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BOURBON Annual & 4th Quarter 2013 Revenues

Revenues up 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

PARIS, February 5, 2014 /PRNewswire/ --

  • Annual Revenues up 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
                      Quarter                        Full Year
    In millions of                                                    increment
    euros, except as  Q4     Q4     increment Q3                      2013/
    noted             2013   2012   2013/2012 2013    2013     2012   2012
    Marine Services   270.3  257.2   +5.1%     267.0 1,064.7   972.2   +9.5%
    offshore vessels   95.7   92.6   +3.3%     100.6   391.6   360.8   +8.5%
    Shallow water
    offshore vessels  100.0   91.1   +9.7%     93.0    376.0   336.7  +11.7%
    Crewboats          74.7   73.5   +1.6%     73.4    297.2   274.8   +8.2%
    Subsea Services    55.4   51.4   +7.8%     58.9    223.3   190.0  +17.5%
    Other               5.8    4.2  +40.2%      6.5     24.0    24.7   -2.8%
    GROUP TOTAL       331.6  312.8   +6.0%    332.4  1,311.9 1,186.9  +10.5%
    Number of vessels                 +27                               +27
    (end of period)*    485    458   vessels    479      485     458   vessels
    utilization rate
    excl. Crewboats    90.1%  91.4%  -1.3 pts  90.0%    89.5%   90.4%  -0.9 pts
    Average daily
    rate excl.
    Crewboats (in
    US$/d)           19,329 19,097   +1.2%   19,573   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, 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."



  • Operational excellence continues to be an industry driver strengthened by the deployment of the OCIMF (Oil Companies International Marine Forum) vessel vetting system

Deepwater offshore

  • Activity remained high driven by a large number of exploration and development projects throughout the year
  • Annual increases in day rates were partly due to certain contract renewals coming in at higher daily rates in West Africa and Latin America
  • BOURBON's fleet was stable overall in 2013 with deliveries of new vessels offset by the sale of older vessels
  • During 2013, utilization rates were impacted by the transit of vessels to adapt to market conditions and in the 4th quarter, seasonal effects negatively impacted North Sea activities

Shallow water offshore

  • The shallow water market continues to see the benefits of the replacement of older vessels as clients are seeking modern and efficient vessels to work for their new jack-up rigs
  • Average utilization rates remained stable year on year despite double the number of new vessel deliveries in 2013, partly due to certain contract extensions and new contracts
  • In general, average daily rates increased in all regions, especially in Latin America and Mediterranean/Middle East/India ("MMI"). They have been impacted by a regional mix effect due to the end of contracts in Australia and Brazil (where average daily rates and running costs are higher than in other regions)
  • In the 4th quarter, the typical seasonal effects of the monsoons in Asia have not impacted BOURBON as most of the fleet has been fixed on long term contracts


  • Activity has been stable throughout the year
  • FSIV vessels showing high utilization rates for 2013 with positive feedback from clients, positively impacting average daily rates


  • 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
  • Continued increase in average daily rates during 2013 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


                        Quarter                        Full Year
                                      increment                      increment
                                      Q4 2013 /                      2013 /
                        Q4     Q4               Q3
                        2013   2012   Q4 2012   2013   2013    2012  2012
    Revenues (in
    millions of euros)  270.3  257.2   +5.1%    267.0 1,064.7  972.2  +9.5%
    Number of vessels                   +27                            +27
    (end of period)*      466    439   vessels    459     466    439 vessels
    Average utilization
    rate                 83.3%  86.0%  -2.7 pts  82.4%   83.0%  83.9% -0.9 pts

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

Marine Services revenues were up 9.5% in 2013 compared with 2012 and up 5.1% year on year in the 4th quarter, primarily due to an addition of new vessels into the fleet and a positive offshore demand environment. The reduced utilization rate both in the quarter and for the full year period, partly due to the movement of vessels between regions, were offset by improved average daily rates, most notably in the Deepwater and Crewboat segments. In addition, there was an impact on each of the Marine Services segments from the change in consolidation scope that became effective on January 1, 2013.

Marine Services indicators by segment

Deepwater offshore vessels

                        Quarter                        Full Year
                                      increment                      increment
                                      Q4 2013 /                      2013 /
                        Q4     Q4               Q3
                        2013   2012   Q4 2012   2013   2013   2012   2012
    Revenues (in
    millions of euros)  95.7   92.6    +3.3%    100.6  391.6  360.8  +8.5%
    Number of vessels
    (end of period)*      72     72   no change    71     72     72  no change
    Average utilization
    rate                90.1%  90.2%   -0.1 pt   88.8%  88.9%  91.6% -2.7 pts
    Average daily rate
    (in US$/day)      22,241 21,074    +5.5%   22,683 22,156 20,683  +7.1%

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

For both the 4th quarter and full year 2013, revenues increases were achieved partly due to higher average daily rates being offset by reduced utilization rates. For the full year 2013, an increase in transit time impacted utilization rates as BOURBON moved some vessels in order to adapt to market conditions. Higher average daily rates for the full year 2013 compared with 2012 were partly due to a strong summer in the North Sea market, renewal of contracts on some medium and large PSVs and a mix effect (daily rates vary depending upon the size of the vessel) with the delivery of 4 large PSVs early in the year. Winter seasonal effects weighed heavily on the average daily rates in the North Sea in the 4th quarter 2013 compared to the prior quarter.

Shallow water offshore vessels

                        Quarter                        Full Year
                                      increment                       increment
                                      Q4 2013 /                       2013 /
                        Q4      Q4               Q3
                        2013    2012   Q4 2012   2013   2013   2012   2012
    Revenues (in
    millions of euros)  100.0   91.1   +9.7%     93.0   376.0  336.7  +11.7%
    Number of vessels                   +20                             +20
    (end of period)*      122    102   vessels    117     122    102  vessels
    Average utilization
    rate                 90.2%  92.2%  -2.0 pts  90.2%   89.8%  89.9%  -0.1 pts
    Average daily rate
    (in US$/day)       14,013 14,257   -1.7%   13,728  13,978 13,918   +0.4%

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

The fleet grew by almost 20% in 2013 while revenues grew by 11.7%, due to the regional effect as most of the new shallow water vessels were allocated to Asia and MMI Regions, where average daily rates are lower than in other regions, as are operating costs. Compared with the 3rd quarter, revenues in the 4th quarter were up 7.5% mainly due to the increase of the fleet by 5 vessels and an increase in average daily rates mainly in Asia, MMI and Latin America. Utilization rates for the year were stable at a high level despite the delivery of one new shallow water vessel every 18 days, on average.


                         Quarter                       Full Year
                                       increment                     increment
                                       Q4 2013 /                     2013 /
                         Q4     Q4               Q3
                         2013   2012   Q4 2012   2013  2013   2012   2012
    Revenues (in
    millions of euros)   74.7   73.5   +1.6%     73.4  297.2  274.8  +8.2%
    Number of vessels                    +7                            +7
    (end of period)       272    265   vessels    271    272    265  vessels
    Average utilization
    rate                 78.4%  82.5%  -4.1 pts  77.5%  78.7%  79.6% -0.9 pts
    Average daily rate
    (in US$/day)        5,309  4,987   +6.5%    5,204  5,198  4,852  +7.1%

Revenues increased with a mixed impact of increasing average daily rates partly offset by reduced utilization rates for both the 4th quarter and full year compared with the prior year period. The average daily rates increased partly due to a mix effect with the larger vessels in the Crewboat segment having higher utilization rates than the smaller vessels in this segment.


                        Quarter                        Full Year
                                      increment                      increment
                                      Q4 2013 /                      2013 /
                        Q4     Q4               Q3
                        2013   2012   Q4 2012   2013   2013   2012   2012
    Revenues (in
    millions of euros)  55.4   51.4    +7.8%     58.9  223.3  190.0  +17.5%
    Number of vessels
    (end of period) *     18     18   no change    19     18     18  no change
    Average utilization
    rate                89.2%  91.7%   -2.5 pts  93.6%  90.2%  88.1%  +2.1 pts
    Average daily rate
    (in US$/day)      43,120 39,064   +10.4%   41,331 41,190 38,497   +7.0%

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

Full year revenues 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.


                         Quarter                       Year
                                       increment                     increment
                                       Q4 2013 /                     2013 /
                         Q4     Q4               Q3
                         2013   2012   Q4 2012   2013  2013   2012   2012
    Revenues (in
    millions of euros)   5.8    4.2    +40.2%    6.5   24.0   24.7   -2.8%

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 growing, helped by a relatively stable oil price during the past several years.

Deepwater offshore vessel demand growth continues, driven by large projects and the exploration programs in remote and extreme locations. The high number of large PSVs coming out of the shipyards could negatively affect the spot market. This should have only a small impact on BOURBON, taking into account the high contractualisation rate of it PSVs.

The demand in the shallow water offshore market continues to be driven more than ever by the renewal of the fleet and operational excellence. In this segment, BOURBON will consolidate its leadership on the strength of its more than 100 Bourbon Liberty series ships with diesel electric propulsion and DP2 (Dynamic Positioning 2), which offers it's clients operational safety and fuel savings.

The Subsea services market was 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.

Active Fleet Management

In line with the Transforming for beyond Asset Smart action plan, a total of 21 vessels were transferred to ICBCL during 2013, as part of the sale and bareboat charter agreement for up to 51 vessels signed with ICBCL on April 9, 2013. The transfer of the remaining maximum 30 vessels should take place during the first half of 2014.

In addition, at the end of November 2013, BOURBON signed an agreement with Standard Chartered Bank ("SCB") for the sale and bareboat charter of 6 new build vessels. The ownership of 3 vessels has been transferred and the remaining 3 vessels will be delivered to SCB during the second half of 2014.

In addition to vessel disposals in line with the Transforming for beyond action plan, BOURBON sold 7 older vessels, including 2 AHTS (Anchor Handling Tug Supply) vessels which the company continues to operate under a bareboat charter agreement, 2 AHTS vessels sold without a bareboat charter, a tug, an MPSV (Multi-Purpose Supply Vessel) from the Subsea Services fleet and a PSV (Platform Supply Vessel).


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 revenue information:

    In millions of euros                 4th Quarter   12 Months
    2013                                 331.6         1,311.9
    2012 restated                        323.0         1,226.6
    Change                                +2.7%           +7.0%
    2012 restated at 2013 constant rate  312.7         1,197.4
    Change at constant rate               +6.0%           +9.6%


  • 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 the €/US$ exchange rate


  • 2013 Annual Results press release and presentation    March 5, 2014
  • 2014 1st Quarter Revenues press release    April 30, 2014
  • Shareholders' Meeting    May 20, 2014
  • 2014 1st Half Results press release and presentation    August 27, 2014


Quarterly revenue breakdown

    In millions of euros      2013                     2012
                              Q4    Q3    Q2    Q1     Q4    Q3    Q2    Q1
    Marine Services           270.3 267.0 268.7 258.5  257.2 254.5 238.4 222.1
    Deepwater offshore
    vessels                    95.7 100.6 102.3  93.0   92.6  93.2  88.5  86.5
    Shallow water offshore
    vessels                   100.0  93.0  90.1  92.8   91.1  91.7  83.4  70.5
    Crewboats                  74.7  73.4  76.3  72.8   73.5  69.7  66.4  65.1
    Subsea Services            55.4  58.9  57.3  51.6   51.4  46.5  46.4  45.7
    Other                       5.8   6.5   6.7   4.9    4.2   5.1   5.2  10.2
    GROUP TOTAL               331.6 332.4 332.8 315.1  312.8 306.1 290.0 278.0

Quarterly average utilization rates for the BOURBON offshore fleet

    In %                      2013                     2012
                              Q4    Q3    Q2    Q1     Q4    Q3    Q2    Q1
    Marine Services           83.3  82.4  82.4  83.9   86.0  83.4  83.9  83.7
    Deepwater offshore
    vessels                   90.1  88.8  90.0  86.6   90.2  92.1  91.3  92.5
    Shallow water offshore
    vessels                   90.2  90.2  89.1  89.8   92.2  90.3  92.5  84.3
    Crewboats                 78.4  77.5  77.7  80.8   82.5  78.4  78.6  81.0
    Subsea Services           89.2  93.6  88.0  90.6   91.7  85.2  89.7  85.7
    "Total fleet excluding
    Crewboats"                90.1  90.0  89.3  88.7   91.4  90.5  91.8  87.6
    "Total fleet" average
    utilization rate          83.5  82.9  82.6  84.2   86.2  83.5  84.0  83.7

Quarterly average daily rates for the BOURBON offshore fleet

    In US$/day        2013                         2012
                      Q4     Q3     Q2     Q1      Q4     Q3     Q2     Q1
    offshore vessels  22,241 22,683 22,092 21,392  21,074 20,702 20,480 20,011
    Shallow water
    offshore vessels  14,013 13,728 13,850 14,315  14,257 14,308 13,773 13,290
    Crewboats          5,309  5,204  5,122  5,034   4,987  4,923  4,763  4,447
    Subsea Services   43,120 41,331 40,644 40,405  39,064 38,991 38,018 38,181
    "Total fleet
    average daily
    rate              19,329 19,573 19,458 19,427  19,097 18,883 18,526 18,309

Quarterly deliveries of vessels

    In number of vessels           2013                 2012
                                   Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Marine Services                10    9    9    9     5   13    6    8
    Deepwater offshore vessels      1    0    1    1     1    0    2    0
    Shallow water offshore
    vessels                         5    8    4    3     1    4    1    3
    Crewboats                       4    1    4    5     3    9    3    5
    Subsea Services                 0    0    0    1     0    1    0    0
    FLEET TOTAL                    10    9    9   10     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            Full Year
                                   Q4 2013 Q4 2012 Change 2013   2012   Change
    Africa                         186.1   188.2    -1.1% 750.4  729.2   +2.9%
    Europe & Mediterranean/Middle
    East                            56.7    54.9    +3.2% 228.0  201.1  +13.4%
    Americas                        46.7    36.0   +29.8% 187.5  146.3  +28.2%
    Asia                            42.0    33.6   +25.0% 145.9  110.3  +32.3%

Other key indicators

Quarterly breakdown

                                      2013                 2012
                                      Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Average EUR/US$ exchange rate
    for the quarter (in EUR)          1.36 1.32 1.31 1.32  1.30 1.25 1.28 1.31
    EUR/US$ exchange rate at closing
    (in EUR)                          1.38 1.35 1.31 1.28  1.32 1.29 1.26 1.34
    Average price of Brent for the
    quarter (in US$/bbl)               109  110  102  112   110  109  108  119

Annual breakdown

                                               Full Year
                                               2013       2012
    Average 12-month EUR/US$ exchange rate
    in (EUR)                                   1.33       1.28
    EUR/US$ exchange rate at closing (in
    EUR)                                       1.38       1.32
    Average 12-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. These services are based on an extensive range of latest-generation vessels and the expertise of more than 10,000 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 and Subsea Services) 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. The first phase of the program has been signed for 51 vessels and up to US$1.5 billion with ICBC Financial Leasing.

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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Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.