Bourbon Q1 results confirm expected recovery


First quarter revenues at French offshore owner/operator Bourbon were up 23.8 percent year-on-year, and up 6.4 percent over the previous quarter.

"As anticipated at the end of 2010, the market recovery is contributing to pushing vessel utilisation rates up to 83.1 percent whilst daily rates are slightly higher than those in the fourth quarter of 2010," commented Christian Lefèvre, Chief Executive Officer of Bourbon.

"More rigorous demands from clients with regard to the safety and quality of operations is hastening the process of old vessel replacement by new vessels and is favourable for Bourbon's services offer."

Compared with the first quarter of 2010, revenues in the first quarter of 2011 totalled €235.5 million (US$334.8 million), up 23.8 percent, reflecting both the commissioning of 56 new vessels in the period as well as the market's gradual recovery.

Marine Services revenues were up 24.4 percent to €185.1 million, due partly to the impact of expansion of the continental offshore fleet, a segment in which the group is continuing its strategy to replace old and obsolete vessels.

Subsea Services revenues were up 38.3 percent to €40.7 million, boosted by the commissioning of two new vessels. 

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Baird Maritime / Work Boat World