Bourbon reports growth in first-half revenues

bourbonhullParis-headquartered offshore services giant Bourbon reports second quarter and first half revenues that include an 18.8  percent growth in half-year revenues to 482.7 million euros at current exchange rates and an increase in utilization rate up to 84.7  percent.

"The steady increase in the fleet's utilization rates, particularly in shallow water offshore, illustrates the recovery of the offshore market and our clients' recognition of the performance of our vessels. Although significant, the improvement in daily charter rates, expected at the end of the year and in 2012, has not yet been a factor in increasing revenues," says CEO Christian Lefèvre, Chief Executive Officer of Bourbon.  But he noted that "despite an EBITDA nearly 20  percent higher from one half to the next, the net result of the period will be negative due to the adverse impact of the dollar exchange rate on our financial results."

Though it reported on revenues in the period today, Bourbon will report its first half year results on August 31, 2011

In the second quarter of 2011, Bourbon revenues amounted to 247.2 million euros, up 14.4  percent (+19.2  percent at constant exchange rates) compared with the same period in 2010 and 4.9  percent (+9.2  percent at constant exchange rates) compared with the first quarter of 2011.

Compared with the same quarter of the previous year, revenues for Marine Services were 14.8  percent higher at 191.1 million euros, mainly due to strong performance from the shallow water offshore vessels segment which posted a 64  percent growth in revenues and a sharp upswing in its utilization rate (+14.8 points).

Subsea Services revenues were up 8.2  percent, at 41.6 million euros, thanks to the improvement in utilization rates and expansion of the fleet.

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August 10, 2011

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