BOURBON (EPA:GBB) BOURBON : Strong first half 2009 results boosted by growth in Offshore

Transparency directive : regulatory news

26/08/2009 07:00

Paris, August 26, 2009

      Strong first half 2009 results boosted by growth in Offshore

                              EBITDA up 27.9%
                Net income, group share of EUR82.3 million

Jacques de Chateauvieux, Chairman and Chief Executive of BOURBON, said:
"BOURBON's good results are a positive step along the road outlined in the
strategic plan Horizon 2012. They show the beneficial effect of medium and
long-term shipping contracts, which smooth out the consequences of market
fluctuations. Our strategy, which is to invest in a fleet of modern offshore
vessels to bring down customers' costs, results in a high utilization rate
during periods of generally reduced demand."

In millions of euros                      1st Half 2009  1st Half 2008  Change

Revenues                                       482.1         433.6      +11.2%
  Gross operating income
  excluding capital gains                      175.6         131.8      +33.2%
  Operating income excluding
  capital gains                                114.9          84.1      +36.6%
  Capital gains                                  1.0           6.3         n.s

Gross operating income (EBITDA)                176.6         138.1      +27.9%
Operating income (EBIT)                        115.9          90.4      +28.2%
  Net financial income / (loss)               (17.9)        (14.2)      +26.5%
  Share in income : (loss) of associates       (0.0)          2 .9         n.s
  Income tax                                   (5.8)         (4.3)      +36.5%
  Net income from discontinued operations
  and gains on equity interests sold           (1.6)           8.6         n.s
  Minority interests                           (8.3)         (5.3)         n.s

Net income, group share                         82.3          78.2       +5.1%

First half 2009 results reflect continued organic growth in the Offshore
Division, which accounted for 85% of capital employed as of June 30, 2009.

Revenues came in at EUR482.1 million, up 11.2% over the first half of 2008 at
current exchange rates. EBITDA of EUR176.6 million surged by 27.9% buoyed by
growth in the Offshore fleet and currency gains. During the first half, the
Group posted EUR1 million in capital gains compared with EUR6.3 million in the
first half of 2008.

Operating income amounted to EUR1 15.9 million, up 28.2% compared with the first
half of 2008.

Net income Group share was EUR82.3 million against EUR78.2 million in the first
half of 2008.

Return on capital employed, measured by the ratio of EBITDA to average capital
employed excluding payments on account, is 18.1%, in line with the 18% objective
announced for 2012 in the strategic plan.

  OFFSHORE DIVISION

With a revenue growth of 43.1% to EUR407.7 million (up 29.7% at constant
exchange rates), the Offshore Division is performing even better than the
Horizon 2012 plan's objective of 21% average annual growth.

Revenues posted by the fleet of owned vessels surged by 49.8% to EUR363.8
million, largely driven by our policy of medium and long term contracts, and
from the full effect on the first half of vessels commissioned in 2008 and
delivery of 13 supply vessels (10 of which are vessels in the Bourbon Liberty
series).

EBITDA came in at EUR158.7 million, up 58.3%; the ratio of EBITDA to revenues
grows consistently from year to year, bolstered by the combination of a
favourable dollar rate and a positive product mix (increased proportion of
revenue earned with own vessels).

Operating income which includes a EUR4 million provision write-back, amounted to
EUR104.4 million, which is almost double the figure for the first half of 2008.

In millions of euros                      1st Half 2009  1st Half 2008  Change

Revenues                                       407.7         285.0      +43.1%
                      from owned vessels       363.8         242.9      +49.8%
                  from chartered vessels        43.8          42.1       +4.1%

Gross operating income excluding
capital gains                                  157.5          94.0      +67.6%
                           % of revenues       38.6%         33.0%
Operating income excluding capital gains       103.2          46.5     +121.9%
                           % of revenues       25.3%         16.3%

Capital gains                                    1.2           6.3         n.s
Gross operating income (EBITDA)                158.7         100.3      +58.3%
Operating income (EBIT)                        104.4          52.8      +97.7%

Marine Services

Revenues posted by the fully owned Marine Services fleet soared by 53% year on
year, largely due to the new vessels brought into service over the past
12 months (23 supply and 42 crewboats). This growth confirms the success of the
new generation vessels, the Bourbon Liberty series, which customers particularly
appreciate for the logistics cost savings they provide in a depressed market
environment.

Although still at a relatively high utilization rate (an average of 91% for
supply vessels), the average usage rate is down slightly as a result of the
current preference in the oil industry for short term contracts, and due to the
fact that transit costs are not charged for new vessels sailing from the
shipyards to operating zones.

EBITDA excluding capital gains amounted to EUR132 million, up 71% compared with
the previous year.

In millions of euros                      1st Half 2009  1st Half 2008  Change

Revenues                                      338.2          228.7      +47.9%
                      from owned vessels      302.5          197.7      +53.0%
                  from chartered vessels       35.7           31.0      +15.3%

Gross operating income excluding
capital gains                                 132.0           77.1      +71.2%
                           % of revenues      39.0%          33.7%

Capital gains                                   1.2            6.3         n.s

Gross operating income (EBITDA)               133.2           83.4      +59.7%

Subsea Services

Subsea Services owned fleet revenues increased by 35.8%, boosted by the full
effect of 2 IMR vessels brought into service in 2008 and a favourable dollar
exchange rate. Although year on year chartered business volumes has decreased,
the share of chartered vessels still remains higher than in Marine Services.

EBITDA stands at EUR25.5 million, up 50.9% compared with the previous year.

In millions of euros                      1st Half 2009  1st Half 2008  Change

Revenues                                       69.4           56.3      +23.3%
                      from owned vessels       61.3           45.2      +35.8%
                  from chartered vessels        8.1           11.2      -27.0%

Gross operating income excluding
capital gains                                  25.5           16.9      +50.9%
                           % of revenues      36.7%          30.0%

Capital gains                                     -              -         n.s

Gross operating income (EBITDA)                25.5           16.9      +50.9%

  BULK DIVISION

The market for bulk transport has been hit by the fall in freight rates (-75% on
the Baltic Supramax Index compared to the first half of 2008), only partially
compensated by the strengthening of the dollar. In this context BOURBON has seen
its revenues drop 54.6% to EUR60.5 million, the strategy of long-term commitment
to customers enabling us to spread the impact of market fluctuations overtime.

During the first half, the Bulk Division's own fleet was strengthened by the
commissioning of 3 Supramax bulk carriers and a cement carrier. This brought the
number of owned vessels up to 9 as of June 30. As a precaution, given the
current situation, BOURBON has reduced the number of chartered vessels. Given
that the proportion of revenue earned by the owned fleet has increased, the
ratio of EBITDA to revenues improved to 34.5%.

The Division posted EBITDA of EUR20.9 million and operating income of
EUR17.2 million.

In millions of euros                      1st Half 2009  1st Half 2008  Change

Revenues                                       60.5          133.4      -54.6%

Gross operating income excluding
capital gains                                  20.9           38.8      -46.2%
                           % of revenues      34.5%          29.1%

Operating income excluding
capital gains                                  17.2           37.1      -53.8%
                           % of revenues      28.3%          27.8%

Capital gains                                     -              -         n.s

Gross operating income (EBITDA)                20.9           38.8      -46.2%

Operating income (EBIT)                        17.2           37.1      -53.8%

  OUTLOOK

Offshore Division

Despite 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 the
Bourbon Liberty series brings 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 achievement of the plan's
objectives.

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.
During the second half the Bulk Division's activity will be boosted, benefiting
fully from new vessels commissioned in the first 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

   - 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

About BOURBON

With 6,300 professionals and a fleet of 335 owned vessels and 141 units on
order, BOURBON is currently present in more than 28 countries

BOURBON offers a broad range of offshore oil and gas marine services. 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 a modular
offer of Inspection, Maintenance and Repair services through its Subsea Services
Activity.

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

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