Bourbon Posts Weak First Half Results
. “Bourbon showed strong improvement in cost control while taking delivery of 23 vessels during the period, bringing the total number of vessels under operation to 500 offshore vessels." Half year 2014 market and operational highlights •A high, stable oil price enabled continued investment in offshore activity by oil majors and national oil companies while cost reduction objectives and some project delays have slowed the demand for offshore vessels •The global deepwater PSV fleet is facing overcapacity due to the
Bourbon Q1 Revenues Up 7.9%
not part of its regular line of services when needed for global calls for tenders. Volatility of “other” revenues is largely due to the variation in the number of chartered vessels during the period. Outlook The demand for offshore vessels continues to grow, helped by a relatively stable oil price during the past several years. Oil and gas companies have launched capital discipline campaigns impacting mostly onshore projects while in the offshore market, project focus is shifting towards high return projects and enhanced oil recovery from existing fields. Even though there have
Keppel Q1 Profits Dip Slightly
2014, Keppel remains confident in its long-term marine industry objectives. New orders over the period totaled roughly $1.9 billion, bringing the company’s net orderbook to a record high $14.4 billion as at end-March 2014, with visibility into 2019. “Growing global energy demand and a stable oil price of above US$100 a barrel continue to support global E&P spending, which is still expected to grow in 2014, albeit at a slightly slower pace of 6%, compared to 7% the year before. In Latin America alone, E&P spending is projected to rise by 13% in 2014, led by countries such as Mexico
Bourbon Revenues Rise in 2013
reflects the combination of improving demand and better terms on contract renewals -During 2013, one new MPSV was delivered in the first quarter and as previously announced, an older MPSV was sold in the fourth quarter Outlook The demand for offshore vessels is growing, helped by a relatively stable oil price during the past several years. Deepwater offshore vessel demand growth continues, driven by large projects and the exploration programs in remote and extreme locations. The high number of large PSVs coming out of the shipyards could negatively affect the spot market. This should have only
Optimistic Forecast for North Sea Drilling
bright across the region. Graeme Sheils, energy partner at Deloitte in Aberdeen, said: “This quarter’s stable drilling figures should not detract from the fact that the UKCS is experiencing high activity levels. The market is currently buoyed by a number of factors including a stable oil price, increasing investment and Government incentives. With a more positive domestic outlook also beginning to emerge across the rest of the UK, there is a lot of confidence in the outlook for the North Sea sector. “Frontier areas such as offshore west of Ireland are also
February 2024
