Bourbon has reported stable revenues for the first quarter of 2010 compared with the same period in 2009.
Total revenues in the first quarter of 2010 came to US$302 million, similar to the company's 2009 figure. The offshore division was down 6.5 percent, as a result of the fleet's growth being unable to offset the slump in market conditions.
Year-on-year, revenues for the offshore division in the first quarter were down 6.5 percent to US$242 million. A statement by the company said that the decline refelcted the "progressive deterioration in market conditions over the last year".
Nevertheless, revenues for Bourbon vessels were almost one percent higher, thanks to the commissioning of 67 vessels (24 in the Bourbon Liberty series) over the last twelve months.
Given the expected increase in demand for oil, the faster pace of decline in production in existing fields, and the necessity in the medium term of reconstituting reserves, an upturn in oil activity is expected in 2010. Production maintenance activities should be the first to benefit followed, in the second half of 2010, by drilling activities.
The market's recovery allows the group to anticipate a gradual recovery in activity, with the initial effects expected during the second half of 2010.
Meanwhile, Bourbon Offshore Maritima, the Bourbon subsidiary in Brazil, has signed contracts with Petrobras for the charter of thirteen new vessels. The contracts cover one Bourbon Liberty 200 AHTS for three years beginning this month; seven Bourbon Liberty 100 PSVs for four years commencing charters between June and October 2010; and five 18-metre passenger transport crew boats for eight years.
