Adjusted Annual revenues increased 6.7% to €1,385 million at
constant rates
PARIS, Feb. 4, 2015 (GLOBE NEWSWIRE) --
- The Shallow water segment had very good performance (+18.7%),
and became the largest contributor to adjusted annual revenues at
€446 million
- Deepwater segment and Subsea were impacted by difficult market
conditions in the 4th quarter, with less annual growth at +3.0% and
+3.1%, respectively
- Strong adjusted annual revenue growth of 18.0% in Asia
- The average utilization rate in Shallow water remained high
during the 4th quarter at 89.1%
- Average utilization rates in the 4th quarter declined versus
the prior year period in Deepwater to 85.8% (-4.3 pts) and in
Subsea to 82.8% (-6.4 pts), reflecting more difficult market
conditions
- The Euro/US Dollar exchange rate had a negative impact on
revenues in the 1st half of the year and a positive impact during
the 2nd half; adjusted annual revenue growth at current rates was
5.6% compared with +6.7% at constant rates
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Operational indicators |
|
|
|
|
|
|
|
Number of vessels (FTE)* |
497.5 |
479.1 |
+3.8% |
495.8 |
492.2 |
468.2 |
+5.1% |
Number of vessels (end of period)** |
505 |
485 |
+20
vessels |
501 |
505 |
485 |
+20
vessels |
Average utilization rate (%) |
81.7 |
83.5 |
-1.8
pts |
79.4 |
81.0 |
83.3 |
-2.3
pts |
Average daily rate (US$/day) |
12,429 |
11,901 |
+4.4% |
12,604 |
12,254 |
11,754 |
+4.3% |
(*) FTE: Full Time Equivalent. (**) Vessels
operated by BOURBON (including vessels owned or on bareboat
charter).
Adjusted Revenues (a) |
|
|
|
|
|
|
|
Marine Services |
306.1 |
270.3 |
+13.2% |
283.1 |
1,132.3 |
1,064.7 |
+6.4% |
Deepwater offshore vessels |
108.4 |
95.7 |
+13.3% |
104.0 |
403.2 |
391.6 |
+3.0% |
Shallow water offshore vessels |
124.6 |
100.0 |
+24.6% |
110.3 |
446.3 |
376.0 |
+18,7% |
Crew
boats |
73.2 |
74.7 |
-2.0% |
68.8 |
282.9 |
297.2 |
-4.8% |
Subsea Services |
62.9 |
55.4 |
+13.5% |
61.9 |
230.2 |
223.3 |
+3.1% |
Other |
7.2 |
5.8 |
+23.6% |
6.3 |
22.8 |
24.0 |
-4.8% |
Total adjusted revenues (change at constant rates) |
376.3 |
331.6 |
+13.5% +6.5% |
351.3 |
1,385.3 |
1,311.9 |
+5.6% +6.7% |
IFRS 11 impact*** |
(13.3) |
(6.0) |
|
(10.5) |
(38.9) |
(22.3) |
|
Group TOTAL |
363.0 |
325.6 |
+11.5% |
340.8 |
1,346.4 |
1,289.6 |
+4.4% |
(***) Effect of consolidation of jointly
controlled companies using the equity method. (a) See page 2.
Average utilization rate (excl. Crew boats) |
87.5% |
90.1% |
-2.6 pts |
85.8% |
87.7% |
89.5% |
-1.8 pts |
Average daily rate (excl. Crew boats US$/d) |
19,871 |
19,329 |
+2.8% |
20,247 |
19,658 |
19,447 |
+1.1% |
"In 2014, BOURBON achieved adjusted revenues of
€1,385 million, a solid growth of 6.7%, during a more difficult
market towards the end of the year", says Christian Lefèvre,
Chief Executive Officer of BOURBON. "In this environment, the
good performance of the Shallow water segment demonstrates the
validity of the strategy to operate modern, standardized vessels.
Today, with a strong fleet and reduced financial debt, BOURBON is
well equipped to get through this period". (a) Consolidated
revenues for the 4th quarter and full year 2014 were established
for the first time according to the new accounting standards IFRS
10, IFRS 11 and IFRS 12 relating to consolidation which became
mandatory as of January 1, 2014. Specifically, joint ventures on
which BOURBON has joint control are now consolidated using the
equity method which replaces the proportionate consolidation
method. Comparative figures are restated accordingly. 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
principles of internal reporting do not reflect the application of
the new IFRS 10, IFRS 11 and IFRS 12. Consequently, joint ventures
are still proportionately consolidated, as in previous years.
OPERATIONAL HIGHLIGHTS
MARINE SERVICES
- Impacts from the cost reduction programs of Oil & Gas
companies started to appear in the 3rd quarter with a greater
effect seen in the Deepwater segment, while the shallow water
market has been more resilient
Deepwater
offshore
- With the high supply of vessels in the global deepwater market,
the impact of the current market environment has been more visible
in this segment compared with the others
- Average daily rates increased on an annual basis as a result of
new contracts signed at higher rates in almost all regions, with a
slight reduction sequentially in the 4th quarter as markets slowed
down
- Utilization rates for the year were impacted by more than
double the number of vessels undergoing classification maintenance
in West Africa compared with 2013
Shallow water
offshore
- In 2014, BOURBON took delivery of 15 vessels, including the
last 12 vessels in the Bourbon Liberty 150 and 300 series vessels,
which concludes the Shallow water investment program
- BOURBON has continued to sign significant contracts in various
regions, demonstrating the success of the innovative design of the
Bourbon Liberty series of vessels (diesel electric propulsion,
dynamic positioning class 2)
- After 2 consecutive quarters of declining average utilization
rates, there was a strong increase in the 4th quarter of 2014,
owing largely to improved vessel technical availability rates in
West Africa
Crew boats
- Crew boats activity increased in the 4th quarter, reversing the
trend seen in the prior three quarters as the start of the dry
season in West Africa is more favorable to increased activity
SUBSEA SERVICES
- As of the end of 2014, BOURBON had installed 276 subsea trees
and 396 subsea well connections representing respectively 23% and
33% of subsea connections in West Africa
- BOURBON took delivery of the 7th and 8th Bourbon Evolution
series MPSVs during the 4th quarter, with the final 2 vessels in
the investment program expected to be delivered in the 1st half
2015
MARINE SERVICES
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Adjusted Revenues (in € millions) |
306.1 |
270.3 |
+13.2% |
283.1 |
1,132.3 |
1,064.7 |
+6.4% |
Number of vessels (end of period)* |
483 |
466 |
+17 vessels |
481 |
483 |
466 |
+17 vessels |
Average utilization rate |
81.7% |
83.3% |
-1.6 pts |
79.4% |
80.8% |
83.0% |
-2.2 pts |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
The increase in revenues outpaced the increase
in the size of the fleet owing partly to the mix effect of newer,
larger vessels, increases in daily rates on some renewals and new
contracts in addition to being aided by the stronger US Dollar
compared with the year ago quarter. The decline in average
utilization rates in the 4th quarter was noticeable in all segments
but most significantly in the Deepwater segment.
Marine Services: Deepwater offshore vessels
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Adjusted Revenues (in € millions) |
108.4 |
95.7 |
+13.3% |
104.0 |
403.2 |
391.6 |
+3.0% |
Number of vessels (end of period)* |
79 |
72 |
+7 vessels |
75 |
79 |
72 |
+7 vessels |
Average utilization rate |
85.8% |
90.1% |
-4.3 pts |
85.7% |
86.9% |
88.9% |
-2 pts |
Average daily rate (US$/day) |
23,093 |
22,241 |
+3.8% |
23,887 |
22,967 |
22,156 |
+3.7% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Higher revenues versus the year ago quarter
reflect mostly a combination of the increase in the fleet size and
the stronger US dollar. Average utilization rates during the
quarter were significantly lower than the 4th quarter 2013, while
in line with the prior quarter, reflecting the continued pressure
from the reduction in spending by oil companies already seen in the
3rd quarter 2014; and a high level of drydock maintenance during
the 4th quarter. This was partially offset by the strong increase
in average daily rates versus the year ago quarter, which was
largely due to new contracts done at higher rates in several
regions and a mix effect in the West Africa region.
Marine Services: Shallow water offshore vessels
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Adjusted Revenues (in € millions) |
124.6 |
100.0 |
+24.6% |
110.3 |
446.3 |
376.0 |
+18.7% |
Number of vessels (end of period)* |
139 |
122 |
+17 vessels |
135 |
139 |
122 |
+17 vessels |
Average utilization rate |
89.1% |
90.2% |
-1.1 pts |
86.6% |
88.6% |
89.8% |
-1.2 pts |
Average daily rate (in US$/day) |
14,452 |
14,013 |
+3.1% |
14,152 |
14,177 |
13,978 |
+1.4% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Revenues for the 4th quarter increased
significantly (+24.6%) compared with the same period a year ago,
resulting from a combination of a larger fleet and higher average
daily rates, aided by an improved US dollar. These effects were
partly offset by a relatively small decline in average utilization
rates. Average daily rates increased primarily due to rate
increases on new contracts and extensions on existing contracts,
while reduction in average utilization rate in the quarter was
largely a reflection of the vessel supply environment in the Asia
region.
Marine Services: Crew boat vessels
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Adjusted Revenues (in € millions) |
73.2 |
74.7 |
-2.0% |
68.8 |
282.9 |
297.2 |
-4.8% |
Number of vessels (end of period) |
265 |
272 |
-7 vessels |
271 |
265 |
272 |
-7 vessels |
Average utilization rate |
76.7% |
78.4% |
-1.7 pts |
74.0% |
75.4% |
78.7% |
-3.3 pts |
Average daily rate (in US$/day) |
5,067 |
5,309 |
-4.6% |
5,113 |
5,100 |
5,198 |
-1.9% |
Revenues in the 4th quarter declined slightly
compared with the year ago period as the reduced activity in the
Crew boat segment resulted in a decline in both the average daily
rate and the utilization rate. The 4th quarter marked the start of
the dry season in West Africa when activity increases, and this is
reflected in the figures, resulting in the nearly 3 point increase
in the average utilization rate versus the 3rd quarter.
Subsea Services
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Adjusted Revenues (in € millions) |
62.9 |
55.4 |
+13.5% |
61.9 |
230.2 |
223.3 |
+3.1% |
Number of vessels (end of period)* |
21 |
18 |
+3 vessels |
19 |
21 |
18 |
+3 vessels |
Average utilization rate |
82.8% |
89.2% |
-6.4 pts |
81.1% |
85.0% |
90.2% |
-5.2 pts |
Average daily rate (in US$/day) |
48,063 |
43,120 |
+11.5% |
50,992 |
47,470 |
41,190 |
+15.2% |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Revenues for the 4th quarter were aided by the
increase in average daily rates and the stronger dollar while the
dollar had far less impact on the full year revenues. The reduction
in utilization rates was partly due to more BOURBON vessels working
in the spot market compared with the year ago period. Average daily
rates continued to benefit from the introduction of newer larger
vessels, which replaced the sale of an older vessel and the
transfer of two small vessels to Marine Services.
Other
|
Quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Var 2014/ 2013 |
Q3 2014 |
2014 |
2013 |
Var 2014/ 2013 |
Adjusted Revenues (in € millions) |
7.2 |
5.8 |
+23.6% |
6.3 |
22.8 |
24.0 |
-4.8% |
Using chartered vessels has two advantages for
BOURBON: it makes it possible to meet client demands and generate
contracts while new vessels are being built and added to the fleet.
Using chartered vessels also enables BOURBON to offer vessels that
are not part of its regular line of services when needed for global
calls for tenders. Volatility of "Other" revenues is largely due to
the variation in the number of chartered vessels during the
period.
OUTLOOK
The second half of 2014 saw the price of Brent
oil drop more than 50% from its peak. While many in the industry
are forecasting a rebound in the prices, the timing and magnitude
of such a rebound remains uncertain. As a consequence, the adaptive
measures begun by oil & gas companies during 2014 have become
more significant and widespread, with capital expenditure
reductions resulting in delayed and cancelled projects, a trend
that is expected to continue in the short term. This has also meant
more selective investment choices and a focus on existing well
production. Both the medium term and long term continue to be
viewed more positively. As we pointed out last quarter, the time
horizon for field development and production is often over 20 years
and takes places over several business cycles. Therefore, while oil
& gas companies take adaptive measures to address current
market conditions, the demand for energy is still strong and with
depletion rates of existing fields continuing, there is still a
need for further exploration and production investments by the oil
& gas companies throughout the world.
BOURBON is also adapting to the current market
conditions, having reinforced its action plan to reduce costs,
while continuing to focus on excellence in client service execution
and marketing of vessels utilizing its network with the support of
its partners, thanks in part to the standardized fleet of more than
500 vessels.
MAJOR OPERATIONS AND HIGHLIGHTS
- In late October 2014, BOURBON successfully completed a €100
million perpetual, deeply subordinated bond issue; this issue is
accounted for as equity under IFRS standards and the prospectus is
available on BOURBON's web site under 'regulated information'
- BOURBON's sale of vessels to ICBCL is now complete, with the
transfer of 46 vessels for total proceeds of US$1.4 billion,
comprised of 8 Deepwater vessels, 31 Shallow water vessels and 7
Subsea vessels
- The sale agreement with Standard Chartered Bank for the sale of
6 vessels has also been completed as scheduled during 2014, with a
total of 3 Deepwater vessels and 3 Shallow water vessels
transferred for total proceeds of US$151 million
- At the beginning of December 2014, BOURBON signed an agreement
with Minsheng Financial Leasing Co. for the sale and bareboat
charter of 8 vessels for a total amount of approximately US$202
million. The ownership of 3 vessels has been transferred for
approximately US$57 million. The remaining 5 vessels will be
transferred to MFL during 2015.
ADDITIONAL INFORMATION
- BOURBON's results will continue to be influenced by the €/US$
exchange rate
FINANCIAL CALENDAR
2014 Annual Results press
release and presentation |
March 4, 2015 |
2015 1st
Quarter Revenues press release |
April 29,
2015 |
Annual
Shareholder's Meeting |
May 21,
2015 |
APPENDIX
Quarterly adjusted revenue breakdown
In millions of euros |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
306.1 |
283.1 |
272.7 |
270.3 |
|
270.3 |
267.0 |
268.7 |
258.5 |
Deepwater offshore vessels |
|
108.4 |
104.0 |
97.1 |
93.6 |
|
95.7 |
100.6 |
102.3 |
93.0 |
Shallow water offshore vessels |
|
124.6 |
110.3 |
106.3 |
105.1 |
|
100.0 |
93.0 |
90.1 |
92.8 |
Crew boats |
|
73.2 |
68.8 |
69.3 |
71.6 |
|
74.7 |
73.4 |
76.3 |
72.8 |
Subsea Services |
|
62.9 |
61.9 |
53.3 |
52.0 |
|
55.4 |
58.9 |
57.3 |
51.6 |
Other |
|
7.2 |
6.3 |
4.6 |
4.7 |
|
5.8 |
6.5 |
6.7 |
4.9 |
Total adjusted revenues |
|
376.3 |
351.3 |
330.6 |
327.1 |
|
331.6 |
332.4 |
332.8 |
315.1 |
IFRS 11 impact* |
|
(13.3) |
(10.5) |
(8.1) |
(7.0) |
|
(6.0) |
(7.8) |
(4.3) |
(4.2) |
TOTAL CONSOLIDATED** |
|
363.0 |
340.8 |
322.6 |
320.0 |
|
325.6 |
324.6 |
328.5 |
310.9 |
* Effect of consolidation of joint ventures
using the equity method. **Consolidated 2013 figures have been
restated according to the implementation of the new accounting
standards.
Quarterly average utilization rates for the BOURBON offshore
fleet
In % |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
81.7 |
79.4 |
80.0 |
82.4 |
|
83.3 |
82.4 |
82.4 |
83.9 |
Deepwater offshore vessels |
|
85.8 |
85.7 |
87.2 |
88.6 |
|
90.1 |
88.8 |
90.0 |
86.6 |
Shallow water offshore vessels |
|
89.1 |
86.6 |
87.8 |
91.2 |
|
90.2 |
90.2 |
89.1 |
89.8 |
Crew boats |
|
76.7 |
74.0 |
74.3 |
76.6 |
|
78.4 |
77.5 |
77.7 |
80.8 |
Subsea Services |
|
82.8 |
81.1 |
83.9 |
94.4 |
|
89.2 |
93.6 |
88.0 |
90.6 |
"Total fleet excluding Crew boats" |
|
87.5 |
85.8 |
87.3 |
90.6 |
|
90.1 |
90.0 |
89.3 |
88.7 |
"Total fleet" average utilization rate |
|
81.7 |
79.4 |
80.2 |
82.8 |
|
83.5 |
82.9 |
82.6 |
84.2 |
Quarterly average daily rates for the BOURBON offshore
fleet
In US$/day |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Deepwater offshore vessels |
|
23,093 |
23,887 |
23,219 |
22,839 |
|
22,241 |
22,683 |
22,092 |
21,392 |
Shallow water offshore vessels |
|
14,452 |
14,152 |
14,006 |
14,199 |
|
14,013 |
13,728 |
13,850 |
14,315 |
Crew boats |
|
5,067 |
5,113 |
5,197 |
5,323 |
|
5,309 |
5,204 |
5,122 |
5,034 |
Subsea Services |
|
48,063 |
50,992 |
46,868 |
45,407 |
|
43,120 |
41,331 |
40,644 |
40,405 |
"Total fleet excluding Crew boats" average daily
rate |
|
19,871 |
20,247 |
19,588 |
19,497 |
|
19,329 |
19,573 |
19,458 |
19,427 |
Quarterly number of vessels (end of period)
In number of vessels* |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
483 |
481 |
481 |
479 |
|
466 |
459 |
452 |
445 |
Deepwater offshore vessels |
|
79 |
75 |
74 |
73 |
|
72 |
71 |
73 |
73 |
Shallow water offshore vessels |
139 |
135 |
133 |
130 |
122 |
117 |
109 |
105 |
Crew boats |
265 |
271 |
274 |
276 |
272 |
271 |
270 |
267 |
Subsea Services |
|
21 |
19 |
19 |
18 |
|
18 |
19 |
19 |
19 |
FLEET TOTAL |
|
504 |
500 |
500 |
497 |
|
484 |
478 |
471 |
464 |
* Vessels operated by BOURBON (including vessels
owned or on bareboat charter).
Quarterly deliveries of vessels
In number of vessels |
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Marine Services |
|
10 |
5 |
8 |
12 |
|
10 |
9 |
9 |
9 |
Deepwater offshore vessels |
|
5 |
1 |
1 |
2 |
|
1 |
0 |
1 |
1 |
Shallow water offshore vessels |
4 |
2 |
3 |
6 |
5 |
8 |
4 |
3 |
Crew boats |
1 |
2 |
4 |
4 |
4 |
1 |
4 |
5 |
Subsea Services |
|
2 |
0 |
1 |
2 |
|
0 |
0 |
0 |
1 |
FLEET TOTAL |
|
12 |
5 |
9 |
14 |
|
10 |
9 |
9 |
10 |
Yearly adjusted revenue breakdown
In millions of euros |
|
Full Year |
|
2014 |
2013 |
Marine Services |
|
1,132.3 |
1,064.7 |
Deepwater offshore vessels |
|
403.2 |
391.6 |
Shallow water offshore vessels |
|
446.3 |
376.0 |
Crew boats |
|
282.9 |
297.2 |
Subsea Services |
|
230.2 |
223.3 |
Other |
|
22.8 |
24.0 |
Total adjusted revenues |
|
1,385.3 |
1,311.9 |
IFRS 11 impact* |
|
(38.9) |
(22.3) |
TOTAL CONSOLIDATED** |
|
1,346.4 |
1,289.6 |
* Effect of consolidation of joint ventures
using the equity method. ** Consolidated 2013 figures have been
restated according to the implementation of the new accounting
standards.
Yearly average utilization rates for the BOURBON offshore
fleet
In % |
|
Full Year |
|
2014 |
2013 |
Marine Services |
|
80.8 |
83.0 |
Deepwater offshore vessels |
|
86.9 |
88.9 |
Shallow water offshore vessels |
|
88.6 |
89.8 |
Crew boats |
|
75.4 |
78.7 |
Subsea Services |
|
85.0 |
90.2 |
"Total fleet excluding Crew boats" |
|
87.7 |
89.5 |
"Total fleet" average utilization rate |
|
81.0 |
83.3 |
Yearly average daily rates for the BOURBON offshore
fleet
In US$/day |
|
Full Year |
|
2014 |
2013 |
Deepwater offshore vessels |
|
22,967 |
22,156 |
Shallow water offshore vessels |
|
14,177 |
13,978 |
Crew boats |
|
5,100 |
5,198 |
Subsea Services |
|
47,470 |
41,190 |
"Total fleet excluding Crew boats" average daily rate |
|
19,658 |
19,447 |
Yearly deliveries of vessels
In number of vessels |
|
Full Year |
|
2014 |
2013 |
Marine Services |
|
35 |
37 |
Deepwater Offshore vessels |
|
9 |
3 |
Shallow water Offshore |
15 |
20 |
Crew boats |
11 |
14 |
Subsea Services |
|
5 |
1 |
FLEET TOTAL |
|
40 |
38 |
Breakdown of BOURBON adjusted revenues by geographical
region
In millions of euros |
4th quarter |
Full Year |
Q4 2014 |
Q4 2013 |
Change |
2014 |
2013 |
Change |
Africa |
218.7 |
186.1 |
+17.5% |
794.9 |
750.4 |
+5.9% |
Europe & Mediterranean/Middle East |
63.2 |
56.7 |
+11.3% |
228.5 |
228.0 |
+0.2% |
Americas |
49.7 |
46.7 |
+6.4% |
189.7 |
187.5 |
+1.2% |
Asia |
44.6 |
42.0 |
+6.2% |
172.3 |
145.9 |
+18.0% |
Other key indicators
Quarterly breakdown
|
|
2014 |
|
2013 |
|
Q4 |
Q3 |
Q2 |
Q1 |
|
Q4 |
Q3 |
Q2 |
Q1 |
Average €/US$ exchange rate for the quarter (in €) |
|
1.25 |
1.33 |
1.37 |
1.37 |
|
1.36 |
1.32 |
1.31 |
1.32 |
€/US$ exchange rate at closing (in €) |
|
1.21 |
1.26 |
1.37 |
1.38 |
|
1.38 |
1.35 |
1.31 |
1.28 |
Average price of Brent for the quarter (in US$/bbl) |
|
76 |
102 |
110 |
108 |
|
109 |
110 |
102 |
112 |
Annual breakdown
|
|
Full Year |
|
2014 |
2013 |
Average 12-month €/US$ exchange rate (in €) |
|
1.33 |
1.33 |
€/US$ exchange rate at closing (in €) |
|
1.21 |
1.38 |
Average 12-month price of Brent (in US$/bbl) |
|
99 |
109 |
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 11,000
skilled employees. Through its 28 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 2014, BOURBON'S revenue came to €1,346.4
million and the company operated a fleet of 505 vessels as of
December 31, 2014. Under the "BOURBON 2015 Leadership Strategy"
plan, the group has built a vast fleet of innovative,
high-performance mass produced offshore vessels.
Placed by ICB (Industry Classification
Benchmark) in the "Oil Services" sector, BOURBON is listed on the
Euronext Paris, Compartment A.
Contacts
BOURBON
Investor Relations, analysts, shareholders
James Fraser, CFA +33 491 133 545
james.fraser@bourbon-online.com
Corporate Communications Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations agency Publicis Consultants
Jérôme Goaer +33 144 824 624
jerome.goaer@consultants.publicis.fr Véronique Duhoux
+33 144 824 633
veronique.duhoux@consultants.publicis.fr Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
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HUG#1891471
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