“The market upturn in 2011 has resulted in early signs of an improvement in Bourbon’s performance and results,” said Christian Lefèvre, Chief Executive Officer of Bourbon announced, reporting the Paris-headquartered offshore giant’s Annual Results for 2011. “EBITDA was up 24.6 percent compared with the previous year. This market upturn is more apparent in the deepwater offshore segment where we saw an increase of 4.6 points in utilization rates and 6.1percent in prices in the second half. The steady improvement in activity coupled with a more favorable dollar in the second half of 2011 enabled the Group to post positive net income group share for the second half of 2011, at 28.2 million euros. A stable oil price (average of USD 111 per barrel over 2011) encourages investment in the sector and principally in deepwater offshore where the majority of the main discoveries are made. This will have a positive effect on the future prospects for the offshore vessels market and, with its modern and innovative fleet which has an average age of 5.6 years, Bourbon’s performance is likely to improve still further in 2012.”
Financial loss in 2011 amounted to a net charge of 71.7 million euros. Compared with 2010, the 10 million euro increase in the cost of net debt, to 64.4 million euros, reflects the higher level of debt and interest rates. Also, significant unrealized profits on financial instruments and differences in foreign exchange had been recorded in 2010.
From the first to the second half of 2011, financial loss improved by 53.8 million euros to -8.9 million euros, with the foreign exchange loss of 30.5 million euros in the 1st half being replaced by a gain of 29.2 million euros (of which 8.9 million euros were unrealized gains).
Compared with the second half of 2010, financial loss improved by 29.0 million euros, due to two contrasting trends: a 5.8 million euro higher cost of net debt on one hand, and on the other, a 36.9 million euro improvement in foreign exchange differences.
March 7, 2012