BOURBON (EPA:GBB) FIRST HALF YEAR 2009 REVENUES UP 11.2%

Transparency directive : regulatory news

10/08/2009 07:00

Paris, August 10, 2009

                 First half year 2009 revenues up 11.2%.
    Strong growth in Offshore activity of 43.1% (29.7% at constant
                exchange rates) over first half year 2008.

Jacques de Chateauvieux, Chairman and Chief Executive of BOURBON, said, "the
oil industry is looking to control capital expenditure and operating costs and
this has led to an oil services market that is temporarily dominated by short
term contracts and a reduction in usage and pricing. Nevertheless, even in
this context, BOURBON's innovative and high performance vessels are
maintaining high usage rates and will be the first to bene fit from the
expected upturn in business, both in exploration-development as well as in
maintaining production in existing fields."

2009 FIRST HALF REVENUES

( millions)           Second Quarter                     First Half
                 Q2 2009 Q2 2008 Change at  H1 2009  H1 2008  Change
                                 current                    at current
                                 exchange                    exchange
                                  rates                       rates
Offshore Division  205.7   148.2   38.8%      407.7    285.0  43.1%
   of which Marine
   Services        171.6   116,1   47.7%      338.2    228.7  47.9%
   of which Subsea
   Services         34.1    32.1    6.4%       69.4     56.3  23.3%

Bulk Division       30.6    67.8  -54.8%       60.5    133.4 -54.6%
Other                7.2     6.0   20.0%       13.9     15.3  -8.8%
BOURBON TOTAL      243.5   222.0    9.7%      482.1    433.6  11.2%

Change at
constant
exchange
rates
29.7%

-60.5%
-12.9%
  0.4%

First half revenues amounted to EUR482.1 million, up 11.2% over first half
2008.

The dollar strengthened 15% against the euro with the dollar/euro exchange
rate at 1.33 during the first half year compared with 1.53 for the first
half of 2008.

At constant exchange rates, revenues were practically stable year on year with
strong growth in the Offshore Division compensating for a fall in the Bulk
Division.

OFFSHORE DIVISION

Year on year, revenues for the Offshore Division in the first half year were
up 43.1% (+29.7% at constant exchange rates) to EUR407.7 million. This
increase in revenues is mainly due to the full impact of the vessels
commissioned in 2008 and the deliveries of 13 supply vessels (including 10
vessels in the "Bourbon Liberty" series) and 25 crew boats during the half
year.

Given the current climate where clients are limiting their capital expenditure
for 2009 and are resorting to shorter term charters in the expectation of a
fall in rates, the North Sea and Mexican Gulf spot markets are suffering from
an over-capacity in tonnage, as in the Asian regional market. In the face of
these trends and in expectation of an upturn in business, BOURBON benefits
from its quality fleet with its innovative design and strong productivity
that are bringing down costs for clients. BOURBON also benefits from its high
exposure in West Africa, whose market is less affected than elsewhere in the
world.

(EUR millions)         Q2 2009    Q2 2008     Change    Change
                                             (EURm)        %
Marine Services        171.6      116.1      55.5        47.7
Subsea Services         34.1       32.1       2.0         6.4
TOTAL                  205.7      148.2      57.5        38.8
Of which:
   BOURBON vessels     184.5      125.3      59.3        47.3
Chartered vessels      21.2       23.0      (1.8)      (7.8)

(EUR millions)         H1 2009    H1 2008     Change    Change
                                             (EURm)        %
Marine Services        338.2      228.7     109.6       47.9
Subsea Services         69.4       56.3      13.1       23.3
TOTAL                  407.7      285.0     122.7       43.1
Of which:
   BOURBON vessels     363.8      242.9     121.0       49.8
Chartered vessels      43.8       42.1       1.7        4.1

Marine Services first half year revenues surged 47.9%. This activity has
benefited from delivery of 23 new supply vessels and 42 new crew boats over
the last twelve months as well as a boost from the renewal of existing
contracts. BOURBON has, in particular, taken delivery to date of 22
"Bourbon Liberty" vessels that are greatly appreciated by clients and
which are to be assigned to the offshore continental replacement market.

Subsea Services continued to expand with 23.3% growth despite a fall in
revenues year on year due to vessel chartering. A new IMR vessel has just
been commissioned.

Breakdown of the Offshore Division's revenues by geographical region

                              Second Quarter                 First Half
   (EUR millions)        Q2 2009  Q2 2008   Change    H1 2009   H1 2008
Change
                                            %                            %
Offshore Division        205,7    148,2    38,8       407,7    285,0    43,1
           Africa        136,6    102,9    32,8       271,1    194,9    39,1
Europe & Med./Middle East 32,5     26,5    22,6        65,9     52,8    24,9
             Asia         22,3      8,8   154,4        43,7     16,5   165,3
     American continent   14,3     10,1    41,9        26,9     20,8    29,2

BOURBON earns 67% of its revenues from Africa. Its presence locally, in
partnership with its main markets (Angola and Nigeria), and the quality of its
modern high performance fleet have led to a strong growth in revenues that has
been enhanced by the start of replacement of old obsolete vessels with Bourbon
Liberty class vessels.

In spite of the context of gradually less favorable market conditions, growth
in Asia was in line with our objectives.

Generally speaking, the availability of our new and innovative fleet and the
quality of our local operations are bringing robust growth both on a
geographical level (e.g. Malaysia, Egypt, Saudi Arabia, India and Mexico) and
in terms of diversifying our client portfolio (e.g. Foxtrot, Gazprom, Shell
Qatar and Schlumberger and Chevron Nigeria).

BULK DIVISION

The slump in the Bulk Division's 2009 first half revenues to EUR60.5 million,
down 54.6% vs. first half 2008, reflects the business slowdown (i.e. down
4 full time equivalent vessels) and the sharp drop in freight rates (-75%),
cushioned to some extent by the dollar's appreciation against the euro.

In the course of the half year the Bulk Division took delivery of 4 vessels
including 3 Supramax and a cement carrier, which brings the owned fleet up to
9 vessels.

During the second quarter the Baltic Supramax Index (BSI) rose from
10,875 $/d (Q1 2009 average) to an average of 16,503 $/d.

Due to its strategy of long term commitments to its clients, BOURBON's Bulk
Division is able to smooth out market fluctuations over time.

OUTLOOK

Offshore Division
In spite of uncertainties as to the impact of the economic upturn on the
demand for oil and the accelerating fall in oil field production following
capital expenditure cuts, the oil and gas services activity is expected to
grow over the medium term. BOURBON is well positioned today to face up to
the effects of excess capacity and to take full advantage of the future
effects of the business upturn.

Its modern and high productivity fleet helps minimize customer costs and bring
to the continental offshore market substitution vessels with the same
specifications as those operating in deep offshore.

Consequently, the progress made in implementing the Horizon 2012 Plan in 2008
and continuing into the first half of 2009 will ensure that the plan's
objectives are achieved.

Bulk Division

The current levels of the Bulk Division market should hold up during the
second half year 2009. Beyond that the key elements that will dictate market
conditions, and which are so difficult to assess, will be the demand for
freight, the rate of delivery of new vessels and the effective rate of
demolition of old vessels. The new vessels commissioned during the first half
year will have a full impact on the Bulk Division's activity in the second
half.

BOURBON

2009 financial performance will not be affected significantly by movements in
the euro/dollar exchange rate due to forward sales of dollars at a rate of
1 euro for 1.27 dollars.

FINANCIAL CALENDAR

- Presentation of first half 2009 results             August 26, 2009

- Third quarter 2009 revenue release                 November 9, 2009

- Fourth quarter and full-year 2009 revenue release February 10, 2010

- Presentation of 2009 annual results                  March 17, 2010

APPENDICES

     BOURBON QUARTERLY DATA

                                 2009                     2008
(EUR millions)                Q2      Q1         Q4     Q3     Q2      Q1

Offshore Division          205.7   202.2      209.1  178.0  148.2   136.8

Marine Services            171.6   166.7      170.6  140.2  116.1   112.5
Subsea Services             34.1    35.3       38.5   37.7   32.1    24.2

Bulk Division               30.6    29.9       44.0   57.4   67.8    65.6

Other                        7.2     6.7        5.1    4.1    6.0     9.3

BOURBON TOTAL              243.5   238.7      258.2  239.5  222.0   211.7

    KEY INDICATORS

                                                       Q2 2009        Q2 2008
Average USD exchange rate for the quarter (EUR)           1.36           1.56

USD exchange rate at closing on June 30 (EUR)             1.41           1.57

Average Brent price for the quarter ($/bl)                59            123

Average Baltic Supramax Index for the quarter ($/day) 16,503         60,461

The average euro/dollar exchange rate in first half 2009 was $1.33 compared
with $1.53 in first half 2008.

The BSI index showed an average value of $13,689 during the first half year
2009, against $55,299 in the first half of 2008.

The average price for Brent was $52 in the first half year 2009, compared to
$110 in the first half of 2008.

About BOURBON

As at December 31, 2008, BOURBON is present in over 28 countries with a staff
of 5,700 skilled pro fessionals, a fleet of 293 vessels in operation and
176 vessels on order.

Under the Horizon 2012 plan, BOURBON intends to become the leader in modern
offshore oil and gas marine services by offering the most demanding clients
worldwide, a full line of innovative, high performance and new-generation
vessels and an expanded offer of Subsea Services.

BOURBON also specializes in bulk transport and protects the French coastline
for the French Navy.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services"
sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and
is included in the Deferred Settlement Service SRD and in the SBF 120 and
Dow Jones Stoxx 600 indices.

Contacts
Publicis Consultants / Press Relations
Stéphanie Elbaz  +33 (0)1 57 32 85 92
stephanie.elbaz@consultants.publicis.fr
Elodie Woillez   +33 (0)1 57 32 86 97   elodie.woillez@consultants.publicis.fr

BOURBON
Investors-Analysts-Shareholders Relations
Patrick Mangaud +33 (0)1 40 13 86 09    patrick.mangaud@bourbon-online.com
Communication Department
Christa Roqueblave +33 (0)1 40 13 86 06 christa.roqueblave@bourbon-online.com

                          www.bourbon-online.com

BOURBON's latest news

12/02/2020 11:21

BOURBON (EPA:GBB) FIRST HALF YEAR 2009 REVENUES UP 11.2%

Transparency directive : regulatory news

BOURBON's latest news

Other stories