BOURBON : Fourth Quarter 2012 And Full-year 2012 Revenues

PARIS, February 6, 2013 /PRNewswire/ --

Strong growth in 2012

2012 revenues: up 17.7% to 1.187 billion euros

4th quarter 2012 revenues up 14.5%

«In a favorable oil and gas services market, BOURBON ' s growth is in line with the BOURBON 2015 Leadership Strategy plan. Average daily rates are still in a suitable range, "  says BOURBON ' s Chief Executive Officer Christian Lefèvre . " Our positioning in the deepwater mid-sized vessel market and high-end shallow water vessel market (diesel-electric and DP2 dynamic positioning) is paying off. The stability of the Brent price per barrel ( US$ 110 on average in the last quarter of 2012) is helping to bolster major investments by our clients and hence the demand for vessels in the upcoming quarters.

Under these conditions, backed by its growing modern fleet of standardized, innovative vessels with an average age of 6 years, BOURBON is set to reap the full benefits of an offshore vessel market that is expected to improve even further in 2013."

                             BOURBON        Marine Services   Subsea Services
                         Q4 2012   Q4 2011 Q4 2012  Q4 2011  Q4 2012  Q4 2011
 
    Revenues               312.8    273.1   257.2    216.5     51.4    48.1
    (in millions of                                            
     euros)                  +14.5%          +18.8%             +6.8%
 
    Number of vessels *    458      437     439      418       18      18           
    (end of period)    +21 vessels      +21 vessels             -
    Average
    utilization rate        86.2%   85.7%    86.0%   85.5%   91.7%   91.0%   
    (in %)                  +0.5 pt          +0.5 pt          +0.7 pt

*Vessels owned by BOURBON or on bareboat charter

                                                            Total
                                        Shallow             fleet
                             Deepwater   water              excl.
                             offshore  offshore    IMR    Crewboats  Crewboats
        Average
      utilization
         rate
 
        (in %)      Q4 2012    90.2%     92.2%    91.7%     91.4%      82.5%
                    Q4 2011    93.7%     88.3%    91.0%     90.7%      82.1%
 
                              21,074    14,257    39,064   19,097      4,987
     Average daily
    rate (in US$/d) Q4 2012    +4.2%    +12.4%    +13.2%    +6.3%     +14.7%
                    Q4 2011   20,222    12,681    34,516   17,965      4,349

2012 Highlights 

• A steadily growing market in 2012, particularly in Asia (+33.1%, primarily in Australia) and Africa (+19.3%) featuring the gradual increase in average utilization rates and average daily rates.
• This growth is especially strong in the Shallow water offshore vessels segment (+ 39.4%) thanks to the increase in average daily rate, the addition of new vessels to the fleet and the favorable impact of the dollar.

A dollar impact proving favorable over the year but unfavorable from one quarter to another.

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