BOURBON Reports Continued Growth in Q1 2013
"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.