Bourbon Reports Q1 2012 Revenue Growth
Bourbon reports benefits of a booming market in the offshore & gas marine services sector in its 2012 first quarter results
"Bourbon is reaping the benefits of a booming market in the offshore oil & gas marine services, encouraged by the stability of the price of Brent (an average of US$ 119 a barrel in the first quarter of 2012). This quarter's business growth of 18% is in line with the Bourbon 2015 Leadership Strategy plan," announced Christian Lefèvre, Chief Executive Officer of Bourbon. "Bourbon continues to enjoy this positive business climate as new vessels are gradually commissioned and existing contracts are renewed."
The company performed well (utilization rate) despite a large number of planned class dockings: 5 in deepwater offshore, 8 in shallow water offshore, and 2 in subsea services.
In marine services, average increase of 10% in daily rates for the new supply vessels commissioned (3 in shallow water offshore) and for renewals of expiring contracts (6 in deepwater offshore and 19 in shallow water offshore).
The growth in demand from clients gradually led to a disappearance of over-capacity, as illustrated by payment for vessel mobilization. This has been the case for 30% of the new contracts for supply and IMR vessels since January 2012.
Compared with the fourth quarter of 2011, Bourbon's revenues rose 1.8%, impacted generally by the following:
Numerous vessel class dockings in the deepwater and shallow water offshore segments of Marine Services as well as Subsea Services
Effect of the winter season in the North Sea in deepwater offshore and the end of the monsoon in Southeast Asia in the shallow water offshore segment.