Bourbon reports increased annual revenues

Paris-headquartered Bourbon reports that revenues in 2010 came to EUR 849.9 million, up 4.6 percent from the previous year. Compared with the second half of 2009, revenues in the second half of 2010 were up 9.6 percent to EUR 443.6 million. Gross operating income (EBITDA) in 2010 stood at EUR 240.9 million, down 19.3 percent from the previous year, despite an overall increase in revenues driven by Subsea Services, which only partly offsets the effect of market conditions on the performance of Marine Services.

“The 2010 results obtained, despite an unusually sluggish market, illustrate the merits of a strategy aimed at meeting client needs in terms of safety, reliability and lower costs through continuous investments in innovative and high-performance vessels,” says Jacques de Chateauvieux, Chairman of the Bourbon Board of Directors. “This year Bourbon showed its ability to resist in a market downturn and will deliver its full potential with the implementation of Bourbon 2015 Leadership Strategy plan.”

OUTLOOK

The market is still expecting oil prices to remain high, says Bourbon, creating a favorable environment for investments in the sector. The announcement by the oil companies of an increase in their investments (up 11 percent in Exploration & Production) has just confirmed this trend in 2011. For offshore services vessels, Bourbon has seen increasing demand from clients in terms of safety and efficiency of operations, reinforcing their preference for more modern fleets over older vessels, especially in shallow water offshore. In this context, the demand for vessels is expected to grow, and old vessels will be replaced more rapidly, gradually absorbing the overcapacity. As a result, the average utilization rate for the Bourbon fleet is expected to continue to improve steadily as already noted in January and February 2011, prior to an increase in dayrates.

More HERE

March 16, 2011