BOURBON revenues: +14.6% to 345.7 million euros
Offshore Division revenues: +32.4% to 170 million euros
Paris, August 10, 2006, pdf version
“Increased business in the first half of 2006 was another successful step in the BOURBON growth plan", said Chairman and Chief Executive Officer Jacques de Chateauvieux. "The commissioning of the new vessels in a promising market strengthens our position as the leader in modern offshore."
| (millions of euros) | Q1 2006 | Q2 2006 | H1 2006 | H1 2005 (*) | Change at current exchange rates | Change at constant exchange rates |
|---|---|---|---|---|---|---|
| BOURBON | 172.4 | 173.3 | 345.7 | 301.6 | + 14.6 % | 11.0 % |
| Breakdown by Division | ||||||
| Offshore | 79.3 | 90.7 | 170.0 | 128.4 | + 32.4 % | + 27.1 % |
| Towage & Salvage | 32.5 | 33.1 | 65.6 | 55.5 | + 18.2 % | + 18.2 % |
| Bulk | 41.1 | 41.0 | 82.1 | 97.7 | - 16.0 % | - 19.5 % |
| Otder | 19,5 | 8.5 | 28.0 | 20.0 | + 40.0 % | + 37.2 % |
BOURBON’S first half revenues totaled 345.7 million euros, up 14.6% compared with the same period in 2005 (+11% at constant exchange rates).
The Offshore Division, which is the beneficiary of the largest portion of BOURBON’S investments within the Horizon 2010 plan (1,230 million euros), remains the growth driver for the company.
| France | International | |||
|---|---|---|---|---|
| (millions of euros) | H1 2006 | H1 2005 (*) | H1 2006 | H1 2005 (*) |
| BOURBON | 84.8 | 68.2 | 260.9 | 233.4 |
| Breakdown by Division | ||||
| Offshore | 5.3 | 4.9 | 164.7 | 123.5 |
| Towage & Salvage | 55.6 | 47.7 | 10 | 7.8 |
| Bulk | 17.3 | 14.1 | 64.8 | 83.6 |
| Other | 6.6 | 1.5 | 21.4 | 18.5 |
Revenues for the Offshore Division rose 32.4%, or 27.1% at constant exchange rates, over the same period in 2005.
This growth reflects the implementation of the 2003-2007 plan and was driven in the first half by the delivery of 15 new vessels (6 supply vessels and 9 crewboats).
In addition, 2 vessels were chartered to meet the needs of our customers.
In the Africa zone, which benefited from the largest number of new vessels commissioned, growth rose to 45.7% over the same period in 2005.
In addition, the Offshore Division initiated its expansion in Asia.
| (millions of euros) | H1 2006 | H1 2005 (*) | Change |
|---|---|---|---|
| Total Offshore | 170.0 | 128.4 | 32.4% |
| Europe | 29.4 | 28.9 | 1.7% |
| Africa | 121.1 | 83.1 | 45.7% |
| Americas | 15.9 | 15.2 | 4.6% |
| Asia | 3.6 | 1.2 | 200.0% |
BOURBON benefited as planned from the delivery in 2006 of a large number of new units in a buoyant market.
The Towage & Salvage Division recorded revenues of 65.6 million euros, an increase of 18.2% in the first half of 2006, resulting from:
Revenues for the Bulk Division at the end of June 2006 totaled 82.1 million euros, down 16% (– 19.5% at constant exchange rates) compared with the end of June 2005.
The tonnage transported in the first half of 2006 amounted to 7.69 million tons (up from 7.53 million tons in
the first half of 2005), representing an increase of +2.15%.
The reference cargo rate (Baltic Supramax index) dropped sharply from one year to the next (USD 18,000/day on the average over the first half of 2006, compared with an average of USD 29,000/day over the same period in 2005).
| (millions of euros) | H1 2006 | H1 2005 (*) | Change |
|---|---|---|---|
| Total for Bulk | 82.1 | 97.7 | -16.0% |
| Owned and long-term charter vessels | 41.4 | 45.2 | -8.4% |
| Other charters and brokerage operations | 40.7 | 52.5 | -22.5% |
Growth in the Offshore Division should continue in the second half.
In accordance with the plan, deliveries of new vessels will increase the fleet dedicated to modern offshore with the commissioning of new-generation, innovative vessels offering high productivity.
Revenues for the Bulk Division will continue to be influenced by the level of cargo rates. The change in the "Euro/Dollar" parity should continue to impact BOURBON’S revenues.
With 3600 professionals dedicated to its clients and its own fleet of 230 vessels, BOURBON offers a broad range of offshore oil and gas marine services, towage, assistance, salvage and bulk shipping.
Operating in more than 25 countries, BOURBON continues to strengthen its position as a major international player in marine services.
By 2010, BOURBON is working to become the leader in modern offshore by offering the most demanding international clients worldwide the services of a full line of new generation, innovative and high-performance vessels.
Classified by Euronext in the "Oil Services" sector, BOURBON is listed on Eurolist Paris, Compartment A and is included in the Deferred Settlement Service (SRD) and the SBF 120 and Dow Jones Stoxx 600 indices.