Offshore Division up by 33.0% (+41.8% at constant exchange rates)
Bulk Division up by 22.6% (+33.5% at constant exchange rates)
Paris, May 10, 2007, pdf file
BOURBON’s revenues in the first quarter of 2007 totaled 200.1 million euros, up +18.1% over the same period in 2006 (+25.7 % at constant exchange rates).
| (millions of euros) | Q1 2007 | Q1 2006 | At current exchange rates | At constant exchange rates |
|---|---|---|---|---|
| BOURBON | 200.1 | 169.4 | +18.1% | +25.7% |
| Breakdown by Division | ||||
| Offshore | 105.4 | 79.3 | +33.0% | +41.8% |
| Towage & Salvage | 31.1 | 32.5 | -4.4% | -4.4% |
| Bulk | 50.4 | 41.1 | +22.6% | +33.5% |
| Other | 13.2 | 16.5* | -19.7% | -11.3% |
*Pro forma
| France | International | |||
|---|---|---|---|---|
| (millions of euros) | Q1 2007 | Q1 2006 | Q1 2007 | Q1 2006 |
| BOURBON | 36.9 | 40.1 | 163.2 | 129.3 |
| Breakdown by Division | ||||
| Offshore | 2.9 | 2.7 | 102.5 | 76.6 |
| Towage & Salvage | 25.9 | 27.9 | 5.2 | 4.6 |
| Bulk | 7.0 | 8.5 | 43.4 | 32.6 |
| Other | 1.1 | 1.0* | 12.1 | 15.5* |
*Pro forma
With revenues of 105.4 million euros at March 31, 2007, the Offshore Division recorded growth of +33.0% (+41.8% at constant exchange rates) compared to the same period in 2006.
This substantial increase over the first quarter of 2006 was primarily generated by the growth of the fleet (particularly in the North Sea) and particularly favorable market conditions:
| (millions of euros) | Q1 2007 | Q1 2006 | Change |
|---|---|---|---|
| Offshore Division | 105.4 | 79.3 | +33.0% |
| Europe & Mediterranean | 20.9 | 13.8 | +51.4% |
| Africa | 71.1 | 56.1 | +26.9% |
| American continent | 9.3 | 7.4 | +25.4% |
| Asia | 4.1 | 2.0 | +106.6% |
In the first quarter of 2007, the growth in revenues continued to remain strong in Nigeria and Angola, driven by rapidly expanding oil operations.
Revenues in Asia doubled compared to the first quarter of 2006, thanks to the arrival of 3 new supply vessels in this high-growth region.
Compared with the final quarter of 2006, the first quarter of 2007 was impacted by many scheduled heavy maintenance shutdowns and the change in the euro/dollar parity.
The Towage & Salvage Division recorded revenues of 31.1 million euros, down 4.4% compared to the first quarter of 2006, primarily as a result of:
In the first quarter of 2007, as in 2006, the Towage & Salvage Division did, however, benefit from the strong activity in African ports driven by a positive context offered by the offshore oil sector in this region.
First quarter 2007 revenues generated by the Bulk Division amounted to 50.4 million euros, up +22.6% over the same period in 2006 (+33.5% at constant exchange rates).
Over this quarter, the average reference freight rate (Baltic Supramax Index) reached USD 31,488/day, compared with an average USD 16,315/day over the first quarter of 2006. This rate represents an increase of +9.8% over the average rate in the last quarter of 2006.
In such a tight market, the quality of the services offered by Setaf Saget contributed to the consolidation and expansion of customer relations.
Revenues for sugar operations amounted to 11.8 million euros at March 31, 2007, compared with 15.5 million euros over the final quarter of 2006.
The fiscal year 2006 was influenced by significant sales during the first quarter in an exceptionally favorable price context. The 2006/2007 sugar season closed with high production, with sales prices stabilized at a satisfactory level.
In line with the BOURBON Horizon 2010 investment plan, the Offshore Division will continue to take regular delivery of new vessels.
Revenues for the Towage & Salvage Division will be influenced by the commencement of operations in the Port of Tangiers Med in July 2007.
The Bulk Division should benefit throughout the year from high freight levels, similar to the situation in 2005.
Finally, BOURBON’s revenues should continue to be influenced by changes in the euro/dollar parity.
With 4700 professionals and a fleet of 265 owned vessels, BOURBON offers, in more than 25 countries, a broad range of offshore oil and gas marine services, towage, assistance, salvage and bulk shipping.
By 2010, in line with its strategic plan BOURBON intends to become the leader in modern offshore oil and gas marine services 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.