Bourbon back in black on higher dayrates

Charging ahead: Bourbon returns to profit

Bourbon

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Bill Lehane

 29 August 2012 10:22 GMT

French vessel owner Bourbon has combined higher dayrates with a currency exchange boost to see net profits rise to €17 million ($21.3 million) on half-year revenues up 17% to €568 million.

The Paris-headquartered company had posted a €21.4 million loss in the first half of last year, when it had 22 fewer vessels.

Bourbon earned an average dayrate of $18,352 in the last six months, up 5% on the year-ago period’s $17,451.

Utilisation rates were broadly level with this time last year at 89.7%.

Marine services was the biggest growth segment for the company, hiking revenues by 22.4% to €460.4 million while subsea services also rose 11.9% to post revenues of €92.1 million.

Meanwhile, the company cautioned that 15 vessels on order from Sinopacific would be…

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