• BOURBON: First Half 2017 Results

    Source: Nasdaq GlobeNewswire / 07 Sep 2017 01:00:49   Eastern Standard Time

    Paris, September 7, 2017

                 

                BOURBON First Half 2017 Results:

            Performance still largely impacted by a continuously challenging

            Offshore oil and gas services market

                 

                 
    • Adjusted revenue of €459.5 million, down 8.7% compared with the second half of 2016 (consolidated revenue of €419.7 million)
    • Adjusted costs down by 10% compared with the second half of 2016, enabling margin rates to stabilize (+1 point) compared with the second half of 2016
    • Adjusted EBITDA stable at €59.6 million (consolidated EBITDA amounted to €51.2 million)
    • Consolidated EBIT of -€90.8 million
    • Net income, group share of -€170.1 million, impacted by unrealized foreign exchange losses amounting to €50 million
    • Positive free cash flow of €76 million, up by 31% compared to the 2nd semester 2016

    "In a cyclical downturn whose duration remains uncertain, BOURBON is committed to creating the necessary conditions to face the challenge on all fronts, particularly when it comes to implementing the transformation plan, maintaining operational excellence for clients and ensuring autonomous financing capacity in a low-activity market context," declares Jacques de Chateauvieux, Chairman and CEO of BOURBON Corporation. "From this standpoint, the debt reorganization concluded at the end of July is an important step in the 'Stronger for longer' action plan".

     

    In € millions, unless otherwise noted
    H1 2017 H1 2016 var H1 2017 /
     H1 2016
    H2 2016 var H1 2017 /
     H2 2016
               
    Operational indicators          
               
    • Number of vessels (FTE)*
    513.5 511.3 0.4% 513.3 -
    • Number of vessels (end of period)**
    513 513 - 514 -1 vessel
    • Technical availability rate (%)
    97.3% 97.6% -0.3 pt 97.4% -0.1 pt
    • Average utilization rate (%)
    53.8% 66.8% -13.0 pts 58,6% -4.8 pts
    • Average daily rate $/d
    8,948 9,961 -10.2% 9,193 -2.7%
               
          (*) FTE: full time equivalent.
           (**) Vessels operated by BOURBON (including vessels owned or on bareboat charter).
     
               
    Financial performance          
    • Adjusteda Revenues
    459.5 599.2 -23.3% 503.4 -8.7%
    (change at constant rate)     -24.9%   -9.2%
    • Adjusteda Costs (excl. bareboat charters)
    (314.3) (370.3) -15.1% (349.3) -10.0%
    • Adjusteda EBITDAR (ex. cap. gains)
    145.1 228.8 -36.6% 154.2 -5.9%
    Adjusted EBITDAR / Revenues 31.6% 38.2%   30.6%  
    • Adjusteda EBITDA
    59.6 134.4 -55.7% 58.9 1.1%
    • Impairment
    - -   (36.0)  
    • Adjusteda EBIT
    (87.0) (24.8) n/s (140.4) -38.0%
    • IFRS 11 impact ***
    (3.8) (3.6) 7.0% (6.6) -41.7%
    • EBIT
    (90.8) (28.3) n/s (147.0) -38.2%
    • Net income
    (170.4) (87.3) n/s (175.7) -3.0%
    • Net income (group share)
    (170.1) (104.3) n/s (175.3) -2.9%

    (***) Effect of consolidation of jointly controlled companies using the equity method.

               
    Average utilization rate (excl. Crew boats) 48.3% 68.1% -19.8 pts 55.2% -6.9 pts
    Average daily rate (excluding Crew boats, US$/d) 15,133 15,741 -3.9% 15,123 0.1%

     (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). 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.

    The reconciliation between the adjusted data and the consolidated data can be found in Annex I on page 10.


    Market highlights and 1st Half 2017 operations

    • In the first half of 2017, the Offshore services market continued to face a standstill on investment by the oil companies and consequently, a reduction in activity. The Offshore PSV market continues to be affected by significant overcapacity and strong pressure on daily rates.
       
    • Successful first well clean-up for the Bourbon Evolution 801: contracted by TOTAL, the MPSV conducted a well restarting operation on the Nigerian OFON field, lasting some thirty hours in January 2017. 
       
    • BOURBON carried out the mooring installation of the first floating wind turbine in France for Ecole Centrale de Nantes (ECN) as part of the European project FLOATGEN* on the SEM-REV experimental test site, off Le Croisic. Responsible for the overall project management, BOURBON supervised the surveys and engineering, the site preparation and the execution of the mooring system installation, thereby confirming its expertise in the renewable energy market.
       
    • BOURBON and Kongsberg Maritime, who have been partners for many years, signed a strategic agreement to jointly develop autonomous connected vessels.

    1st Half 2017 results highlights

    • Sustained cost control efforts enabled a significant reduction of 10% in direct and general costs compared with the second half of 2016 and 15.1% compared with the first half of 2016. Proactive vessels stacking policy was maintained: 100 supply vessels were stacked as of June 30, 2017.
    • Financial income was impacted by unrealized foreign exchange losses amounting to €50 million, mainly due to the weakening of the US dollar.
    • BOURBON improved its free cash flow generation which stands up at €76 million for the first semester 2017 against €58 million for the second half of 2016, thanks in particular to a decrease in capital expenditure and dry docks costs, divided by 2.

    MARINE SERVICES

     

    Operational Business Indicators
    H1 2017 H1 2016 var
    H1 2017 /
    H2 2016 var
    H1 2017 /
    H1 2016 H2 2016
    Number of vessels FTE * 490.5 488.3 0.5% 490.3 -
    Technical availability rate 97.2 97.6% -0.4 pt 97.4% -0.2 pt
    Average utilization rate 53.5% 67.4% -13.9 pts 58.5% -5.0 pts
    * Vessels operated by BOURBON (including vessels owned or on bareboat charter).  
     
    Adjusted Financial Performance
    In € millions
    H1 2017 H1 2016 var
    H1 2017 /
    H2 2016 var
    H1 2017 /
    H1 2016 H2 2016
    Revenues 327.1 478.0 -31.6% 386.1 -15.3%
    costs (excluding bareboat charter costs) (237.2) (308.2) -23.0% (277.7) -14.6%
    EBITDAR (excluding capital gains) 90.0 169.8 -47.0% 108.4 -17.0%
    EBITDAR (excluding capital gains) / Revenues 27.5% 35.5% -8.0 pts 28.1% -0.6 pt
    EBITDA 28.0 103.5 -73.0% 40.7 -31.3%
    Impairment - -   (36.0)  
    EBIT (87.9) (22.6) n/s (133.1) -34.0%

    The reduction in revenue reflects strong pressure on daily rates and slightly lower utilization rates. The Shallow water Offshore segment has been the most affected in these difficult market conditions.

    Sustained cost-reduction efforts enabled the Marine services business to preserve an EBITDAR/adjusted revenue margin of 27.5%.

    Marine Services : Deepwater offshore vessels

    Operational Business Indicators H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Number of vessels FTE * 89.0 88.7 0.3% 89.0 -
    Technical availability rate 96.8 95.4% +1.4 pts 94.8% +2.0 pts
    Average utilization rate 60.6% 73.4% -12.8 pts 63.4% -2.8 pts
    Average daily rate ($/day) 15,016 17,114 -12.3% 15,945 -5.8%
    * Vessels operated by BOURBON (including vessels owned or on bareboat charter)  
     
    Adjusted Financial Performance
    In € millions
    H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Revenues 137.0 182.8 -25.0% 154.2 -11.1%
    costs (excluding bareboat charter costs) (91.7) (112.9) -18.8% (108,8) -15.7%
    EBITDAR (excluding capital gains) 45.4 69.9 -35.1% 45.4 -0.2%
    EBITDAR / Revenues 33.1% 38.2% -5.2 pts 29.4% +3.6 pts
    EBITDA 13.0 36.1 -64.0% 11.3 14.7%

    The decline in drilling activity and vessel overcapacity in this segment continued to impact utilization rates (-2.8 points) and daily rates (-5.8%) compared to the second semester 2016.

    Cost reduction and proactive vessel stacking allowed to slightly improve the EBITDAR/adjusted revenue margin by 3.6 points compared to the previous half year.

    Marine Services : Shallow water offshore vessels

     Operational Business Indicators H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Number of vessels FTE* 132.5 133.0 -0.4% 133.0 -0.4%
    Technical availability rate 99.4% 98.7% +0.7 pt 99.4% -
    Average utilization rate 37.8% 66.9% -29.1 pts 48.9% -11.1 pts
    Average daily rate (in US$/day) 9,128 11,289 -19.1% 10,148 -10.1%
    * Vessels operated by BOURBON (including vessels owned or on bareboat charter).  
     
    Adjusted Financial Performance
    In € millions
    H1 2017 H1 2016 var H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Revenues 76.2 168.2 -54.7% 111.0 -31.4%
    costs (excluding bareboat charter costs) (61.1) (107.2) -43.0% (80.0) -23.7%
    EBITDAR (excluding capital gains) 15.2 61.0 -75.2% 31.0 -51.1%
    EBITDAR / Revenues 19.9% 36.3% -16.4 pts 27.9% -8.0 pts
    EBITDA (14.6) 28.2 n/s (2.6) n/s

    In the context of a weak drilling activity, the main driver of this segment, revenue decreased by 31% and margins dropped by 8 points compared with the second half of 2016. After hitting a low in the first quarter, activity recovered in the second quarter, mainly driven by Egypt and the end of the monsoon season in Asia. The segment recorded revenue growth of 5.3% and a rise of 4.3 points in utilization rates between the first and second quarters of 2017.

    Marine Services : Crew boat vessels

     Operational Business Indicators H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Number of vessels FTE 269.0 266.6 +0.9% 268.3 0.2%
    Technical availability rate 96.3% 97.9% -1.6 pts 97.4% -1.1 pts
    Average utilization rate 58.9% 65.6% -6.7 pts 61.6% -2.7 pts
    Average daily rate (in US$/day) 4,355 4,478 -2.7% 4,364 -0.2%
       
     
    Adjusted Financial Performance
    In € millions
    H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Revenues 113.8 127.0 -10.3% 120.8 -5.8%
    costs (excluding bareboat charter costs) (84.4) (88.1) -4.2% (88.9) -5.0%
    EBITDAR (excluding capital gains) 29.4 38.8 -24.2% 31.9 -7.8%
    EBITDAR / Revenues 25.9% 30.6% -4.7 pts 26.4% -0.6 pt
    EBITDA 29.5 39.2 -24.7% 31.9 -7.6%

    The Crew boats segment saw a decrease in revenue this half-year, mainly due to the reduction in contractors' activity in West Africa. Average utilization rates and daily rates fell by 2.7 points and 0.2% respectively compared with the second half of 2016.

    The EBITDAR/adjusted revenue margin was stable compared with the previous half-year due to effective cost control and the proactive stacking of vessels.
    Subsea Services

     Operational Business Indicators H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Number of vessels FTE* 22.0 22.0 - 22.0 -
    Technical availability rate 97.7% 96.1% +1.6 pts 96.5% +1.2 pts
    Average utilization rate 61.6% 54.1% +7.5 pts 60.1% +1.5 pts
    Average daily rate (in US$/day) 37,774 41,501 -9.0% 36,062 4.7%
    * Vessels operated by BOURBON (including vessels owned or on bareboat charter).  
     
    Adjusted Financial Performance
    In € millions
    H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Revenues 124.4 110.8 12.2% 106.3 17.0%
    costs (excluding bareboat charter costs) (72.1) (54.5) 32.1% (64.5) 11.7%
    EBITDAR (excluding capital gains) 52.3 56.3 -7.1% 41.8 25.2%
    EBITDAR / Revenues 42.1% 50.8% -8.7 pts 39.3% +2.7 pts
    EBITDA 28.8 28.1 2.3% 14.3 101.6%
    Impairment - -   -  
    EBIT 1.4 4.0 -63.9% (10.6) n/s

    The average utilization rate held up well with a rise of 1.5 points in this half-year compared with the previous semester.
    Turnkey projects in Africa and Asia contributed to revenue growth in this half-year, as well as to the increase in EBITDAR compared with the second half of 2016. 
    Despite significant pressure on daily rates, the IMR (Inspection, Maintenance and Repair) market remained indeed stable due to its essential nature in maintaining production in Deepwater offshore. 

    Other

     
    Adjusted Financial Performance
    In € millions
    H1 2017 H1 2016 var
    H1 2017 /
    H1 2016
    H2 2016 var
    H1 2017 /
    H2 2016
    Revenues 8.0 10.4 -23.2% 11.0 -27.7%
    costs (5.1) (7.6) -32.6% (7.0) -26.9%
    EBITDAR (excluding capital gains) 2.8 2.7 2.9% 4.0 -29.1%
    EBITDAR / Revenues 35.5% 26.5% +9.0 pts 36.2% -0.7 pt
    EBITDA 2.8 2.7 +2.9% 4.0 -29.1%
    EBIT (0.5) (6.1) -91.7% 3.3 n/s

    Activities included are those that do not fit into either Marine Services or Subsea Services. For the most part, they correspond to the results of various ship management and logistics activities and to the cement carrier Endeavor, which was sold in July 2017.

    Consolidated Capital Employed 06/30/2017 12/31/2016
    In millions of euros
       
    Net non-current Assets 2,427.0 2,654.5
    Working Capital 181.2 198.0
         
    Total Capital Employed 2,608.2 2,852.5
         
    Shareholders equity 1,098.0 1,255.5
    Non-current liabilities (provisions and deferred taxes) 134.7 128.7
    Net debt 1,375.4 1,468.2
         
    Total Capital Employed 2,608.2 2,852.5
         



    Consolidated Sources and uses of Cash H1 2017 H2 2016 H1 2016
    In € millions
                 
    Cash generated by operations 81.6   41.5   111.8  
    Vessels in service (A)   79.0   37.1   110.9
    Vessel sales   2.6   4.4   0.9
                 
    Cash out for: (31.4)   (76.5)   (40.6)  
    Interest   (23.4)   (23.7)   (23.5)
    Taxes (B)   (8.0)   (14.2)   (11.7)
    Dividends   -   (38.6)   (5.3)
                 
    Net Cash from activity 50.2   (35.0)   71.2  
                 
    Net debt changes (62.4)   3.1   56.6  
    Perpetual bond -   -   -  
                 
    Use of cash for: 2.4   30.8   (93.4)  
    Investments   (17.0)   (36.4)   (117.9)
    Working capital (C)   19.4   67.1   24.5
                 
    Other sources and uses of cash 9.8   1.1   (34.4)  
                 
                 
    Free cash flow 76.0   58.0   6.7  
    Net Cash flow from operating activities (A+B+C)   90.4   90.1   123.7
    Acquisition of property, plant and equipment and intangible assets   (17.0)   (36.4)   (117.9)
    Sale of property, plant and equipment and intangible assets   2.6   4.4   0.9
             

    OUTLOOK

    With oil prices having stabilized at around US$50, oil companies have adapted and started again exploration-production projects. Demand remains low; however, signs of a gradual return to drilling and development of existing oilfields are visible in certain countries.

    In this context, utilization rates can be expected to stabilize in the Subsea and Crew boats segments. The Deepwater offshore and Shallow water offshore segments will see a slight upturn in activity, however at prices that are expected to remain under heavy pressure due to the continued impact of vessel overcapacity on the market.

    In order to face this major market change, the group has launched a transformation plan and is pursuing in particular its efforts to streamline operations, cut costs and protect cash, while maintaining its focus on operational excellence.

    ADDITIONAL INFORMATION

    • 1st half of 2017 accounts were approved by the Board of Directors on the recommendation of the Audit Committee. They underwent a limited examination by the statutory auditors.
    • BOURBON's results will continue to be influenced by the €/US$ exchange rate.
    • As a reminder, on July 28, BOURBON finalized its debt rescheduling agreement with its financial partners. In accordance with IFRS, the loans in question have been retained under short-term debt at June 30, 2017. Finalization of the restructuring agreement will enable these loans to be reclassified under medium and long-term debt.
    • BOURBON has set up €/US$ hedging contracts at an average exchange rate of €1 = US$ 1.10 to partially cover its estimated EBITDA exposure in 2017.
    • In terms of financing, the Board of Directors decided not to exercise the option to redeem Perpetual Deeply Subordinated Notes in October 2017. Application of the step-up clause will then bring the coupon to "CMS EUR 3 years + 650 bp".

    FINANCIAL CALENDAR

    2017 3rd Quarter revenues press release November 9, 2017


    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 June 30, 2017 and for the comparative period presented, adjustment elements are:

           
    In millions of euros H1 2017 Adjusted IFRS 11 Impact* H1 2017
    Consolidated
    Revenues 459.5 (39.8) 419.7
    Direct Costs & General and Administrative costs (314.3) 31.5 (282.9)
    EBITDAR (excluding capital gains) 145.1 (8.3) 136.8
    Bareboat charter costs (85.6) - (85.6)
    EBITDA (excluding capital gains) 59.5 (8.3) 51.2
    Capital gain - - -
    EBITDA 59.6 (8.3) 51.2
    Depreciation, Amortization & Provisions (146.6) 2.9 (143.7)
    Impairment - - -
    Share of results from companies under the equity method - 1.6 1.6
    EBIT (87.0) (3.8) (90.8)
    *Effect of consolidation of jointly controlled companies using the equity method.
     
    In millions of euros H2 2016 Adjusted IFRS 11 Impact* H2 2016
    Consolidated
    Revenues 503.4 (39.4) 464.1
    Direct Costs & General and Administrative costs (349.3) 28.8 (320.5)
    EBITDAR (excluding capital gains) 154.2 (10.6) 143.6
    Bareboat charter costs (95.2) - (95.2)
    EBITDA (excluding capital gains) 58.9 (10.6) 48.4
    Capital gain - - -
    EBITDA 58.9 (10.6) 48.4
    Depreciation, Amortization & Provisions (163.3) 4.0 (159.4)
    Impairment (36.0) - (36.0)
    Share of results from companies under the equity method - - -
    EBIT (140.4) (6.6) (147.0)
    *Effect of consolidation of jointly controlled companies using the equity method.
           
    In millions of euros H1 2016 Adjusted IFRS 11 Impact* H1 2016
    Consolidated
    Revenues 599.2 (42.6) 556.6
    Direct Costs & General and Administrative costs (370.3) 36.9 (333.4)
    EBITDAR (excluding capital gains) 228.8 (5.7) 223.2
    Bareboat charter costs (93.4) - (93.4)
    EBITDA (excluding capital gains) 135.4 (5.7) 129.7
    Capital gain (1.0) 1.4 0.4
    EBITDA 134.4 (4.2) 130.1
    Depreciation, Amortization & Provisions (159.1) 2.1 (157.0)
    Share of results from companies under the equity method - (1.4) (1.4)
    EBIT (24.8) (3.6) (28.3)
    *Effect of consolidation of jointly controlled companies using the equity method.

    APPENDIX II

    Consolidated Income Statement

     In € millions (except per share data) H1 2017 H1 2016 var H1 2017 /
    H1 2016
    H2 2016 var H1 2017 /
    H2 2016
               
    Revenues 419.7 556.6 -24.6% 464.1 -9.6%
    Direct costs (231.9) (275.0) -15.7% (263.8) -12.1%
    General & Administrative costs (51.0) (58.3) -12.6% (56.7) -10.0%
               
    EBITDAR excluding capital gains 136.8 223.2 -38.7% 143.6 -4.7%
               
    Bareboat charter costs (85.6) (93.4) -8.4% (95.2) -10.1%
               
    EBITDA excluding capital gains 51.2 129.7 -60.6% 48.4 5.8%
               
    Capital gain - 0.4 -88.6% - n/s
    Gross operating income (EBITDA) 51.2 130.1 -60,6% 48.4 5.9%
               
               
    Depreciation, Amortization & Provisions (143.7) (157.0) -8.5% (159.4) -9.8%
    Impairment - -   (36.0)  
    Share of results from companies under the equity method 1.6 (1.4) n/s - n/s
    Operating income (EBIT) (90.8) (28.3) n/s (147.0) -38.2%
               
               
    Financial profit/loss (69.8) (36.5) 91.2% (27.2) n/s
    Income tax (9.7) (22.5) -56.9% (1.4) n/s
    Net Income (170.4) (87.3) 95.6% (175.7) -3.0%
               
               
    Minority interests 0.2 (16.9) -101.3% 0.4 -37.5%
    Net income (Group share) (170.1) (104.3) 63.2% (175.3) -2.9%
               
               
    Earnings per share (2.21) (1.35)   -  
    Weighted average number of shares outstanding 77,080,103 77,046,318   -  
               

    APPENDIX III

    Simplified Consolidated Balance Sheet

    In millions of euros 06/30/2017 12/31/2016 06/30/2017 12/31/2016
     
        Shareholders' equity 1,098.0 1,255.5
               
    Net property, plant and equipment 2,283.0 2,437.6 Financial debt > 1 year 286.4 218.7
    Other non-current assets 141.8 243.5 Other non-current liabilities 132.4 151.1
               
    TOTAL  NON-CURRENT ASSETS 2,424.8 2,681.0 TOTAL NON-CURRENT LIABILITIES 418.8 369.7
               
    Cash on hand and in banks 279.3 281.5 Financial debt < 1 year 1,368.3 1,531.1
    Other currents assets 608.3 597.3 Other current liabilities 427.2 403.5
               
    TOTAL CURRENT ASSETS 887.6 878.8 TOTAL CURRENT LIABILITIES 1,795.6 1,934.5
           
    Non-current assets held for sale - - Liabilities directly associated with non-current assets classified as held for sale - -
               
        TOTAL LIABILITIES 2,214.4 2,304.3
    TOTAL ASSETS 3,312.4 3,559.8 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 3,312.4 3,559.8


    APPENDIX IV

    Simplified Consolidated Cash Flow Statement

    In € millions H1 2017 H1 2016 H2 2016
     
    Net cash flow from operating activities (A) 90.4 123.7 90.1
         
         
    Cash flow from investing activities      
         
    acquisition of property, plant and equipment and intangible assets (17.0) (117.9) (36.4)
    sale of property, plant and equipment and intangible assets 2.6 0.9 4.4
    other cash flow from investing activities 9.9 (30.3) 1.4
         
    Net Cash flow used in investing activities (B) (4.5) (147.3) (30.7)
         
         
    Cash flow from financing activities      
         
    net increase (decrease) in borrowings (75.8) 16.4 (32.6)
    Issuance of perpetual bonds - - -
    dividends paid to shareholders of the group - - (25.5)
    Dividends paid to non-controlling interests - (5.3) (13.2)
    cost of net debt (23.4) (23.5) (23.7)
    other cash flow from financing activities (0.1) (4.1) (0.3)
         
    Net Cash flow used in financing activities (C) (99.3) (16.6) (95.2)
         
         
    Impact from the change in exchange rates and other reclassifications (D) 12.3 (1.0) 1.3
    Change in net cash (A) + (B) + (C) + (D) (1.1) (41.2) (34.4)
           
           
    Net cash at beginning of period (11.8) 63.8 22.6
    Change in net cash (1.1) (41.2) (34.4)
    Net cash at end of period (12.9) 22.6 (11.8)
         

    APPENDIX V

    Quarterly average utilization rates for the BOURBON offshore fleet

    In %   2017   2016
      Q2 Q1   Q4 Q3 Q2 Q1
    Marine Services   52.7 54.3   57.1 59.9 64.5 70.3
    Deepwater offshore vessels 60.3 61.0 60.5 66.4 69.7 77.2
    Shallow water offshore vessels 40.0 35.6 44.6 53.1 62.5 71.3
    Crew boats 56.4 61.4 62.2 61.1 63.8 67.5
    Subsea Services   65.7 57.5 63.3 57.0 56.0 52.3
    "Total fleet excluding Crewboats"   49.8 46.8 52.1 58.3 64.5 71.7
    "Total fleet" average utilization rate   53.3 54.5 57.4 59.7 64.2 69.5

    Quarterly average daily rates for the BOURBON offshore fleet

    In US$/day   2017   2016
      Q2 Q1   Q4 Q3 Q2 Q1
    Deepwater offshore vessels   14,863 15,084   15,526 16,492 16,537 17,630
    Shallow water offshore vessels   8,749 9,534   9,958 10,365 10,712 11,967
    Crew boats   4,393 4,270   4,359 4,473 4,405 4,538
    Subsea Services   37,976 37,488 35,195 37,182 39,583 44,119
    "Total fleet excluding Crewboats" average daily
    rate
      14,955 15,267 15,081 15,260 15,265 16,299

    Quarterly number of vessels (end of period)

    In number of vessels*   2017   2016
      Q2 Q1   Q4 Q3 Q2 Q1
    Marine Services   490 491 491 491 490 492
    Deepwater offshore vessels   89 89 89 89 89 89
    Shallow water offshore vessels 132 133 133 133 133 133
    Crew boats 269 269 269 269 268 270
    Subsea Services   22 22 22 22 22 22
     FLEET  TOTAL   512 513   513 513 512 514

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

    Quarterly deliveries of vessels

    In number of vessels   2017   2016
      Q2 Q1   Q4 Q3 Q2 Q1
    Marine Services   0 0 0 1 0 4
    Deepwater offshore vessels   0 0 0 0 0 1
    Shallow water offshore vessels 0 0 0 0 0 0
    Crew boats 0 0 0 1 0 3
    Subsea Services   0 0 0 0 0 0
     FLEET  TOTAL   0 0   0 1 0 4

    Half-year adjusted revenue breakdown

    In € millions   2017
    H1
      2016
        H2  H1
    Marine Services   327.1   386.1 478.0
    Deepwater offshore vessels   137.0 154.2 182.8
    Shallow water offshore vessels   76.2 111.0 168.2
    Crew boats   113.8 120.8 127.0
    Subsea Services 124.4 106.3 110.8
    Other   8.0   11.0 10.4
    Total adjusted revenues   459.5   503.4 599.2
    IFRS 11 impact *   (39.8)   (39.4) (42.6)
    TOTAL CONSOLIDATED   419.7   464.1 556.6

    *Effect of consolidation of joint ventures using the equity method

    Half-year average utilization rates for the BOURBON offshore fleet

    In %   2017
    H1
      2016
        H2  H1
    Marine Services   53.5   58.5 67.4
    Deepwater offshore vessels   60.6 63.4 73.4
    Shallow water offshore vessels   37.8 48.9 66.9
    Crew boats   58.9 61.6 65.6
    Subsea Services   61.6   60.1 54.1
    "Total fleet excluding Crewboats"   48.3   55.2 68.1
    "Total fleet" average utilization rate   53.8   58.6 66.8

    Half-year average daily rates for the BOURBON offshore fleet

    In US$/day   2017
    H1
      2016
        H2  H1
    Deepwater offshore vessels   15,016   15,945 17,114
    Shallow water offshore vessels   9,128   10,148 11,289
    Crew boats   4,355   4,364 4,478
    Subsea Services   37,774   36,062 41,501
    "Total fleet excluding Crew boats" average daily rate   15,33   15,123 15,741

    Half-year deliveries of vessels

    In number of vessels   2017
    H1
      2016
        H2 H1
    Marine Services   0   1 4
    Deepwater Offshore vessels   0   0 1
    Shallow water Offshore 0 0 0
    Crew boats 0 1 3
    Subsea Services   0   0 0
    FLEET TOTAL   0   1 4

    Contractualization rates for the BOURBON offshore fleet (end of period)

      6/30/2017   12/31/2016 6/30/2016
    Deepwater offshore vessels   36.0%   43.8% 46.1%
    Shallow water offshore vessels   31.1%   24.8% 42.1%
    Crew boats   41.3%   43.9% 41.8%
    Subsea Services   22.7%   27.3% 36.5%

    Breakdown of BOURBON revenues by geographical region

    In € millions Second quarter First half
    Q2 2017 Q2 2016 Change H1 2017 H1 2016 Change
    Africa 135.3 162.9 -17.0% 265.4 349.5 -24.1%
    Europe & Mediterranean/Middle East 31.6 36.9 -14.4% 60.4 70.6 -14.4%
    Americas 38.1 51.9 -26.6% 79.4 118.3 -32.9%
    Asia 29.0 32.9 -12.0% 54.3 60.8 -10.7%

        2017   2016
    In € millions   Q2 Q1   Q4 Q3 Q2 Q1
    Africa   135.3 130.1   135.9 131.0 162.9 186.5
    Europe & Mediterranean/Middle East   31.6 28.8   42.0 45.7 36.9 33.7
    Americas   38.3 41.3   45.4 52.9 51.9 66.4
    Asia   29.0 25.3   21.0 29.5 32.9 27.8

    Other key indicators

    Quarterly breakdown

      2017   2016
        Q2 Q1   Q4 Q3 Q2 Q1
    Average €/US$ exchange rate for the quarter (in €)   1.10 1.06   1.08 1.12 1.13 1.10
    €/US$ exchange rate at closing (in €)   1.14 1.07   1.05 1.12 1.11 1.14
    Average price of Brent for the quarter (in US$/bbl)   51 54   49 46 46 34

    Half-yearly breakdown

      2017
    H1
      2016
          H2  H1
    Average €/US$ exchange rate for the half year  (in €)   1.08   1.10 1.12
    €/US$ exchange rate at closing (in €)   1.14   1.05 1.11
    Average price of Brent for the half year (in US$/bbl)   52   47 40


    Financial Glossary

    Adjusted data: internal reporting (and thus adjusted financial information) records the performance of operational joint ventures in which the Group has joint control by the full consolidation method. 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).

    EBITDA: operating margin before depreciation, amortization and impairment.

    EBITDAR: revenue less direct operating costs (except bare-boat rental costs) and general and administrative costs.

    EBIT: EBITDA after increases and reversals of amortization, depreciation provisions and impairment and share in income/loss of associates, but excluding capital gains on equity interests sold.

    Capital employed: including (i) shareholders' equity, (ii) provisions (including net deferred tax), (iii) net debt; they are also defined as the sum (i) of net non-current assets (including advances on fixed assets), (ii) working capital requirement, and (iii) net assets held for sale.

    Average capital employed excl. installments: is understood as the average of the capital employed at the beginning of the period and end of the period, excluding installments on fixed assets.

    Free cash-flows: net cash flows from operating activities after including incoming payments and disbursements related to acquisitions and sales of property, plant and equipment and intangible assets.


    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 9,300 skilled employees. Through its 37 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 2016, BOURBON'S revenue came to €1,102.6 million and the company operated a fleet of 514 vessels.

    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
    +33 140 138 607
    investor-relations@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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    Source: BOURBON via Globenewswire