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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Voith Turbo Names Calhoun VP of O&G Sales

Shawn Calhoun has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Sales – Oil and Gas, to be based at the company’s new Houston, Texas office

Ki-tack Lim Elected as IMO Secretary General

Ki-tack Lim from the Republic of Korea has been elected as the new Secretary General of the International Maritime Organization (IMO), with effect from January 1,

Ocean Safety Inks Rescue Boat Distributor Deal

Ocean Safety, a company in the worldwide supply, distribution, service and hire of marine safety equipment, announced its appointment as sales and service agents

Offshore

Activists Planning Protest Against Shell's Arctic Business

U.S. environmental activists said they planned to protest on Tuesday against the launch of the second of two oil rigs central to Shell's plans to drill for oil in the Arctic.

Technip Wins Jurong's FPSO Conversion Contract

Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating,

SeaZip Offshore Service Commences Operation

Harlingen-based SeaZip Offshore Service has entered into a partnership agreement with Heerema Marine Contractors (HMC). HMC, the world's market leader in transporting,

Finance

S. African Competition Watchdog Fines Japanese Shipping Firm

South Africa's competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty

Activists Planning Protest Against Shell's Arctic Business

U.S. environmental activists said they planned to protest on Tuesday against the launch of the second of two oil rigs central to Shell's plans to drill for oil in the Arctic.

Protests Shut Channel Tunnel Again

The Channel Tunnel closed again on Tuesday due to protesting MyFerryLink workers, its operator Eurotunnel and French traffic supervision body Bison Fute said. The

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.2126 sec (5 req/sec)