"Prospects for increasing utilization rates and daily rates are set fair for the fourth quarter in deep and shallow water offshore" says Christian Lefèvre, Chief Executive Officer of Paris-headquartered offshore services giant Bourbon. "Backed by the success of our Bourbon Liberty series with our oil and gas clients, Bourbon is, and should continue to be, one of the main services companies to benefit from this recovery. However, Bourbon's financial performance will only be impacted gradually, as contracts are renewed, and will be offset by the costs of commissioning new vessels."
Bourbon today reported that In the third quarter of 2011revenues totaled 252.2 million euros, up 14 percent (plus 20 percent at constant exchange rate) over the same period in 2010, buoyed by the steady improvement in daily rates and the good performance of shallow water offshore vessels.
Compared with the second quarter of 2011, Bourbon revenues were up 2 percent (plus 2.5 percent at constant exchange rate).
In the first nine months of 2011, revenues were up 17 percent (plus 20 percent at constant exchange rate) compared with the same period in 2010 thanks to good performance in the shallow water offshore segment (plus 62 percent) and the crewboat segment (plus 17 percent). This is partly due to expansion of the fleet and to a slight improvement in prices.
During the quarter, Bourbon took delivery of 15 new vessels (6 shallow water offshore vessels and nine crewboats), while three crewboats, each around 18 years old, were taken out of the fleet in the period.
The average utilization rate for the fleet rose to 83.4 percent in the third quarter of 2011 (plus 4.2 points compared with the third quarter of 2010), logically posting a slight decline compared with the second quarter of 2011 (minus 1.3 points) due to a large number of vessels joining the fleet.
In the first 9 months of 2011 compared with the same period in 2010, the average utilization rate was 4.4 points higher at 83.8 percent.
November 10, 2011
Bourbon CEO sees increasing utilization and day rates ahead
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