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BOURBON : Fourth Quarter 2012 And Full-year 2012 Revenues

Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Deepwater offshore vessels were up 5.8% to 92.6 million euros, buoyed by high rates and the full-time effect of two new vessels, despite a decline in the utilization rate in the North Sea market.

Compared with the third quarter of 2012, revenues dipped by a slight 0.6%, affected in part by the planned classification dry-dock of 4 vessels and by the dollar effect.

In the North Sea, despite the fact that demand for offshore vessels was up, average utilization rate and average daily rate were impacted by the over-capacity of PSV and AHTS vessels, which was exacerbated by the addition of newly built vessels to the market and the return of vessels that previously operated in Brazil.

For the full year 2012, revenues reached 360.8 million euros, up 13.3% from the same period in 2011, thanks to the increase in average daily rate of part of the fleet and the impact of the dollar.
  • Shallow water offshore vessels
                                     Q4 2012    Q4 2011     Change    Q3 2012

    Revenues (in millions of euros)       91.1      66.6       +36.8%    91.7
    Number of vessels (end of
    period)                                102        91 + 11 vessels     101
    Average utilization rate             92.2%     88.3%     +3.9 pts   90.3%

Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Shallow water offshore vessels were up sharply (+36.8%) at 91.1 million euros, driven by the success of the Bourbon Liberty vessels, as reflected by the increase in average daily rates (+12.4%), the growth of the fleet (9 vessels delivered in twelve months), and the improvement in the average utilization rate (+3.9 points).

Compared with the third quarter of 2012, revenues were slightly down despite the improved utilization rate (+1.9 point), owing mainly to the dollar effect and to a very slight decrease in average daily rates.

For the full year 2012, revenues over the prior year rose sharply to 336.7 million euros, an increase of 39.4%, compared with the 12% growth in the number of vessels. This reflects the 8.6% increase in average daily rates, the continued improvement in the average utilization rate (+2.4 points) and the favorable impact of the dollar.
  • Crewboats
                                       Q4 2012   Q4 2011    Change    Q3 2012

    Revenues (in millions of euros)         73.5     62.4     +17.8%      69.7
    Number of vessels (end of period)        265      257 +8 vessels       267
    Average utilization rate               82.5%    82.1%    +0.4 pt     78.4%

Compared with the fourth quarter of 2011, fourth quarter 2012 revenues posted by Crewboats were up 17.8% at 73.5 million euros, thanks to the significant increase in average daily rates, to the favorable impact of the dollar and to the continued expansion of the fleet.

Compared with the third quarter of 2012, revenues were 5.5% higher due to the improvement in utilization rates (+4.1 points).

For the full year 2012, revenues amounted to 274.8 million euros, up 17.9% over the same period in 2011 owing to the increase in average daily rates (+11.1%), the expansion of the fleet (20 new vessels in service) and the favorable impact of the dollar, despite a reduction in the average utilization rate.
  • SUBSEA SERVICES
                                       Q4 2012    Q4 2011   Change    Q3 2012

    Revenues (in millions of euros)         51.4      48.1     +6.8%      46.5
    Number of vessels (end of period)         18        18         -        18
    Average utilization rate               91.7%     91.0%   +0.7 pt     85.2%

Compared with the fourth quarter of 2011, fourth quarter 2012 revenues rose 6.8% to 51.4 million euros, buoyed by the full-time effect of the addition to the fleet of the second vessel in the Bourbon Evolution series and by the favorable impact of the dollar. The average utilization rate is slightly up (+0.7 point), while the average daily rate is up 13.2%.

Compared with the third quarter of  2012, revenues are up 10.5%, buoyed by the addition of one new vessel in the Bourbon Evolution 800 series and the return to full operation of 4 vessels after planned classification dry-docks.

For the full year 2012, revenues are up 10.0%. This is due to contrasting changes:
  • on the one hand, to the full-time chartering of one large IMR vessel, to contract renewals for medium to large-sized vessels under long-term contracts at more favorable rates with a positive influence on average daily rates, to the favorable impact of the dollar, and to the addition to the fleet of the Bourbon Evolution 802, which took full effect during the last quarter.
  • on the other hand, to an average utilization rate down 5.1 points owing to 8 planned classification dry-docks in 2012 (44% of the total fleet).
  • OTHER

Many vessels directly owned by BOURBON were added to the fleet to replace chartered vessels.

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