Lease deals more than double profit at Bourbon

The jump in profit is largely due to gains of EUR138.5m for the year on $770m of vessel sales, which included the sale of older vessels for fleet standardisation and the sale and leaseback of younger vessels and newbuilds.

Nine vessels were sold in September 2013 to ICBC as part of a $1.5bn 51-vessel sale-and-leaseback deal, with 12 vessels following in January 2014. The ICBC deal is part of a $2.5bn initiative to of asset disposals, with vessels chartered back for 10 years.

Revenues at the French offshore operator increased by 10.5% year-on-year, to EUR1.3bn from EUR1.2bn in 2012, withgrowth of 32.3% from Asian operations outpacing the Americas (28.2%); Europe and the Middle East (13.4%); and Africa (2.9%).

The group’s results took a EUR53m hit from exchange rate movements between the dollar and Euro during the year.

Utilisation rates remained steady in 2013, at 89.5%, compared with 90.4% the year before, despite Bourbon’s increase in vessels operated, buying or chartering-in 20 additional shallow water offshore vessels and 7 crewboats.

Meanwhile, Bourbon paid down its debts by EUR449m to EUR1.7bn, while at the same time increasing its operating income by 87.3% to EUR302m.

“2013 revenues of more than EUR1.3bn and a net income Group share of EUR115m, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes Bourbon a leader in the offshore marine services industry,” said Christian Lefèvre, Bourbon ceo. “2013 was highlighted by the entry into service of 38 new vessels, an increase in the contractualization rate of the fleet and a significant improvement in operational performance.”

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