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GlobeNewswire (Europe)
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BOURBON: Annual & 4th Quarter 2018 Revenues

Marseilles, February 7, 2019

BOURBON Annual & 4th Quarter 2018 Revenues

2018 was marked by the stabilization of activity over the last 3 quarters and adjusted 2018 revenues of €690 million still impacted by the crisis (consolidated revenue €633.9 million)

  • Adjusted 2018 revenues were down by 20% compared to 2017, impacted by the renewal of long-term contracts at market rates.
  • With adjusted revenues for Q4 of €175.9 million, the activity has been stable over 3 consecutive quarters, in particular that of Bourbon Marine & Logistics and Bourbon Mobility.
  • While Bourbon Subsea Services remains severely impacted by market conditions in 2018, with revenues down by almost 40%, its activity has been steadily improving for the last 3 quarters.

QuarterFull Year
In € millions, unless otherwise notedQ4 2018 Q3 2018Change
Q4/Q3
Q4 20172018 2017Change
2018/2017
Financial performance
Adjusteda revenues175.9 173.5+1.3% 196.9689.5 860.6-19.9%
(change at constant rate)-0.2% -13.0%
Bourbon Marine & Logistics88.087.0+1,2%100.2357.3411.1-13.1%
Bourbon Mobility46.146.3-0.5%51.0187.7216.3-13,2%
Bourbon Subsea Services38.237.9+0.8%43.6133.6220.1-39.3%
Others3.62.3+53.9%2.110.913.1-16.7%
IFRS 11 impact ***(13.7) (13.4) (15.3)(55.6) (67.0)
Consolidated revenues162.2 160.2+1.3% 181.6633.9 793.6-20.1%


Operational indicators
Number of vessels (FTE)*491.9 498.5-1.3% 509.9500.1 511.5-2.2%
Average utilization rate (%)51.7 51.6-0.1 pt 53.752.2 53.7-1.5 pts
Average daily rate ($/d)7,989 7,854+1.7% 8,2997,942 8,725-9.0%
* FTE: Full Time Equivalent

"As a sign of market improvement, we note a recovery in the number of calls for tender, leading to a stabilization of our revenues over the 3 last quarters. However, market recovery is slow. It is therefore more important than ever that we accelerate our transformation in order to bring our clients more added-value services", declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

(a) Adjusted data:
The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision-maker to manage and measure the performance of BOURBON (IFRS 8). Internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Furthermore, internal reporting (and again the adjusted financial information) does not take into account IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively from January 1) to an operational joint venture in Angola.

BOURBON MARINE & LOGISTICS

QuarterFull Year
In € millions, unless otherwise notedQ4 2018 Q3 2018Change
Q4/Q3
Q4 20172018 2017Change
2018/2017
Financial performance
Adjusteda revenues88.0 87.0+1.2% 100.2357.3 411.1-13.1%
Deepwater offshore vessels53.052.4+1.1%60.0217.7256.9-15.3%
Shallow water offshore vessels35.034.6+1.2%40.2139.6154.2-9.5%
Operational indicators
Number of vessels (FTE)*212.0 213.1-0.5% 218.9214.5 220.5-2.7%
Average utilization rate (%)50.5 51.0-0.5 pt 51.951.4 49.0+2.4 pts
Deepwater offshore vessels61.060.4+0.6 pt61.362.462.2+0.2 pt
Shallow water offshore vessels43.244.4-1.2 pt45.644.040.8+3.2 pts
Average daily rate ($/d)10,177 10,128+0.5% 10,80210,378 11,542-10.1%
Deepwater offshore vessels12,70112,705ns13,66012,89514,389-10.4%
Shallow water offshore vessels7,6947,709-0.2%8,2207,9398,669-8.4%
* FTE: Full Time Equivalent

Testifying to the market stabilization, adjusted revenues for Bourbon Marine & Logistics in Q4 2018 are very slightly up at €88 million (+1.2% compared to Q3 2018).

Over the year, activity has stabilized with an average utilization rate remaining above 50%, up 2.4 points compared to 2017 and a utilization rate for the fleet in operation of 87.1% (compared to 87.4% in 2017). Rates have stabilized in both Deepwater and Shallow water offshore, with the 10% decrease mainly due to the renewals of older long-term contracts at current market rates. Overall, adjusted revenues are down by 13% compared to 2017 (-4.1% at constant rate).

Activity was dynamic in the Mediterranean/Middle East region, notably driven by new contracts in Egypt.


BOURBON MOBILITY

QuarterFull Year
In € millions, unless otherwise notedQ4 2018 Q3 2018Change
Q4/Q3
Q4 20172018 2017Change
2018/2017
Financial performance
Adjusteda revenues46.1 46.3-0.5% 51.0187.7 216.3-13.2%
Operational indicators
Number of vessels (FTE)*259.9 265.4-2.1% 269.0265.3 269.0-1.4%
Average utilization rate (%)52.5 51.8+0.7 pt 55.053.1 56.9-3.8 pts
Average daily rate ($/d)4,239 4,285-1.1% 4,4224,308 4,418-2.5%
* FTE: Full Time Equivalent

Adjusted revenues for Q4 2018 came out stable overall (-0.5% compared to Q3 2018), reflecting a slight increase in utilization rates (+1.5%), while daily rates are struggling to improve (-$46/day).

Over the year, adjusted revenues are down 13.2% compared to 2017, of which -5 points are due to exchange rate effects. Activity was impacted by a slower than expected reactivation of Surfers and a higher maintenance and repair activity than the previous year (notably large " crewliner "-type long-distance transport vessels).

BOURBON SUBSEA SERVICES

QuarterFull Year
In € millions, unless otherwise notedQ4 2018 Q3 2018Change
Q4/Q3
Q4 20172018 2017Change
2018/2017
Financial performance
Adjusteda revenues38.2 37.9+0.8% 43.6133.6 220.1-39.3%
Operational indicators
Number of vessels (FTE)*20.0 20.0- 22.020.3 22.0-7.7%
Average utilization rate (%)54.9 54.3+0.6 pt 56.748.5 60.7-12.2 pts
Average daily rate ($/d)33,207 30,321+9.5% 31,42532,592 35,328-7.7%
* FTE: Full Time Equivalent

The 4th quarter 2018 was marked by stable adjusted revenues (+0.8%) compared to the previous quarter, with a utilization rate up very slightly (+0.6 pt), reflecting an increase in the platform maintenance activity in Nigeria and prices that have stabilized, but remain under pressure.

Overall, after a significant decline in adjusted revenues in the first quarter 2018, Bourbon Subsea Services posted growth in activity in every quarter. Despite this, adjusted revenues are down almost 40% for the year. Turnkey projects, which today represent 6% of revenues, were unable to offset the weak utilization rate combined with a decrease of over 7% in daily rates and the sale of an IMR vessel in 2018.

OTHERS

QuarterFull Year
In € millions, unless otherwise notedQ4 2018 Q3 2018Change
Q4/Q3
Q4 20172018 2017Change
2018/2017
Financial performance
Adjusteda revenues3.6 2.3+53.9% 2.110.9 13.1-16.7%

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

OUTLOOK

Our oil & gas customers have regained some leeway but remain vigilant in their investments with a volatile barrel price that fell below $60 at the end of 2018. With an upwards trend, these investments appear to be subject to a switch in 2019 towards the Offshore segment rather than onshore projects, particularly American shale gas and oil.

Clients are currently continuing to focus on short-term projects with rapid return on investment. However, 2019 should see the return of numerous exploration campaigns, particularly in the Caribbean and Middle Eastern areas, and still in Africa.


MAJOR EVENTS

On January 3, 2019, BOURBON announces having renewed the general waiver with its leasers and debt holders representing the majority of the group's debt, thus allowing it to suspend the payments of its loans and debt. This waiver allows it to stay focused on its operational priorities, while pursuing its search for all solutions capable of adapting its financing to its performance, in a secured framework. The company remains confident in its ability to find such a solution in an amicable framework.

As part of its process to seek new financing, BOURBON confirms that it is still actively looking for financial partners to ensure its development and deploy its strategic plan, BOURBONINMOTION. At this stage, all solutions are being considered and the parameters for this new financing have not yet been determined.

A general meeting for holders of Undated Deeply Subordinated Fixed to Floating Rate Bonds took place on December 17, 2018. The decisions taken can be consulted on Bourbon's website (http://www.bourbonoffshore.com/en/investors/bondholders (http://www.bourbonoffshore.com/en/investors/bondholders))

ADDITIONAL INFORMATION

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

FINANCIAL CALENDAR

2018 Annual Results press release and presentation March 14, 2019
2019 1st quarter financial information May 2, 2019
2019 Annual Shareholders' Meeting June 7, 2019
2019 1st Half Results press release and presentation September 5, 2019


APPENDIX

Quarterly revenue breakdown

In € millions 2018 2017
Q4Q3Q2Q1Q4Q3Q2Q1
Bourbon Marine & Logistics 88.0 87.0 89.9 92.4 100.2 97 .7 107.4 105.9
Deepwater offshore vessels 53.052.455.057.4 60.059.968.368.8
Shallow water offshore vessels 35.034.635.035.0 40.237.839.137.1
Bourbon Mobility 46.1 46.3 47.1 48.2 51.0 51.4 55.0 58.9
Subsea Services 38.2 37.9 30.2 27.2 43.6 52.1 67.8 56.6
Others 3.6 2.3 1.9 3.1 2.1 3.0 3.8 4.1
Total adjusted revenues 175.9173.5169.2171.0 196.9204.3234.0225.5
IFRS 11 impact* (13.7) (13.4) (15.2) (13.3) (15.3) (11.9) (19.2) (20.6)
TOTAL CONSOLIDATED 162.2160.2153.9157.6 181.6192.4214.7204.9

*Effect of consolidation of joint ventures using the equity method

Quarterly average utilization rates for the fleet in operation

In %2018 2017
Q4Q3Q2Q1Q4Q3Q2Q1
Bourbon Marine & Logistics 88.1 86.7 84.9 89.0 86.8 86.3 89.1 88.0
Deepwater offshore vessels86.686.983.588.1 83.086.188.086.2
Shallow water offshore vessels89.786.686.290.0 90.686.690.290.1
Bourbon Mobility 78.0 77.8 81.1 84.3 82.8 78.1 75.3 80.1
Subsea Services 74.0 73.9 60.9 55.7 80.6 89.6 83.3 85.2
Average utilization rate 81.881.281.784.9 84.381.880.683.0

Quarterly average utilization rates for the fleet

In %2018 2017
Q4Q3Q2Q1Q4Q3Q2Q1
Bourbon Marine & Logistics 50.5 51.0 51.6 52.7 51.9 50.2 48.2 45.8
Deepwater offshore vessels61.060.463.065.261.362.260.361.0
Shallow water offshore vessels43.244.443.944.345.642.140.035.6
Bourbon Mobility 52.5 51.8 53.8 54.4 55.0 55.1 56.4 61.4
Subsea Services 54.9 54.3 45.4 39.0 56.7 63.4 65.7 57.5
Average utilization rate 51.751.652.553.053.753.453.354.5

Quarterly average daily rates for the fleet

In US$/day2018 2017
Q4Q3Q2Q1 Q4Q3Q2Q1
Bourbon Marine & Logistics 10,177 10,128 10,360 10,911 10,802 11,082 11,830 12,501
Deepwater offshore vessels 12,70112,70512,87313,577 13,66013,78114,86315,084
Shallow water offshore vessels 7,6947,7097,9248,292 8,2208,3718,7499,534
Bourbon Mobility 4,239 4,285 4,326 4,549 4,422 4,453 4,393 4,270
Bourbon Subsea Services 33,207 30,321 30,571 34,933 31,425 34,304 37,976 37,488
Average daily rate 7,9797,8547,7868,179 8,2998,6689,0758,769

Quarterly number of vessels (end of period)

In number of vessels*2018 2017
Q4Q3Q2Q1Q4Q3Q2Q1
Bourbon Marine & Logistics 211 212 214 216 217 220 221 222
Deepwater offshore vessels 87878787

86898989
Shallow water offshore vessels124125127129131131 132133
Bourbon Mobility 252 260 266 269 269 269 269 269
Bourbon Subsea Services 20 20 20 21 22 22 22 22
FLEET TOTAL 483492500506 508511512513

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

Yearly average utilization rates for the fleet in operation

In % Full Year
20182017
Bourbon Marine & Logistics 87.1 87.4
Deepwater offshore vessels 86.285.7
Shallow water offshore vessels 88.089.3
Bourbon Mobility 80.2 79.0
Bourbon Subsea Services 66.5 84.4
Average utilization rate 82.382.4

Yearly average utilization rates for the fleet

In % Full year
20182017
Bourbon Marine & Logistics 51.4 49.0
Deepwater offshore vessels 62.461.2
Shallow water offshore vessels 44.040.8
Bourbon Mobility 53.1 56.9
Bourbon Subsea Services 48.5 60.7
Average utilization rate 52.253.7

Yearly average daily rates for the fleet

In US$/day Full year
20182017
Bourbon Marine & Logistics 10,378 11,542
Deepwater offshore vessels 12,89514,389
Shallow water offshore vessels 7,9398,669
Bourbon Mobility 4,308 4,418
Bourbon Subsea Services 32,592 35,328
Average daily rate 7,9428,725

Breakdown of revenues by geographical region

In € millionsQuarterFull Year
Q4 2018 Q3 2018Change Q4 20172018 2017Change
Africa101.7 90.6+12.2% 113.4381.7 497.7-23.3%
Europe & Mediterranean/Middle East33.4 40.5-17.4% 31.6136.4 123.0+10.8%
Americas21.0 22.3-5.6% 32.394.5 147.6-36.0%
Asia19.7 20.2-2.3% 19.777.0 92.3-16.6%

In € millions2018 2017
Q4Q3Q2Q1Q4Q3Q2Q1
Africa 101.7 90.6 89.4 99.9 113.4 118.9 135.3 130.1
Europe & Mediterranean / Middle East 33.4 40.5 36.3 26.2 31.6 31.1 31.6 28.8
Americas 21.0 22.3 24.3 27.0 32.3 36.0 38.3 41.3
Asia 19.7 20.2 19.2 17.9 19.7 18.3 29.0 25.3

Other key indicators

Quarterly breakdown

2018 2017
Q4Q3Q2Q1 Q4Q3Q2Q1
Average €/US$ exchange rate for the quarter (in €) 1.14 1.16 1.19 1.23 1.18 1.17 1.10 1.06
€/US$ exchange rate at closing (in €) 1.15 1.16 1.17 1.23 1.20 1.18 1.14 1.07
Average price of Brent for the quarter (in US$/bbl) 69 75 75 67 61 55 51 54

Nine months' breakdown

Full Year
20182017
Average €/US$ exchange rate for the half year (in €) 1.18 1.13
€/US$ exchange rate at closing (in €) 1.15 1.20
Average price of Brent for the half year (in US$/bbl) 71 54


About BOURBON

Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 8,400 skilled employees. Through its 29 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

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

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

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

Contacts



BOURBONMedia relations agency
Publicis Consultants
Investor Relations, analysts, shareholders Vilizara Lazarova
+33 140 138 607

+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
Corporate Communication
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com (mailto:christelle.loisel@bourbon-online.com)
PDF version (http://hugin.info/159569/R/2233807/878818.pdf)



This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via Globenewswire

© 2019 GlobeNewswire (Europe)
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