BOURBON Reports Continued Growth in Q1 2013

Press Release
Friday, May 03, 2013
Bourbon OSV's: Photo courtesy of BOURBON

"In a favorable context for the oil & gas and related services industry, BOURBON is continuing to grow," says CEO.

First quarter 2013 highlights

  • Continued growth especially in the Shallow water offshore segment (+31.7%); this is due to the combined effect of the entry into service of 9 vessels in the last 12 months and improved market conditions (utilization rates and average daily rates).
  • Signing of a 3-year contract in Trinidad for the latest generation FSIV (Fast Support Intervention Vessel) with dynamic positioning (DP 2).
  • Beginning of the charter contract for the third vessel in the Bourbon Evolution 800 series in Asia as soon as it left the shipyard, underlining the success of this series.

Compared with the first quarter of 2012, BOURBON's revenues grew by 13.4% to 315.1 million euros (+14.3% at constant exchange rates), benefiting from 35 new vessels joining the fleet (of which 20 crewboats). This growth occurred in all segments (particularly in Shallow water offshore).

Compared with the fourth quarter of 2012,  revenues were stable, impacted by the number of planned classification dry-docks over the period, especially in areas with a highly seasonal impact (winter in the North Sea and monsoon period in Asia).

During the quarter, BOURBON took delivery of 10 new vessels (1 IMR, 1 Deepwater offshore, 3 Shallow water offshore and 5 Crewboats), while 3 crewboats were taken out of the fleet during the period.

Outlook
Robust investments in Exploration/Production by oil and gas clients continue to stimulate demand for offshore vessels.

In Shallow water offshore, the combined effects of an increase in demand for vessels, clients' stricter criteria for the selection of vessels and operators, and a reduction in the number of vessels coming out of shipyards in this segment should have a positive impact on utilization and charter rates for the company's vessels.

In Deepwater offshore, the high number of new vessels coming out of the shipyards should only marginally impact the company due to high contract coverage of the fleet operating in this segment.

 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danos Fabrication Facility Creates 150 Jobs

Danos, a family owned oil and gas service company, announced plans to expand its fabrication capabilities, by opening a 120,000 square-foot fabrication facility in Amelia, La.

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Offshore

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Eaton to Exhibit at SMM

Power management company Eaton will demonstrate its expanded ability to deliver electrical, explosion-proof and hydraulic equipment for the marine and offshore

Coast Guard Medevacs Seafarer From Tanker off Galveston

A Coast Guard rescue helicopter crew medevaced a 32-year-old crewmember off an Italian-flagged tanker Wednesday, after he suffered an injury from a snapped fender

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1479 sec (7 req/sec)