Bourbon Reports 3Q 2013 Revenues

MarineLink.com
Wednesday, November 06, 2013

Bourbon released its results for the third quarter 2013 and reported signs of continued improvement in offshore vessel demand. Revenues were up 8.6% compared to third quarter 2012, and up 12.2% against first nine months 2012 partly as a result of contract renewals at improved rates.

Highlights from the report:

  •  Revenue increased 8.6% versus third quarter 2012 benefiting from fleet increases and steady utilization rates
  •  Average utilization rates for the supply fleet remain high versus the same period last year with offsetting impacts of several vessels in transit and stronger demand in several markets
  •  Average daily rates for the supply fleet were +3.7% versus the same period last year partly due to renewal of contracts at higher levels
  •  West Africa demand improving sequentially over second quarter 2013


“Increases in the Bourbon fleet and improvements in demand have partly contributed to growth in revenues for both the quarter and year to date period,” said Christian Lefèvre, Chief Executive Officer of Bourbon. “During the third quarter 2013, vessels in transit between Regions compared to 2012 in Deepwater and Shallow water offshore vessel segments contributed to declines in average utilization rates. Foreign exchange rates in the third quarter 2013 had a negative impact on Bourbon’s revenues of approximately €11 million compared with the second quarter of 2013."

He continued, "Bourbon will continue to implement the reduction of its debt as per the Asset Smart portion of the “Transforming for Beyond” action plan with the sale of the next 15 vessels during the coming weeks and the remaining 27 vessels in batches as they are delivered and before the end of June 2014, for a total of $1.5 billion, including the nine vessels sold in early September.”

Operatoinal Highlights Marine Service

  • In line with clients’ investment strategy, demand for supply vessels continues to improve, enabling high utilization rates and favorable average daily rate momentum by region, by vessel type

 

Deepwater offshore

  • The deepwater market benefited from steadily improving demand with a large number of new drilling rigs commencing operation, especially in West Africa
  • Average daily rates maintained their growth momentum of the last quarters, especially driven by good summer activity in the North Sea and the impact of renewal of older contracts in West Africa
  • Bourbon’s deepwater fleet was stable overall with two more vessels operational for the period compared with 2012 due to timing of vessel deliveries and vessel sales
  • Two Brazilian AHTS terminated their eight-year contracts and were idle during the quarter, and two large PSVs moved from the North Sea to West Africa

Shallow water offshore

  • There has been high growth in Asia mainly due to increased shallow water drilling activity and growth in Mediterranean/Middle East/India due to the strength of the replacement market in the Persian Gulf area
  • Deliveries of vessels to the shallow water market fuelled a steady increase of revenues in that segment during the first nine months of 2013 compared to the corresponding period in 2012, with eight vessels delivered in the third quarter 2013 alone

Crewboats

  • Spot activity in West Africa has been affected by the rainy season in the third quarter, when activity typically is reduced
  • During 2013, customers in Asia increasingly required Bourbon’s services for safe and reliable operation
  • The stability of the fleet of Bourbon crewboats during the last several quarters is a combination of the disposal of older vessels and an increase of the number of large FSIV. This translates positively in the comparison of average daily rates

Subsea Services

  • Bourbon Subsea Services operations are maturing in a favorable market:
  • Vessel availability is the result of a reduction of unplanned maintenance and classification dry-docks compared with last year, driving utilization rates higher
  • Contracts have been renewed at better terms
  • With three Bourbon Evolution 800 vessels in operation, the suitability and interest in vessel specifications is building up, contributing positively to the average daily rate of the fleet and average utilization rate
  • Subsea Services performance indicators of the first nine months show steady growth and operational excellence, with Q3 2013 illustrating a high point in this respect
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NAVCENT Commander Recognizes Journey of Hope Sailors

Commander, U.S. Naval Forces Central Command, U.S. 5th Fleet, Combined Maritime Forces, Vice Adm. John. W. Miller, recognized the accomplishments of three special-needs sailors from the Kuwaiti ship,

NYK Holds 8th Environmental Management Conference

NYK welcomed about 60 environmental supervisors from 47 NYK Group companies to the group’s annual Environmental Management Conference in Tokyo. NYK holds this

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Contracts

Diana Extends Containership Time Charters

Diana Containerships Inc. announced direct continuation of time charter agreements for m/v Cap Domingo and m/v Cap Doukato   Diana Containerships Inc., a global

BMT Supports Samalaju Port Development

BMT subsidiaries in the Asia-Pacific region have been awarded a contract to provide design expertise for an advanced bulk-material handling system for the emerging port of Samalaju in East Malaysia.

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

News

USCG Suspend Search for Crabber Near Anacortes, Wash.

The Coast Guard has suspended the search for a crabber reported overdue near Anacortes, Wednesday. Dean Harvey, 48, of Bremerton, remains missing. Search

Third Strike, Mansour Is Out

The M/V "MANSOUR M" with IMO number 7600586 has been banned for the 3rd time after subsequent detentions after the second refusal of access order in the Paris MoU region.

MHI Completes Development of "Sayaringo STaGE"

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Sayaringo STaGE," a next-generation LNG (liquefied natural gas) carrier. The Sayaringo

Crewboats

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

Ship Management Contracts for BSI Newbuilds

Norway-based Golden Energy Offshore has entered into management contracts for two platform supply vessels (PSVs) under construction at Ulstein Verft for Blue Ship Invest (BSI).

Offshore Energy

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Drillsearch Discovers Gas at Varanus South-1

Drillsearch Energy Limited announced a new wet gas discovery on the Western Cooper Wet Gas Fairway of the Cooper Basin. The Varanus South-1 well in PEL 513 (Drillsearch

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2092 sec (5 req/sec)