This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

BOURBON: 1st Quarter 2013 Financial Information

PARIS, May 2, 2013 /PRNewswire/ --

Revenues up 13.4% vs. 1 st   quarter 2012

And stable compared with 4 th   quarter 2012 due to seasonal effects

"In a favorable context for the oil & gas and related services industry, BOURBON is continuing  to  grow. Daily rates for vessels with contracts renewals continue trending upwards,"  says Christian Lefèvre, Chief Executive Officer of BOURBON.   "In the first quarter, BOURBON  to ok delivery of 4 supply vessels, 1 IMR vessel and 5 crewboats. The activity was affected by the seasonal impact of the North Sea winter and the  South-East Asia   monsoons. 23 classification dry-docks  were scheduled for the supply and IMR vessels during this period of reduced activity.

The remaining quarters of the year will see a 25% decrease in the number of classification dry-docks  in a market stimulated by growing demand for vessels."

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.
                             BOURBON        Marine Services   Subsea Services
                         Q1 2013   Q1 2012  Q1 2013  Q1 2012  Q1 2013  Q1 2012

      (in millions of      315.1    278.0    258.5   222.1     51.6    45.7
      euros)               +13.4%            +16.4%            +12.9%

    Number of vessels*      465      443      445     425       19      17
      (end of period)       +22               +20               +2
                          vessels           vessels           vessels
      utilization rate     84.2%    83.7%    83.9%   83.7%     90.6%   85.7%
      (in %)              +0.5 pt            +0.2 pt          +4.9 pts

*Vessels owned by BOURBON or on bareboat charter

                                        Shallow             fleet
                             Deepwater   water              excl.
                             offshore  offshore    IMR    Crewboats  Crewboats
      rate (in %)   Q1 2013    86.6%     89.8%    90.6%     88.7%      80.8%
                    Q1 2012    92.5%     84.3%    85.7%     87.6%      81.0%

     Average daily            21,392    14,315    40,405   19,427      5,034
    rate (in US$/d) Q1 2013       +6.9%     +7.7%    +5.8%     +6.1%     +13.2%
                    Q1 2012   20,011    13,290    38,181   18,309      4,447

Quarterly revenues

                                                         Change at
         (in millions of euros)       Q1 2013  Q1 2012     rate      Q4 2012

    Marine Services                      258.5    222.1      +16.4%      257.2
    of which Deepwater offshore
    vessels                               93.0     86.5       +7.5%       92.6
    of which Shallow water offshore
    vessels                               92.8     70.5      +31.7%       91.1
    of which Crewboats                    72.8     65.1      +11.8%       73.5
    Subsea Services                       51.6     45.7      +12.9%       51.4
    Other                                  4.9     10.2      -51.5%        4.2
    BOURBON TOTAL                        315.1    278.0      +13.4%      312.8

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, BOURBON's 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).

Indicators for BOURBON activity

  • THE BOURBON fleet
    BOURBON                           Q1 2013   Q1 2012    Change    Q4 2012

    Number of vessels* (end of
    period)                                465       443   +22 vessels    458
    Average utilization rate             84.2%     83.7%     +0.5 pt    86.2%

*Vessels owned by BOURBON or on bareboat charter

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,912.30 -64.01 -0.36%
S&P 500 2,080.00 -6.24 -0.30%
NASDAQ 4,930.0360 -17.4050 -0.35%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs