Bourbon revenues top one billion euros

Paris headquartered offshore services giant Bourbon posted 2011 revenues of 1.08 billion euros — up 18.6 percent in 12 months in line with the objectives of the “Bourbon 2015 Leadership Strategy” plan.

“Revenues for 2011 are in line with our strategic plan and, for the first time since our focus on offshore services, topped the symbolic bar of one billion euros,” said CEO Christian Lefèvre. “The improvement in the offshore vessels market continues in all segments and the fleet’s average utilization rate increased by 4.3 points in the year to 84.2 percent.

Mr. Lefèvre said the improvement was “particularly marked” in the deepwater offshore segment where the utilization rate for  Bourbon vessels was over 93 percent in the last quarter of 2011.”

OUTLOOK

Bourbon says that increased demand for offshore service vessels should continue in the coming years. Significant investments by oil and gas clients and their 4-year prospects have been scaled up. The outlook for a greater number of active drilling rigs and contractors’ strong order books confirm the sharp market rebound.

“Clients will continue to favor innovative, high-productivity vessels, which is where  Bourbon’s fleet of vessels is particularly appreciated,” says the company. “The process of replacing older vessels (deemed obsolete) on the market is set to gather pace to meet the increasingly stringent demands of oil and gas companies in terms of risk management.”

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February 8, 2012