BOURBON announced full year 2013 financial results with net income up 174% to $158 million increased operating margin and capital gains generated $790 million EBITDA, up 41.7% compared to 2012.
“EBITDAR (before capital gains) as a percent of revenues (operating margin) increased by more than 2 points to 34.3%, partly due to the benefits of our focus on operational excellence,” Bourbon said in a report.
EBITDA of $790 million (+41.7%) include bareboat charter costs of $18 million and capital gains of $190 million.
Revenues increased across all regions compared with 2012, with Asia having the largest geographic increase in revenues for the 2nd consecutive year, with a combination of new vessels in service and growth in activity in the region.
The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million).
“2013 revenues of more than $1,79 billion and a net income Group share of $158 million, 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”, says Christian Lefèvre, Chief Executive Officer of BOURBON. “
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.”
Complete version of Bourbon’s financial report can be found here .