BOURBON : "Transforming For Beyond" Action Plan & 2012 Annual Results

PARIS, March 6, 2013 /PRNewswire/ --

2012 revenues:  up 17.7%

Gross operating income (EBITDA) €406.2 million, up 35.3%

Operating income (EBIT) €161.6 million, up 89.4%

" In  the  context of a favorable oil & gas services market, the growth in BOURBON ' s 2012 results illustrates the value of our strategy which is aimed, through our  series of  innovative series vessels, at meeting our clients '  needs in terms of safety, cost savings, reliability and quality of service. Operating income is up 89.4% thanks to higher daily rates and EBITDA is up in all three of our segments, "  says Christian Lefèvre, Chief Executive Officer of BOURBON .    " The stability of the price per barrel at around US$110 has encouraged our clients to make substantial investments in a market where growth prospects point to sustained demand for vessels in 2013. "

                                          Change
                                            H2
                                          2012 /
                             H2             H1     H2
    In millions of euros    2012  H1 2012  2012   2011    2012    2011    Change
    Revenues               618.9   568.0  +9.0%  525.3  1,186.9  1,008.0  +17.7%
    Gross operating income
    (EBITDA)

    excluding capital
    gains                  201.6   180.8 +11.5%  157.7    382.4   299,4   +27.7%
    Gross operating income
                  (EBITDA) 225.4   180.8 +24.7%  158.2    406.2   300.2   +35.3%

             % of revenues  36.4%   31.8%         30.1%    34.2%   29.8%
    Operating income
    (EBIT)                  97.8    63.8 +53.2%   42.2    161.6    85.3   +89.4%
    Financial income       (54.7)  (32.3)         (8.9)   (87.0)  (71.7)
    Income tax             (15.1)   (7.1)         (3.8)   (22.2)  (10.7)
    Income from
    discontinued
    operations                       0.8                    0.8     0.5
    Minority interests      (3.0)   (8.3)         (1.2)   (11.3)    3.3
    Net income, Group
    share                   24.9    17.0 +46.5%   28.2     41.9     6.8      x6

2012 revenues are up 17.7% over the previous year due to the expansion of the fleet, better daily rates and €/US$ exchange rate. All vessel segments have contributed to this growth, particularly Shallow water offshore (+39.4%).

2012 g ross operating income (EBITDA) came to €406.2 million, representing a 35.3% increase over the previous year. This is markedly higher than the increase in revenues due to the improvement in daily rates, a stronger dollar, fleet expansion (albeit less rapid), sustained utilization rates and a capital gain on the sale of 3 vessels. Consequently, EBIT is posting remarkable growth of nearly 90%.

2012 f inancial income represents a net expense of €87.0 million due to a slight increase in debt and unrealized foreign exchange losses of €27.6 million.

Net income, Group share for 2012 is up sharply to €41.9 million compared to €6.8 million in 2011.

At the next Combined General Meeting scheduled for May 28, 2013, the Board of Directors will propose a dividend of €0.82 per share.

                             BOURBON        Marine Services   Subsea Services
                                 DELTA/H1           DELTA/H1          DELTA/H1
                       H2 2012     2012    H2 2012    2012   H2 2012    2012
    Number of vessels*
                                   +12                +11                +1
    (end of period)      458     vessels     439    vessels    18      vessel

  *vessels owned or on bareboat charter

                            BOURBON       Marine Services   Subsea Services
    In millions of              DELTA/H1          DELTA/H1          DELTA/H1
    euros              H2 2012    2012   H2 2012    2012   H2 2012    2012
    Revenues            618.9     +9.0%   511.8    +11.1%   97.9      +6.2%
    EBITDA              225.4    +24.7%   184.7    +29.5%   38.0      +8.9%
    EBIT                 97.8    +53.2%

                                                            Total
                                        Shallow             fleet
                             Deepwater   water              excl.
                             offshore  offshore    IMR    Crewboats  Crewboats
        Average
    utilization rate

         (in %)      H2 2012    91.2      91.3      88.5     91.0       80.5
                     H1 2012    91.9      88.5      87.7     89.7       78.9
                     H2 2011    92.1      87.5      92.7     89.8       80.9

     Average daily
          rate

       (in US$/d)    H2 2012  20,955    14,281    39,037   19,018      4,968
                     H1 2012  20,145    13,519    37,866   18,352      4,678
                     H2 2011  20,163    12,872    34,030   18,000      4,380

Average utilization rates are holding up well, above the market average. Average daily rates continue to improve as the market rebalances due to strong growth in demand and the trend for replacing old and obsolete vessels. The improvement in average utilization rates in the Shallow water offshore segment, up 2.4 points between 2011 and 2012, validates BOURBON's strategic decision since 2006 to expand the fleet.

• MARINE SERVICES

                                                Change                 Change
                                               H2 2012
                                                  /                      2012
                              H2 2012  H1 2012 H1 2012    2012   2011   /2011
    Number of owned vessels*
                                                 +11                      +21
    (end of period)             439      428   vessels    439    418   vessels
    Average utilization rate   84.7%    83.2%  +1.5 pt   83.9%  83.8%  +0.1 pt

*vessels owned or on bareboat charter

                                              Change                   Change
                                              H2 2012
                                                 /                       2012
    In millions of euros     H2 2012  H1 2012 H1 2012    2012    2011   /2011
    Revenues                  511.8    460.4  +11.1%    972.2   792.9   +22.6%
    Direct costs             (299.9)  (269.7) +11.2%   (569.6) (488.8)  +16.5%
    Operating margin          211.9    190.8  +11.1%    402.6   304.1   +32.4%
    General and
    administrative costs      (50.9)   (48.2)  +5.8%    (99.1)  (83.2)  +19.2%
    Gross operating income
    (EBITDA) excluding
    capital gains             160.9    142.6  +12.9%    303.5   221.0   +37.3%

    % of revenues              31.4%    31.0%            31.2%   27.9%
    Gross operating income
    (EBITDA)                  184.7    142.6  +29.5%    327.4   221.4   +47.8%

    % of revenues              36.1%    31.0%            33.7%   27.9%

Marine Services revenues in 2012 amounted to €972.2 million, up 22.6% compared to 2011, mainly due to the expansion of the fleet (+21 vessels) and continuing high utilization rates along with an increase in daily rates in all segments, particularly in the Shallow water offshore segment.

From the 1 ^st half to the 2nd half of 2012, revenues increased by 11.1% to €511.8 million due to the expansion of the fleet (+11 vessels), high utilization rates and an increase in average daily rates, particularly in the Shallow water segment.

Compared to the previous year, EBITDA  in  2012 is up sharply, by 47.8%, to €327.4 million, +37.3% EBITDA excluding capital gains.

This increase reflects general growth in all 3 segments and the benefit of a stronger dollar during the period. From the 1 ^st half to the 2nd half of 2012, EBITDA was 29.5% higher, due in particular to the performance of the Deepwater offshore vessel segment.

In 2012, the Marine Services activity expanded its range of vessels, particularly the entry into the fleet of the first 6 vessels in the new AHTS Bourbon Liberty 300 series, the first vessel in the latest-generation FSIV series with straight bow and DP2 dynamic positioning, and 2 "large PSV" PX105 with inverted bow equipped with the PG MACS unique cargo system. The commencement of a contract for 3 Bourbon Liberty vessels in Australia illustrates the oil companies' preference for this series.

Results by segment

• Deepwater offshore vessels

                                                Change                 Change
                                               H2 2012
                                                  /                      2012
                               H2 2012 H1 2012 H1 2012    2012   2011   /2011
    Number of owned vessels*
                                                  +1                     +2
    (end of period)               72       71   vessel     72     70   vessels
    Average utilization rate    91.2%    91.9% -0.7 pt   91.6%  89.8%  +1.8 pt

*vessels owned or on bareboat charter

                                                Change
                                                  H2                    Change
                                                2012 /
                                                  H1                      2012
    In millions of euros        H2 2012 H1 2012  2012     2012     2011  /2011
    Revenues                     185.8   175.0   +6.1%    360.8   318.4  +13.3%
    Direct costs                 (99.2)  (94.0)  +5.6%   (193.2) (174.4) +10.7%
    Operating margin              86.5    81.1   +6.7%    167.6   144.0  +16.4%
    General and administrative
    costs                        (18.5)  (18.3)  +0.9%    (36.8)  (33.4) +10.1%
    Gross operating income
    (EBITDA)                      68.1

    excluding capital gains       36.6%   62.8   +8.5%    130.8   110.6  +18.3%

    % of revenues                         35.9%            36.3%   34.7%
    Gross operating income
    (EBITDA)                      91.9    62.8  +46.4%    154.6   110,6  +39.8%

    % of revenues                 49.5%   35.9%            42.9%   34.7%

In 2012, revenues from the Deepwater offshore vessels segment were €360.8 million and represented 37.1% of total Marine Services activity. In this segment, BOURBON expanded its fleet by 2 vessels and utilization rates continued their improvement to 91.6%, up 1.8 point relative to 2011. The renewal of several expiring contracts made it possible to take advantage of higher rates in the segment and raise the average daily rate.

EBITDA of €130.8 million (excluding the capital gain) represented 43.1% of the Marine Services activity total compared with 50.0% in 2011. This decrease is due to the growing share of the Shallow water offshore segment in Marine Services. The capital gain which contributed €23.8 million to this segment's EBITDA was mainly due to the sale of 3 UT 755-type vessels.

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