 +3.0 pts
               
Average daily rate ($/d) 10,279 10,130 +1.5% 10,128 10,186 10,465 -2.7%
Deepwater offshore vessels 12,382 12,130 +2.1% 12,705 12,190 13,009 -6.3%
Shallow water offshore vessels 8,214 8,186 +0.3% 7,709 8,174 8,027 +1.8%
               
* FTE: Full Time Equivalent              

Adjusted revenue for Q3 2019 increased by 3.8% compared to the previous quarter, driven by 5.8% growth in the deepwater Offshore activity, and notably the 2.1% increase in daily rates.

The average utilization rate increased slightly to 56.4%: the impact of the reactivation of 7 vessels during the quarter is partly offset by an increase in planned maintenance over the period, particularly in the shallow water Offshore segment (Liberty vessels).

The Asia region and North Sea zone were dynamic during the quarter, particularly in Malaysia where demand has been increasing for several months. The Mediterranean/Middle East zone, however, saw the end of several significant projects, particularly in Egypt.

Furthermore, BOURBON announced the signing of a 3-year cooperation agreement with TOTAL in Angola for the deployment of the Smart Shipping program for 5 Bourbon Explorer 500-type vessels.


BOURBON MOBILITY

  Quarter 9 months
In € millions, unless otherwise noted Q3 2019 Q2 2019 Change
Q3 /  Q2
Q3 2018 2019 2018 Change
2019/2018
Financial performance              
               
Adjusteda revenues 45.3 46.1 -1.9% 46.3 138.7 141.6 -2.1%
               
               
Operational indicators              
               
Number of vessels (FTE)* 243.3 244.3 -0.4% 265.4 245.6 267.1 -8.0%
               
Average utilization rate (%) 51.7 53.4 -1.7 pt 51.8 53.2 53.3 -0.1 pt
               
Average daily rate ($/d) 4,240 4,281 -1.0% 4,285 4,279 4,355 -1.7%
               
* FTE: Full Time Equivalent              

This quarter was marked by the 1.9% decrease in adjusted revenue compared to the previous quarter, in line with the -1.7 points decrease in the fleet average utilization rate to 51.7%, impacted by the policy of making additional back-up vessels available in order to maintain the service rates expected by customers.

Bourbon Mobility pursued the rationalization of its fleet (over 20 vessels removed in one year) and its repositioning in growth areas (by notably withdrawing from activities in Indonesia and Brazil, and expanding in West Africa).

In parallel, Bourbon Mobility has actively positioned itself in new business models for customers (such as pay per seat, pay per trip, door-to-rig) in markets where the recovery remains weak and where controlling costs is a major concern for its customers.

BOURBON SUBSEA SERVICES

  Quarter 9 months
In € millions, unless otherwise noted Q3   2019 Q2 2019 Change
Q3 /  Q2
Q3 2018 2019 2018 Change
2019/2018
Financial performance              
               
Adjusteda revenues 36.0 43.4 -16.9% 37.9 119.6 95.4 +25.5%
               
               
Operational indicators              
               
Number of vessels (FTE)* 19.0 19.1 -0.5% 20.0 19.4 20.4 -4.9%
               
Average utilization rate (%) 52.6 57.9 -5.3 pts 54.3 56.5 46.4 +10.1 pts
               
Average daily rate ($/d) 32,408 35,952 -9.9% 30,321 33,935 32,353 +4.9%
               
* FTE: Full Time Equivalent              

Adjusted revenue for Q3 saw a significant 16.9% decrease compared to the previous quarter. This decrease is mainly due to the end of two long-term charter contracts in India, with more short-term contracts reducing the overall utilization rate (down 5.3 points) as well as delays in the progress of certain turnkey projects (notably in Offshore Wind).

OTHERS

  Quarter 9 months
In € millions, unless otherwise noted Q3   2019 Q2 2019 Change
Q3 /  Q2
Q3 2018 2019 2018 Change
2019/2018
Financial performance              
               
Adjusteda revenues 1.9 3.0 -35.8% 2.3 7.5 7.4 +1.9%
               

Activities included are those that do not fit into either the Marine & Logistics, Mobility or Subsea Services segments. The majority of the total represents earnings from miscellaneous ship management activities.

OUTLOOK

Growth in global demand for oil remains low with strong volatility in oil prices, which have, however, remained at an average level of around $50-60/barrel.

In this context of very moderate recovery, oil customers regularly validate new exploration projects and continue to arbitrate in favor of Offshore. Offshore investments even grew in 2019, for the first time since 2014, following productivity gains in drilling and production.

However, oil customers remain cautious and continue to favor projects with short returns on investment. Furthermore, they pay attention to and take a keen interest in new models and working methods, aimed at providing new productivity gains.

In this environment, BOURBON continues to focus on:

  • control of its operating and general costs;
  • discipline in its Capex choices, notably in terms of fleet reactivation and choice of contracts;
  • deployment of the strategic plan, and notably the development of new services and business models as well as the Smart shipping program;
  • debt restructuring.

2020 year will be marked by high activity in planned maintenance of BOURBON’s series-built vessels.


MAJOR EVENTS

As part of the reorganization proceedings opened since August 7, 2019 for the two holding companies Bourbon Corporation and Bourbon Maritime, a tendering process has been launched:

- on Bourbon Corporation, the deadline for tender offers submission has been extended to November 20th

- on Bourbon Maritime, the deadline for tender offers submission is November 20th.

ADDITIONAL INFORMATION

BOURBON's results will continue to be affected by the €/US$ exchange rate.

FINANCIAL CALENDAR

2019 Full Year and 4 th quarter revenues press release February 6, 2020
2019 Annual Results press release and presentation March 19, 2020
2020 First quarter financial information May 7, 2020


APPENDIX

Quarterly revenue breakdown

In € millions   2019   2018
  Q3 Q2 Q1   Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   94.5 91.0 87.9   88.0 87.0 89.9 92.4
Deepwater offshore vessels   56.7 53.6 53.8   53.0 52.4 55.0 57.4
Shallow water offshore vessels   37.8 37.5 34.1   35.0 34.6 35.0 35.0
Bourbon Mobility   45.3 46.1 47.3   46.1 46.3 47.1 48.2
Subsea Services   36.0 43.4 40.2   38.2 37.9 30.2 27.2
Others   1.9 3.0 2.5   3.6 2.3 1.9 3.1
Total adjusted revenues   177.7 183.6 178.0   175.9 173.5 169.2 171.0
IFRS 11 impact*   (13.4) (17.3) (15.7)   (13.7) (13.4) (15.2) (13.3)
TOTAL CONSOLIDATED   164.3 166.3 162.3   162.2 160.2 153.9 157.6

*Effect of consolidation of joint ventures using the equity method

Quarterly average utilization rates for the fleet in operation

In %   2019   2018
  Q3 Q2 Q1   Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   86.3 90.8 90.4   88.1 86.7 84.9 89.0
Deepwater offshore vessels   88.5 90.5 92.0   86.6 86.9 83.5 88.1
Shallow water offshore vessels   84.2 91.0 88.8   89.7 86.6 86.2 90.0
Bourbon Mobility   73.6 76.6 79.6   78.0 77.8 81.1 84.3
Subsea Services   66.7 73.3 78.5   74.0 73.9 60.9 55.7
Average utilization rate   78.5 82.2 83.9   81.8 81.2 81.7 84.9

Quarterly average utilization rates for the fleet

In %   2019   2018
  Q3 Q2 Q1   Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   56.4 56.0 53.9   50.5 51.0 51.6 52.7
Deepwater offshore vessels   67.2 66.9 66.9   61.0 60.4 63.0 65.2
Shallow water offshore vessels   48.8 48.3 44.7   43.2 44.4 43.9 44.3
Bourbon Mobility   51.7 53.4 54.7   52.5 51.8 53.8 54.4
Subsea Services   52.6 57.9 58.9   54.9 54.3 45.4 39.0
Average utilization rate   53.8 54.7 54.5   51.7 51.6 52.5 53.0

Quarterly average daily rates for the fleet

In US$/day   2019   2018
  Q3 Q2 Q1   Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   10,279 10,130 10,188   10,177 10,128 10,360 10,911
Deepwater offshore vessels   12,382 12,130 12,123   12,701 12,705 12,873 13,577
Shallow water offshore vessels   8,214 8,186 8,136   7,694 7,709 7,924 8,292
Bourbon Mobility   4,240 4,281 4,351   4,239 4,285 4,326 4,549
Bourbon Subsea Services   32,408 35,952 33,346   33,207 30,321 30,571 34,933
Average daily rate   8,122 8,262 8,172   7,989 7,854 7,786 8,179

Quarterly number of vessels (end of period)

In number of vessels*   2019   2018
  Q3 Q2 Q1   Q4 Q3 Q2 Q1
Bourbon Marine & Logistics   200 203 204   211 212 214 216
Deepwater offshore vessels   83 84 84  

 
87 87 87 87
Shallow water offshore vessels 117 119 120 124 125 127 129
Bourbon Mobility 242 244 248 252 260 266 269
Bourbon Subsea Services   19 19 20   20 20 20 21
FLEET TOTAL   461 466 472   483 492 500 506

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

Nine months’ average utilization rates for the fleet in operation

In %   9 months
  2019 2018
Bourbon Marine & Logistics   89.4 86.5
Deepwater offshore vessels   90.6 85.6
Shallow water offshore vessels   88.2 87.5
Bourbon Mobility   76.7 80.9
Bourbon Subsea Services   72.8 64.0
Average utilization rate   81.7 82.4


Nine months’ average utilization rates for the fleet

In %   9 months
  2019 2018
Bourbon Marine & Logistics   55.4 51.6
Deepwater offshore vessels   67.0 62.5
Shallow water offshore vessels   47.2 44.2
Bourbon Mobility   53.2 53.3
Bourbon Subsea Services   56.5 46.4
Average utilization rate   54.3 52.3

Nine months average daily rates for the fleet

In US$/day   9 months
  2019 2018
Bourbon Marine & Logistics   10,186 10,465
Deepwater offshore vessels   12,190 13,009
Shallow water offshore vessels   8,174 8,027
Bourbon Mobility   4,279 4,355
Bourbon Subsea Services   33,935 32,353
Average daily rate   8,178 7,947

Breakdown of revenues by geographical region

In € millions Quarter 9 months
Q3 2019 Q2 2019 Change Q3 2018 2019 2018 Change
Africa 98.0 96.3 +1.7% 90.6 295.4 280.0 +5.5%
Europe & Mediterranean/Middle East 40.1 43.9 -8.6% 40.5 119.2 102.9 +15.8%
Americas 23.5 22.7 +3.6% 22.3 69.8 73.5 -5.0%
Asia 16.1 20.6 -21.9% 20.2 54.8 57.3 -4.3%


In € millions   2019   2018
  Q3 Q2 Q1   Q4 Q3 Q2 Q1
Africa   98.0 96.3 101.1   101.7 90.6 89.4 99.9
Europe & Mediterranean / Middle East   40.1 43.9 35.2   33.4 40.5 36.3 26.2
Americas   23.5 22.7 23.6   21.0 22.3 24.3 27.0
Asia   16.1 20.6 18.0   19.7 20.2 19.2 17.9

Other key indicators

Quarterly breakdown

    2019   2018
    Q3 Q2 Q1   Q4 Q3 Q2 Q1
Average €/US$ exchange rate for the quarter   1.11 1.12 1.14   1.14 1.16 1.19 1.23
€/US$ exchange rate at closing   1.09 1.14 1.12   1.15 1.16 1.17 1.23
Average price of Brent for the quarter  (in US$/bbl)   62 69 63   69 75 75 67

Nine months’ breakdown

    9 months
    2019 2018
Average €/US$ exchange rate for the half year   1.12 1.19
€/US$ exchange rate at closing   1.09 1.16
Average price of Brent for the half year (in US$/bbl)   65 72


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 8,400 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 three operating activities (Marine & Logistics, Mobility and Subsea Services) and also protects the French coastline for the French Navy.

In 2018, BOURBON'S revenue came to €689.5 million and the company operated a fleet of 483 vessels.

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

CONTACTS


BOURBON Media relations agency
Publicis Consultants
Investor Relations, analysts, shareholders  Vilizara Lazarova
+33 140 138 607 
investor-relations@bourbon-online.com
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
   
   
Corporate Communication  
Christelle Loisel  
+33 491 136 732
christelle.loisel@bourbon-online.com
 
   

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