The delivery of 35 new vessels helped spur the rise in income, especially in the shallow water sector where nine new vessels helped push revenues up 31.7% from EUR70.5m in Q1 2012 to EUR92.8m in the same period of 2013.
"In a favorable context for the oil & gas and related services industry, Bourbon is continuing to grow. Daily rates for vessels with contract renewals continue trending upwards," said Christian Lefèvre, ceo. "In the first quarter, Bourbon took delivery of 4 supply vessels, 1 IMR vessel and 5 crew boats."
The fleet has experienced a net growth of 22 vessels since the first quarter 2012, with utilisation rates rising 0.5% to 84.2% in Q1 2013.
"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."
The company believes its high contract coverage will protect it from the effects of the high number of deepwater offshore vessels entering the market in the near future.
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