|By PR Newswire||
|March 5, 2014 01:00 AM EST||
PARIS, March 5, 2014 /PRNewswire/ --
BOURBON Full Year 2013: Net Income Group share up 174% to €115 million
Increased operating margin and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012
- EBITDAR (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34.3% of revenues
- Positive free cash flow generation of €449.7 million for the year, including vessel sales
- Net debt reduced by €449.4 million compared with June 30, 2013, to €1,741.1 million
- Foreign exchange rate movements negatively impacted full year results by approximately €53 million
- Shallow water operating margin increased by 4.3 pts to 31.5% of revenues with 100 Bourbon Liberty series vessels in operation
- Targeting revenue growth of 8-10% and a slight improvement of the EBITDAR/Revenues ratio in 2014
- Proposed dividend payment of €1.00 per share to shareholders, a 34% increase compared with 2012
 Operating margin = EBITDAR (excluding capital gains) / revenues
 EBITDAR = EBITDA excluding capital gains and before bareboat charter costs
inc. H2 In millions of euros, except as 2013 / H2 noted H2 2013 H2 2012 2012 H1 2013 Revenues 664.1 618.9 +7.3% 647.9 EBITDAR (excluding capital gains) 227.3 202.2 +12.4% 223.0 % of revenues 34.2% 32.7% +1.6 pts 34.4% EBITDA (excluding capital gains) 217.6 201.6 +7.9% 219.6 EBITDA 354.7 225.4 +57.4% 221.0 EBIT (operating income) 210.5 97.8 +115.3% 92.1 Net income 112.5 27.9 +302.8% 30.9 Net income (Group share) 100.5 24.9 +303.2% 14.4 Number of vessels (end of +27 period) * 485 458 vessels 472 Average utilization rate excl. Crewboats 90.0% 91.0% -1.0 pts 89.0% Average daily rate excl. Crewboats (in US$/d) 19,459 19,018 +2.3% 19,431
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
inc. 2013 In millions of euros, except as noted 2013 2012 / 2012 Revenues 1,311.9 1,186.9 +10.5% EBITDAR (excluding capital gains) 450.3 383.0 +17.6% % of revenues 34.3% 32.3% +2.1 pts EBITDA (excluding capital gains) 437.2 382.4 +14.3% EBITDA 575.7 406.2 +41.7% EBIT (operating income) 302.6 161.6 +87.3% Net income 143.4 53.2 +169.5% Net income (Group share) 115.0 41.9 +174.0% Number of vessels (end of +27 period) * 485 458 vessels Average utilization rate excl. Crewboats 89.5% 90.4% -0.9 pts Average daily rate excl. Crewboats (in US$/d) 19,447 18,743 +3.8%
* Vessels operated by BOURBON (including vessels owned or on bareboat charter)
"2013 revenues of more than €1.3 billion and a net income Group share of €115.0 million, 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. "2013 was highlighted by the entry into service of 38 new vessels, an increase in the contractualization rate of the fleet and a significant improvement in operational performance."
2013 market and operational highlights
- Strong activity in both deep and shallow water markets with a high, stable oil price
- Focus on operational excellence in execution:
- Safety continued to improve at BOURBON, with TRIR (Total Recordable Incident Rate per million hours worked) of 0.48, a significant achievement compared to 2012
- Technical availability reached 95.5% in the second half of 2013 to bring the annual technical availability up to 94.5%
- The operating cost index declined by 2.5 points from 2012 levels to 104 in 2013 (2010 base = 100)
- Stable contractualization rate of the BOURBON fleet
- Average daily rates increased for the full year across all segments
Full year 2013 results highlights
- EBITDAR (before capital gains) as a percent of revenues (operating margin) increased by more than 2 points to 34.3%, partly due to the benefits of our focus on operational excellence
- EBITDA of €575.7 million (+41.7%) include bareboat charter costs of €13.1 million and capital gains of €138.5 million
- Return on average capital employed (ROACE: EBIT / average capital employed excluding installments) increased to 9.8% compared to 5.8% in 2012. In the future, this ratio will be impacted negatively by the increase in the bareboat charter costs and the reduction of capital gains generation, and positively by the sharp reduction of capital employed following vessels disposal
- Revenues increased across all regions compared with 2012, with Asia having the largest geographic increase in revenues for the 2nd consecutive year, with a combination of new vessels in service and growth in activity in the region
- The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million). Other financial costs consist mainly of foreign exchange losses, 65% of which are unrealized at year end.
inc. H2 2013 / H2 2013 H2 2012 H2 2012 H1 2013 Number of vessels (end of +27 period) * 466 439 vessels 452 -1.8 Average utilization rate 82.9% 84.7% pts 83.2% * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. H2 2013/ In millions of euros H2 2013 H2 2012 H2 2012 H1 2013 Revenues 537.4 511.8 +5.0% 527.3 Direct costs & General and administrative costs (361.2) (350.2) +3.1% (351.4) EBITDAR (excluding capital gains) 176.2 161.5 +9.1% 175.9 EBITDAR (excluding capital +1.2 gains) / Revenues 32.8% 31.6% pts 33.4%
inc. 2013 / 2013 2012 2012 Number of vessels (end of +27 period) * 466 439 vessels Average utilization rate 83.0% 83.9% -0.9 pts * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. 2013/ In millions of euros 2013 2012 2012 Revenues 1,064.7 972.2 +9.5% Direct costs & General and administrative costs (712.6) (668.1) +6.7% EBITDAR (excluding capital gains) 352.0 304.1 +15.8% EBITDAR (excluding capital gains) / Revenues 33.1% 31.3% +1.8 pts
Operating margin increased almost 2 points versus 2012 as the benefits of the focus on operational excellence began to materialize. Combined with increases in the fleet size and only a slight decline in overall utilization rates, this enabled a 15.8% increase in EBITDAR. The reduced utilization rate was partly due to the movement of vessels between regions, offset by improved average daily rates, most notably in the Deepwater and Crewboat segments.
Marine Services indicators by segment
Deepwater offshore vessels
inc. H2 2013 / H2 H2 2013 H2 2012 2012 H1 2013 Number of vessels (end of no period) * 72 72 change 73 -1.8 Average utilization rate 89.4% 91.2% pts 88.4% Average daily rate (in US$/day) 22,482 20,955 +7.3% 21,789 * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. H2 2013 /H2 In millions of euros H2 2013 H2 2012 2012 H1 2013 Revenues 196.3 185.8 +5.7% 195.3 Direct costs & General and administrative costs (125.5) (117.1) +7.2% (119.8) EBITDAR (excluding capital gains) 70.7 68.7 +3.0% 75.5 EBITDAR (excluding capital -0.9 gains) / Revenues 36.0% 37.0% pts 38.7%
inc. 2013 / 2013 2012 2012 Number of vessels (end of no period) * 72 72 change -2,7 Average utilization rate 88.9% 91.6% pts Average daily rate (in US$/day) 22,156 20,683 +7.1% * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. 2013/ In millions of euros 2013 2012 2012 Revenues 391.6 360.8 +8.5% Direct costs & General and administrative costs (245.3) (229.3) +7.0% EBITDAR (excluding capital gains) 146.2 131.5 +11.2% EBITDAR (excluding capital +0.9 gains) / Revenues 37.3% 36.4% pts
There was strong demand for deepwater PSV due in part to the large number of exploration and production projects. EBITDAR increased 11.2% while the fleet size remained stable. There was a mixed effect of higher average daily rates (strong summer in the North Sea market, renewal of contracts on some medium and large PSVs and a mix effect) and an increase in vessel mobilization time, the latter of which had an adverse impact on both direct costs and utilization rates. These partially offsetting impacts therefore enabled the operating margin to increase by almost a full point. During the year, BOURBON took delivery of the first of its Bourbon Explorer 500 series PSVs, further expanding BOURBON's offer to clients of standardized, safe and reliable vessels.
Shallow water offshore vessels
inc. H2 2013 / H2 2013 H2 2012 H2 2012 H1 2013 Number of vessels (end of +20 period) * 122 102 vessels 109 -0.9 Average utilization rate 90.2% 91.3% pts 89.4% Average daily rate (in US$/day) 13,877 14,281 -2.8% 14,078 * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. H2 2013/ In millions of euros H2 2013 H2 2012 H2 2012 H1 2013 Revenues 193.0 182.8 +5.6% 182.9 Direct costs & General and administrative costs (129.8) (131.6) -1.3% (127.7) EBITDAR (excluding capital gains) 63.2 51.3 +23.3% 55.2 EBITDAR (excluding capital +4.7 gains) / Revenues 32.7% 28.0% pts 30.2%
inc. 2013 / 2013 2012 2012 Number of vessels (end of +20 period) * 122 102 vessels -0.1 Average utilization rate 89.8% 89.9% pts Average daily rate (in US$/day) 13,978 13,918 +0.4% * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. 2013 / In millions of euros 2013 2012 2012 Revenues 376.0 336.7 +11.7% Direct costs & General and administrative costs (257.5) (245.1) +5.1% EBITDAR (excluding capital gains) 118.4 91.6 +29.4% EBITDAR (excluding capital +4.3 gains) / Revenues 31.5% 27.2% pts
Higher shallow water activity was supported by the delivery of new generation jack-up rigs into the market and the continued replacement of older support vessels by newer vessels. There was a significant improvement in operating margin compared with 2012 reflecting the focus on operational excellence and cost control despite a 20% increase in the size of the fleet, while there was also a geographic mix effect due to the end of the Australian contracts which had higher direct costs than other regions. Additionally, direct costs continue seeing the benefits of BOURBON's strategy of building standardized vessels in series, with the 100th Bourbon Liberty series vessel having been delivered in 2013. With broadly stable average daily rates and utilization rates compared with 2012, the strong improvement in operating margin combined with the larger fleet size resulted in an almost 30% increase in EBITDAR versus the prior year.
inc. H2 2013 / H2 2013 H2 2012 H2 2012 H1 2013 Number of vessels (end of +7 period) 272 265 vessels 270 Average utilization rate 78.0% 80.5% -2.5 pts 79.3% Average daily rate (in US$/day) 5,270 4,968 +6.1% 5,083 inc. H2 2013/ In millions of euros H2 2013 H2 2012 H2 2012 H1 2013 Revenues 148.1 143.2 +3.4% 149.1 Direct costs & General and administrative costs (105.9) (101.6) +4.2% (103.9) EBITDAR (excluding capital gains) 42.2 41.6 +1.5% 45.1 EBITDAR (excluding capital gains) / Revenues 28.5% 29.0% -0.5 pts 30.3%
inc. 2013 / 2013 2012 2012 +7 Number of vessels (end of period) 272 265 vessels Average utilization rate 78.7% 79.6% -0.9 pts Average daily rate (in US$/day) 5,198 4,852 +7.1% inc. 2013/ In millions of euros 2013 2012 2012 Revenues 297.2 274.8 +8.2% Direct costs & General and administrative costs (209.8) (193.7) +8.3% EBITDAR (excluding capital gains) 87.3 81.1 +7.7% EBITDAR (excluding capital gains) / Revenues 29.4% 29.5% -0.1 pt
Operating margin excluding capital gains were stable for the year at almost 30% and were benefited by the net addition of 7 new vessels, with 14 new vessels delivered during the year that are larger, on average, than the vessels that left the fleet. The higher utilization rates and average daily rates on the larger vessels helped to contribute to an almost 8% increase in EBITDAR. On a global level, there has been improved demand for the larger crewboats, particularly the FSIVs (DP2). Geographically, the market in West Africa has become increasingly more competitive and BOURBON has been diversifying its reach with the addition of vessels in the Middle East and the Caribbean Sea.
inc. H2 2013 / H2 H2 2013 H2 2012 2012 H1 2013 Number of vessels (end of no period) * 18 18 change 19 +2.8 Average utilization rate 91.3% 88.5% pts 89.2% Average daily rate (in US$/day) 42,226 39,037 +8.2% 40,262 * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. H2 2013/ H2 In millions of euros H2 2013 H2 2012 2012 H1 2013 Revenues 114.3 97.9 +16.8% 109.0 Direct costs & General and administrative costs (65.6) (59.8) +9.7% (63.8) EBITDAR (excluding capital gains) 48.7 38.1 +27.9% 45.1 EBITDAR (excluding capital +3.7 gains) / Revenues 42.6% 38.9% pts 41.4%
inc. 2013 / 2013 2012 2012 Number of vessels (end of no period) * 18 18 change +2.1 Average utilization rate 90.2% 88.1% pts Average daily rate (in US$/day) 41,190 38,497 +7.0% * Vessels operated by BOURBON (including vessels owned or on bareboat charter) inc. 2013/ In millions of euros 2013 2012 2012 Revenues 223.3 190.0 +17.5% Direct costs & General and administrative costs (129.5) (117.1) +10.6% EBITDAR (excluding capital gains) 93.8 73.0 +28.6% EBITDAR (excluding capital +3.6 gains) / Revenues 42.0% 38.4% pts
In Subsea, there was continued good performance, cost control and the benefit of new, larger vessels entering the fleet, all combining to result in an increase in operating margin (excluding capital gains) of 3.6 points, continuing the increase in margins seen over the past year to 42%. With the new vessels delivered being part of the Group's strategy of building standardized vessels in series, cost benefits will continue to be more prevalent. 2013 marked the start of Subsea activity in Asia (3 vessels out of the fleet of 18 ships). Combined with increases in both average daily rates and utilization rates, this resulted in a 28.6% increase EBITDAR compared with 2012. Activity continued to see strength from the growth in number of wellhead installations during the year, with the market expecting an increase in installations by more than 10% over the period 2013-2017. Subsea IMR (inspection, maintenance and repair) demand outlook is further supported by the aging subsea equipment, where there are 5,000 installed wellheads with an average age of over 10 years.
inc. H2 2013/ In millions of euros H2 2013 H2 2012 H2 2012 H1 2013 Revenues 12.3 9.3 +33.4% 11.6 Direct costs & General and administrative costs (9.9) (6.6) +49.5% (9.6) EBITDAR (excluding capital gains) 2.4 2.6 -7.5% 2.0 EBITDAR (excluding capital gains) / Revenues 19.7% 28.4% -8.7 pts 17.5%
inc. 2013/ In millions of euros 2013 2012 2012 Revenues 24.0 24.7 -2.8% Direct costs & General and administrative costs (19.5) (18.8) +4.0% EBITDAR (excluding capital gains) 4.5 5.9 -24.3% EBITDAR (excluding capital gains) / Revenues 18.6% 23.9% -5.3 pts
Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts while new vessels are being built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels that are not part of its regular line of services when needed for global calls for tenders. Volatility of "Other" revenues is largely due to the variation in the number of chartered vessels during the period.
The demand for offshore vessels is supported by the high level of spending in the offshore oil & gas sector.
In deepwater offshore, average spending over the next three years is expected to grow by approximately 10% per year but delays of some projects and a decrease in utilization rates of deepwater floating rigs, combined with the expected deliveries of new vessels, could affect prices in this segment. This is expected to have minimal impact on BOURBON whose 19 PSVs under construction will be delivered through 2015.
In the shallow water market, vessel demand growth is driven by the steady spending in the oil & gas sector, notably by activities aimed at maintaining production of existing fields. Demand is driven by the high utilization rates for jack-up drilling rigs and by the renewal of the jack-up fleet BOURBON has 12 Liberty series vessels under construction and combined with the existing fleet, is in a good position for the continued growth in the sector.
The Subsea services market is buoyed by the growing number of subsea wellheads and the development of new deepwater oil fields. 3 of the 5 vessels in the Bourbon Evolution 800 series that will be delivered in 2014 are already contracted.
The majority of deliveries for vessels currently on order are expected in 2014. From now on, new orders for vessels will be executed as opportunities arise and will not impact revenues before 2016.
ACTIVE FLEET MANAGEMENT
The US$2.5 billion of asset disposals with bareboat charter for 10 years is well under way.
Out of the US$1.65 billion sales already signed with ICBL Leasing and Standard Chartered Bank, US$925 million have been received as of March 5th 2014, corresponding to the effective sale of 36 vessels.
CHANGE IN BOURBON CONSOLIDATION SCOPE
As of January 1, 2013, certain companies that were previously consolidated proportionally have been fully consolidated. The impact of this change in consolidation scope is not significant for the Group. Consequently, and in accordance with regulations, no pro forma financial statements have been established for the current period.
For information, the table below shows comparative information:
In millions of euros 2013 2012* Revenues 1,311.9 1,226.6 EBITDA 575.7 428.5 EBIT 302.6 178.4 Net income (Group share) 115.0 40.6 * restated
- The 2013 financial statements were closed by the Board of Directors on March 3, 2014
- The auditing procedures have been completed and the audit report relating to certification is in the process of being issued
- While there was some hedging activity in the first half of 2013, since the beginning of the 3rd quarter of this year, BOURBON no longer has any hedging in place. At constant exchange rates, 4th quarter 2013 revenues rose 9.3% compared with the same period last year while revenues for full year 2013 rose 13.1% compared with 2012
- BOURBON's results will continue to be affected by foreign exchange rate movements, notably the €/US Dollar exchange rate
- At the next Annual General Meeting, The Board will propose a dividend payment to shareholders of €1.00 per share, with an ex-dividend date of May 29, 2014 and a payment date of June 3, 2014
- In January 2014, BOURBON placed an order for one large Norwegian built AHTS that is expected to be delivered in early 2016
- 2014 1st Quarter Revenues press release April 30, 2014
- Shareholders' Meeting May 20, 2014
- 2014 1st Half Results press release and presentation September 3, 2014
Simplified Income Statement
inc. H2 2013 / In millions of euros (except per share data) H2 2013 H2 2012 H2 2012 H1 2013 Revenues 664.1 618.9 +7.3% 647.9 Direct costs (363.4) (355.4) +2.2% (356.3) General & Administrative costs (73.4) (61.3) +19.7% (68.6) EBITDAR excluding capital gains 227.3 202.2 +12.4% 223.0 Bareboat charter costs (9.7) (0.6) (3.4) EBITDA excluding capital gains 217.6 201.6 +7.9% 219.6 Capital gains 137.2 23.8 1.4 Gross operating income EBITDA 354.7 225.4 +57.4% 221.0 Depreciation, Amortization & Provisions (144.2) (127.6) +13.0% (128.9) Operating income (EBIT) 210.5 97.8 +115.3% 92.1 Financial profit/loss (91.5) (54.7) +67.2% (44.1) Income tax (10.4) (15.1) -31.4% (17.1) Income on equity interests sold 3.9 - - Income from discontinued operations - - - Net Income 112.5 27.9 30.9 Minority interests (12.0) (3.0) (16.5) Net income (Group share) 100.5 24.9 14.4 Earnings per share - - - - Weighted average number of shares outstanding - - - -
inc. 2013 In millions of euros (except per share data) 2013 2012 / 2012 Revenues 1,311.9 1,186.9 +10.5% Direct costs (719.7) (684.1) +5.2% General & Administrative costs (141.9) (119.8) +18.5% EBITDAR excluding capital gains 450.3 383.0 +17.6% Bareboat charter costs (13.1) (0.6) EBITDA excluding capital gains 437.2 382.4 +14.3% Capital gains 138.5 23.8 Gross operating income EBITDA 575.7 406.2 +41.7% Depreciation, Amortization & Provisions (273.1) (244.6) +11.7% Operating income (EBIT) 302.6 161.6 +87.3% Financial profit/loss (135.6) (87.0) +55.9% Income tax (27.5) (22.2) +23.7% Income on equity interests sold 3.9 - Income from discontinued operations - 0.8 Net Income 143.4 53.2 +169.5% Minority interests (28.4) (11.3) Net income (Group share) 115.0 41.9 +174.0% Earnings per share 1.61 0.59 Weighted average number of shares outstanding 71,580,591 71,573,786
Simplified Consolidated Balance Sheet
In millions of euros 12/31/2013 12/31/2012 Net property, plant and equipment 2,538.0 3,326.6 Other non-current assets 121.5 105.8 TOTAL NON-CURRENT ASSETS 2,659.5 3,432.4 Cash on hand and in banks 779.4 195.2 Other currents assets 497.5 481.1 TOTAL CURRENT ASSETS 1,276.9 676.3 Non-current assets held for sale 498.5 - TOTAL ASSETS 4,434.8 4,108.8
12/31/2013 12/31/2012 Shareholders' equity 1,484.8 1,411.8 Financial debt > 1 year 1,351.6 1,745.0 Other non-current liabilities 124.1 141.2 TOTAL NON-CURRENT LIABILITIES 1,475.7 1,886.2 Financial debt < 1 year 1,169.0 510.7 Other current liabilities 305.4 300.1 TOTAL CURRENT LIABILITIES 1,474.3 810.8 Liabilities directly associated with non-current assets classified as held for sale - - TOTAL LIABILITIES 2,950.0 2,697.0 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 4,434.8 4,108.8
Simplified Consolidated Cash Flow Statement
In millions of euros 2013 2012 Cash flow from operating activities consolidated net income (loss) 143.4 53.2 non-cash adjustments 340.1 297.3 Other adjustments to cash flow from operating activities (143.0) (3.8) Net cash flow from operating activities (A) 340.6 346.7 Cash flow from investing activities acquisition of property, plant and equipment and intangible assets (455.7) (375.7) sale of property, plant and equipment and intangible assets 564.8 55.8 other cash flow from investing activities 13.1 (4.7) Net Cash flow used in investing activities (B) 122.3 (324.6) Cash flow from financing activities net increase (decrease) in borrowings (244.2) 182.4 dividends paid to shareholders of the group (53.4) (53.3) cost of net debt (73.0) (71.9) other cash flow from financing activities (12.0) 2.0 Net Cash flow used in financing activities (C) (382.5) 59.1 Impact from the change in exchange rates (D) (8.3) 0.3 Change in net cash (A) + (B) + (C) + (D) 72.0 81.6 Net cash at beginning of period 37.5 (44.0) Change in net cash 72.0 81.6 Net cash at end of period 109.5 37.5 Free cash flow* 449.7 26.8
*cash from operating activities less cash used for acquisition of property, plant and equipment and intangible assets plus cash received from the sale of property, plant and equipment and intangible assets
Quarterly revenue breakdown
In millions of euros 2013 Q4 Q3 Q2 Q1 Marine Services 270.3 267.0 268.7 258.5 Deepwater offshore vessels 95.7 100.6 102.3 93.0 Shallow water offshore vessels 100.0 93.0 90.1 92.8 Crewboats 74.7 73.4 76.3 72.8 Subsea Services 55.4 58.9 57.3 51.6 Other 5.8 6.5 6.7 4.9 GROUP TOTAL 331.6 332.4 332.8 315.1
In millions of euros 2012 Q4 Q3 Q2 Q1 Marine Services 257.2 254.5 238.4 222.1 Deepwater offshore vessels 92.6 93.2 88.5 86.5 Shallow water offshore vessels 91.1 91.7 83.4 70.5 Crewboats 73.5 69.7 66.4 65.1 Subsea Services 51.4 46.5 46.4 45.7 Other 4.2 5.1 5.2 10.2 GROUP TOTAL 312.8 306.1 290.0 278.0
Quarterly average utilization rates for the BOURBON offshore fleet
In % 2013 Q4 Q3 Q2 Q1 Marine Services 83.3 82.4 82.4 83.9 Deepwater offshore vessels 90.1 88.8 90.0 86.6 Shallow water offshore vessels 90.2 90.2 89.1 89.8 Crewboats 78.4 77.5 77.7 80.8 Subsea Services 89.2 93.6 88.0 90.6 "Total fleet excluding Crewboats" 90.1 90.0 89.3 88.7 "Total fleet" average utilization rate 83.5 82.9 82.6 84.2
In % 2012 Q4 Q3 Q2 Q1 Marine Services 86.0 83.4 83.9 83.7 Deepwater offshore vessels 90.2 92.1 91.3 92.5 Shallow water offshore vessels 92.2 90.3 92.5 84.3 Crewboats 82.5 78.4 78.6 81.0 Subsea Services 91.7 85.2 89.7 85.7 "Total fleet excluding Crewboats" 91.4 90.5 91.8 87.6 "Total fleet" average utilization rate 86.2 83.5 84.0 83.7
Quarterly average daily rates for the BOURBON offshore fleet
In US$/day 2013 Q4 Q3 Q2 Q1 Deepwater offshore vessels 22,241 22,683 22,092 21,392 Shallow water offshore vessels 14,013 13,728 13,850 14,315 Crewboats 5,309 5,204 5,122 5,034 Subsea Services 43,120 41,331 40,644 40,405 "Total fleet excluding Crewboats" average daily rate 19,329 19,573 19,458 19,427
In US$/day 2012 Q4 Q3 Q2 Q1 Deepwater offshore vessels 21,074 20,702 20,480 20,011 Shallow water offshore vessels 14,257 14,308 13,773 13,290 Crewboats 4,987 4,923 4,763 4,447 Subsea Services 39,064 38,991 38,018 38,181 "Total fleet excluding Crewboats" average daily rate 19,097 18,883 18,526 18,309
Quarterly deliveries of vessels
In number of vessels 2013 Q4 Q3 Q2 Q1 Marine Services 10 9 9 9 Deepwater offshore vessels 1 0 1 1 Shallow water offshore vessels 5 8 4 3 Crewboats 4 1 4 5 Subsea Services 0 0 0 1 FLEET TOTAL 10 9 9 10
In number of vessels 2012 Q4 Q3 Q2 Q1 Marine Services 5 13 6 8 Deepwater offshore vessels 1 0 2 0 Shallow water offshore vessels 1 4 1 3 Crewboats 3 9 3 5 Subsea Services 0 1 0 0 FLEET TOTAL 5 14 6 8
Yearly revenue breakdown
In millions of euros Full Year 2013 2012 Marine Services 1,064.7 972.2 Deepwater offshore vessels 391.6 360,8 Shallow water offshore vessels 376.0 336.7 Crewboats 297.2 274.8 Subsea Services 223.3 190.0 Other 24.0 24.7 GROUP TOTAL 1,311.9 1,186.9
Yearly average utilization rates for the BOURBON offshore fleet
In % Full Year 2013 2012 Marine Services 83.0 83.9 Deepwater offshore vessels 88.9 91.6 Shallow water offshore vessels 89.8 89.9 Crewboats 78.7 79.6 Subsea Services 90.2 88.1 "Total fleet excluding Crewboats" 89.5 90.4 "Total fleet" average utilization rate 83.3 84.1
Yearly average daily rates for the BOURBON offshore fleet
In US$/day Full Year 2013 2012 Deepwater offshore vessels 22,156 20,683 Shallow water offshore vessels 13,978 13,918 Crewboats 5,198 4,852 Subsea Services 41,190 38,497 "Total fleet excluding Crewboats" average daily rate 19,447 18,743
Yearly deliveries of vessels
In number of vessels Full Year 2013 2012 Marine Services 37 32 Deepwater Offshore vessels 3 3 Shallow water Offshore 20 9 Crewboats 14 20 Subsea Services 1 1 FLEET TOTAL 38 33
Breakdown of BOURBON revenues by geographical region
In millions of euros 4th quarter Q4 2013 Q4 2012 Change Africa 186.1 188.2 -1.1% Europe & Mediterranean/Middle East 56.7 54.9 +3.2% Americas 46.7 36.0 +29.8% Asia 42.0 33.6 +25.0%
In millions of euros Full Year 2013 2012 Change Africa 750.4 729.2 +2.9% Europe & Mediterranean/Middle East 228.0 201.1 +13.4% Americas 187.5 146.3 +28.2% Asia 145.9 110.3 +32.3%
Other key indicators
2013 Q4 Q3 Q2 Q1 Average EUR/US$ exchange rate for the quarter (in EUR) 1.36 1.32 1.31 1.32 EUR/US$ exchange rate at closing (in EUR) 1.38 1.35 1.31 1.28 Average price of Brent for the quarter (in US$/bbl) 109 110 102 112
2012 Q4 Q3 Q2 Q1 Average EUR/US$ exchange rate for the quarter (in EUR) 1.30 1.25 1.28 1.31 EUR/US$ exchange rate at closing (in EUR) 1.32 1.29 1.26 1.34 Average price of Brent for the quarter (in US$/bbl) 110 109 108 119
Full Year 2013 2012 Average nine month EUR/US$ exchange rate in (EUR) 1.33 1.28 EUR/US$ exchange rate at closing (in EUR) 1.38 1.32 Average nine month price of Brent (in US$/bbl) 109 112
As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. This offer is based on an extensive range of latest-generation vessels and the expertise of more than 11,000 competent professionals. The group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.
BOURBON has two Activities, Marine Services (Offshore installation supply, towage, anchor handling and positioning, personnel transport) and Subsea Services (Subsea inspection, maintenance and repair, offshore operations engineering, supervision and management) and also protects the French coastline for the French Navy.
In 2013, BOURBON posted revenues of €1.312 billion and as of December 31, 2013, it operated a fleet of 485 vessels. Under its "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built-in series.
The latest action plan "Transforming for beyond" in its financial aspect aims at the sale and bareboat chartering for 10 years of US$2.5 billion of new or existing vessels. Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.
Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD, in the SBF 120 and CAC Mid 60 index.
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Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have spoken with, or attended presentations from, utilities in the United States, South America, Asia and Europe. This session will provide a look at the CREPE drivers for SmartGrids and the solution spaces used by SmartGrids today and planned for the near future. All organizations can learn from SmartGrid’s use of Predictive Maintenance, Demand Prediction, Cloud, Big Data and Customer-facing Dashboards...
Oct. 2, 2014 02:00 AM EDT Reads: 945
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 1, 2014 11:45 PM EDT Reads: 1,139
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Oct. 1, 2014 10:00 PM EDT Reads: 1,789
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
Oct. 1, 2014 08:30 PM EDT Reads: 2,184
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Oct. 1, 2014 05:00 PM EDT Reads: 2,384
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArchon, he served as a VP and Principal Analyst with Constellation Group. He is a member of the Boulder (Colo.) Brain Trust, an organization with a mission “to benefit the Business Intelligence and data management industry by providing pro bono exchange of information between vendors and independent analysts on new trends and technologies and to provide vendors with constructive feedback on their of...
Oct. 1, 2014 03:30 PM EDT Reads: 1,039
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Sep. 30, 2014 10:30 AM EDT Reads: 1,589
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Sep. 29, 2014 06:45 AM EDT Reads: 1,922
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
Sep. 28, 2014 09:45 AM EDT Reads: 1,561
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Sep. 27, 2014 11:30 PM EDT Reads: 1,941
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
Sep. 27, 2014 10:30 PM EDT Reads: 1,852
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
Sep. 27, 2014 10:30 PM EDT Reads: 2,317
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
Sep. 27, 2014 09:45 PM EDT Reads: 2,537
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
Sep. 27, 2014 08:45 PM EDT Reads: 2,410
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
Sep. 27, 2014 01:00 PM EDT Reads: 2,081
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
Sep. 26, 2014 11:45 PM EDT Reads: 1,604
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
Sep. 26, 2014 10:45 PM EDT Reads: 1,522
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,337
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
Sep. 26, 2014 06:15 PM EDT Reads: 1,718
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Sep. 26, 2014 06:00 PM EDT Reads: 1,633