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Marine Log

February 8, 2007

Bourbon reports big revenue increase

Reporting a 16.8% increase in annual revenues to Euros 717.6 million, Jacques de Chateauvieux, CEO of Paris-based Bourbon said 2006 marked "a decisive step" in the group's growth plan.

"In a buoyant market, we have moved from the position of bold challenger to a position as leader in modern offshore oil and gas marine services by offering the most demanding customers worldwide the services of a full line of new generation, innovative and high-performance vessels.," he said.

With 4,300 employees and a fleet of almost 250 owned vessels, Bourbon offers a broad range of offshore oil and gas marine services, towage, assistance, salvage and bulk shipping.

In the final quarter of 2006, the Offshore Division recorded revenues of 111.9 million euros, representing growth of 43.2% compared to the last quarter of 2005.

Revenues for this Division for the full year 2006 rose 35.8% to 376.6 million euros, 5.6% of which represents the revenues recorded by chartered vessels.

Growth in the business remained strong and was primarily driven by three favorable factors:

  • - accelerated deliveries in 2006 with the commissioning of 31 new vessels

  • - exceptional high average day rates in the North Sea on the spot market;

  • - the renewal of expiring contracts at high rates thanks to strong market trends, particularly in West Africa.

Click here to read full annual results announcement