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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hapag-Lloyd Sees Uptick of Incorrectly Declared Dangerous Goods

Year-on-year increase of 65 percent; more than 4,300 cases worldwide   Container shipper Hapag-Lloyd said it registered considerably more incorrectly declared dangerous goods last year,

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

SevenCs Supports MariGreen Project

SevenCs is part of the EU INTERREG V A cross-border project “MariGreen” to support the maritime industry in the transition towards more efficient, greener and more sustainable shipping.

Contracts

Optimarin Breaks into the Fishing Market

Ballast water treatment (BWT) specialist Optimarin has landed its first ever contract in the fishing segment. The Norwegian firm will now supply its soon to be

ALMACO Wins Statoil Order for 450 Cabins

ALMACO Group was awarded the contract to build 450 NORSOK-compliant Modular Cabins for Statoil’s Johan Sverdrup fixed platform at Apply Leirvik’s yard in Stord, Norway.

Norway will be Lithuania's 2016 Top Gas Supplier

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports,

Finance

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Norway will be Lithuania's 2016 Top Gas Supplier

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports,

News

Hapag-Lloyd Sees Uptick of Incorrectly Declared Dangerous Goods

Year-on-year increase of 65 percent; more than 4,300 cases worldwide   Container shipper Hapag-Lloyd said it registered considerably more incorrectly declared dangerous goods last year,

US Warship Rescues Mariners in Distress

Nimitz-class aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) came to the rescue of distressed mariners at sea, February 7.   Ike received a distress

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Offshore Energy

ALMACO Wins Statoil Order for 450 Cabins

ALMACO Group was awarded the contract to build 450 NORSOK-compliant Modular Cabins for Statoil’s Johan Sverdrup fixed platform at Apply Leirvik’s yard in Stord, Norway.

Three Dead on Pemex Platform, Fire Under Control

Three workers were killed and at least seven injured when a fire broke out on a Pemex oil processing platform in the Gulf of Mexico, but the latest in a string of incidents is now under control,

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1549 sec (6 req/sec)