Offshore oil and gas marine services grow + 32.9% (+ 24.2% at constant exchange rates)
Paris, May 10 2006, pdf version
| (millions of euros) | End of March 2006 | End of March 2005 pro forma (1) | Change | At constant exchange rates |
|---|---|---|---|---|
| BOURBON | 172,4 | 141,8 | 21,5% | 14,7% |
| Split by Division | ||||
| Offshore | 79,3 | 59,6 | 32,9% | 24,2% |
| Towage & Salvage | 32,5 | 27,5 | 18,5% | 18,5% |
| Bulk | 41,1 | 42,9 | - 4,2% | - 12,2% |
| Other | 19,5 | 11,8 | 65,3% | 55,2% |
| Split by region | ||||
| France | 43,1 | 33,8 | 27,5% | |
| International | 129,3 | 108,0 | 19,7% | |
| For information: for the Retail activity, reported revenues at the end of March 2005 came to 131.1 million euros | ||||
BOURBON’s first quarter 2006 revenues totalled 172.4 million euros, an increase of + 21.5% compared with the same period in 2005 (+ 14.7 % at constant exchange rates).
With revenues of 79.3 million euros at the end of March 2006, up +32.9 % (24.2% at constant exchange rates) compared with the same period in 2005, offshore oil and gas marine services recorded very strong growth, except in the North Sea.
Several scheduled maintenance programs were performed in the first quarter of 2006.
The West Coast of Africa, and Nigeria in particular, continued to generate a very strong performance.
Operations are developing gradually in Asia with the delivery and commissioning of an Anchor Handling Tug Supply vessel (AHTS 120 tons) for Shell Malaysia.
The Towage & Salvage Division reported revenue growth of 18.5% in the first quarter of 2006 against the backdrop of a strong market, particularly in the international segment.
The assistance and salvage activity benefited from the commissioning of the Abeille Bourbon and the Abeille Liberté.
The Bulk Division recorded revenues of 41.1 million euros at March 31, 2006, down slightly as expected from the same period in 2005.
This change was driven by the combination of two opposite trends over the period:
In an offshore oil and gas market that is still expected to be very strong in 2006, BOURBON plans to diversify its client portfolio in its traditional operating zones and should accelerate its growth in new zones (particularly Southeast Asia).
BOURBON will continue to deliver “next generation” offshore oil and gas marine services vessels, so as to meet the expectations of its major customers.
In bulk shipping, revenues should continue to be influenced by market freight rates.
The growth in BOURBON’s revenues continues to be influenced by changes in the "Euro/Dollar" parity.
With an offer of offshore oil and gas marine services, towage, assistance and salvage, and bulk shipping, BOURBON is a major international player in marine services.
Classified by Euronext in the "Oil Services" sector, BOURBON is listed on Eurolist Paris, Compartment A and is included in the MID 100, SBF 120 and Dow Jones Stoxx 600 indices. Since March 28, 2006, the BOURBON share has been included in the Deferred Settlement Service (SRD).