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August 10, 2009

Bourbon reports strong revenue growth from offshore

Paris-headquartered Bourbon's first half year 2009 revenues were up 11.2%. The company reported a strong growth in Offshore activity of 43.1% (29.7% at constant exchange rates) over first half year 2008

Jacques de Chateauvieux, Chairman and Chief Executive of Bourbon, said, "the oil industry is looking to control capital expenditure and operating costs and this has led to an oil services market that is temporarily dominated by short term contracts and a reduction in usage and pricing. Nevertheless, even in this context, Bourbon's innovative and high performance vessels are maintaining high usage rates and will be the first to benefit from the expected upturn in business, both in exploration - development as well as in maintaining production in existing fields.

First half revenues amounted to €482.1 million, up 11.2% over first half 2008.

The dollar strengthened 15% against the euro with the dollar/euro exchange rate at 1.33 during the first half year compared with 1.53 for the first half of 2008.

At constant exchange rates, revenues were practically stable year on year with strong growth in the Offshore Division compensating for a fall in the Bulk Division.

Year on year, revenues for the Offshore Division in the first half year were up 43.1% (+29.7% at constant exchange rates) to €407.7 million. This increase in revenues is mainly due to the full impact of the vessels commissioned in 2008 and the deliveries of 13 supply vessels (including 10 vessels in the "Bourbon Liberty" series) and 25 crew boats during the half year.

READ THE COMPLETE BOURBON ANNOUNCEMENT HERE


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