Bourbon revenues rise again, PSV oversupply looms

In deepwater offshore, where the fleet size remained stable, average daily earnings rose 6.8% to $22,839 per day but offset by exchange rate fluctuations to record a 0.7% increase in revenue.

Fleet growth in the shallow water sector spurred a 13.3% rise in revenues to EUR105m, with the addition of 25 vessels being slightly dampened by their deployment in lower-earnings regions in Asia, the Mediterranean, Middle East and India.

The subsea services sector reflected the strength of inspection, maintenance and repair demand in West Africa, with a 12.4% jump in average day rates to $45,407.

In its outlook statement the French company acknowledged the changes within the offshore industry, as oil and gas companies tighten their belts and enforce capital discipline campaigns.

Bourbon sees the cutbacks as being mostly onshore-focused."Even though their have been fewer awards to contractors from oil & gas companies, their backlog is still strong and we do not foresee an impact in 2014 on offshore marine and subsea services activities," it stated in its earnings release.

It also recognised a potential oversupply situation for large PSVs as deliveries continue from shipyards, although considers its own fleet to be protected by high contract coverage.

The group's fleet sale and leaseback deal with ICBC continues, wath 15 further vessels transferred so far in 2014, bringing the total to 36 ships worth $1bn.

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