Compared to 2013, average utilisation rates for the fleet fell 3.5% for the quarter to 79.4% and 2.5% for the first nine months to 80.8%. Average daily rates improved 6.1% for the quarter to $12,604 per day, and 5.2% for the first nine months to $12,292 per day.
Shallow water offshore vessels recorded an 18.6% improvement in revenues for the quarter to EUR110.3m ($137.8m), contributing to an overall improvement of 6% in the marine services division from EUR267m to EUR283.1m.
Bourbon reported a general softening across most of its sectors as oil companies reduce costs. “In the short term, we are entering a period in which the market will be more complex, taking into account cost reductions by clients and the decrease in the price of oil per barrel”, says Christian Lefèvre, Bourbon ceo. “However, structurally the supply and demand for oil and gas will require recovery in the level of investment in the future.”
The company added further detail in its market outlook, highlighting stronger medium and long term prospects. Energy demand remains strong and the pressure remains for oil companies to maintain and increase production, according to Bourbon. On the OSV demand side around 200 rigs are currently under construction and few are earmarked to replace existing units.
Supply of large PSVs is set to increase as deliveries continue, but Bourbon remains largely insulated from the effects that will have on the spot market, owing to its contract coverage.
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