BOURBON (EPA:GBB) BOURBON : Second quarter 2010 revenues

Transparency directive : regulatory news

09/08/2010 08:12

Paris, August 9, 2010

                     Second quarter 2010 revenues: +11.2%
                 Second quarter 2010 Offshore revenues: +4.5%

"The Offshore Division's activity in the second quarter confirmed the trend that
had started to emerge at the end of 2009, characterized by the utilization rate
for BOURBON's fleet of vessels maintained at around 80% with no  significant
improvement in daily rates" commented Jacques de Chateauvieux, Chairman & Chief
Executive Officer of BOURBON.
"Not surprisingly, that means a slower rise in revenues than the increase in the
number of vessels available for operations, with a consequent reduction in the
EBITDA margin, and, allowing for the increase in amortization,
a significant, even though temporary, impact on the Division's operating income
(EBIT). The second half of 2010, and particularly 2011, will benefit from the
improvement in the fleet's utilization rate, a trend that is already starting to
show at the beginning of this third quarter."

                                  BOURBON scope
When the new "BOURBON 2015 Leadership Strategy" plan was announced, BOURBON
unveiled its intention to dispose of assets totaling EUR500m, mainly in 2010. In
particular, the Group is confident that its proposed sale of shares still held
in Sucrerie de Bourbon Tay Ninh will be concluded in the near future. As a
result of this and pursuant to IFRS, the financial  data related to the sugar
operations in Vietnam have been reclassified as "income from activities held for
sale"; in  particular, this income no longer appears in the "Other" item of
BOURBON's revenues in the table below, and the figures for 2009 have
consequently been restated.

* SECOND QUARTER 2010 REVENUES

                                  First quarter
(in millions of euros)         Q2 2010     Q2 2009   Change at
                                                      current
                                                      exchange
                                                       rates

Offshore Division                214.9       205.7     +4.5%
    Of which Marine Services     171.2       171.6     -0.2%
    Of which Subsea Services      43.7        34.1     28.1%
Bulk Division                     47.8        30.6    +56.3%
Other                              0.0         0.1      n/a
BOURBON TOTAL                    262.8       236.4    +11.2%

                            First Half

       H1 2010    H1 2009      Change at         Change at
                                current           constant
                                exchange          exchange
                                 rates             rates

        403.8       407.7        -0.9%             +0.4%
        324.5       338.2        -4.0%
         79.3        69.4       +14.2%
         86.3        60.5       +42.6%            +42.0%
          0.2         0.2         n/a
        490.4       468.4        +4.7%             +5.7%

BOURBON's second quarter revenues came to 262.8 million euros, up 11.2% compared
with the same period in 2009 (9.6% at constant exchange rates) thanks to
increased revenues in the Bulk Division and the Offshore Division, up 4.5% at
214.9 million euros.
Revenues are up 15.5% (11% at constant exchange rates) compared with the
previous quarter.
During  the first half, BOURBON revenue growth  increased by 4.7% (5.7% at
constant exchange rates) compared with the same period in 2009.

* OFFSHORE DIVISION

Compared to the first quarter of 2009, the revenue trends in the second quarter
of 2010 reflect the following significant points:
   - a deterioration in market conditions which have been particularly
     noticeable since the second half of 2009;
   - a 12.2% increase in revenues for BOURBON vessels (Q2 2010 versus Q2 2009);
   - 66 new vessels (including 26 Bourbon Liberty vessels) commissioned in the
     last twelve months;
   - the strengthening of the dollar over the period.

Compared with first quarter 2010, utilization rate of BOURBON's fleet has begun
to recover.

Quarterly revenues

(in millions of euros)  Q2 2010  Q1 2010  Q4 2009  Q3 2009  Q2 2009  Q1 2009

Marine Services          171.2    153.3    155.7    167.5    171.6    166.7

Subsea Services           43.7     35.6     38.9     40.1     34.1     35.3

OFFSHORE TOTAL           214.9    189.0    194.6    207.6    205.7    202.0

Of which:
BOURBON vessels          207.0    180.3    183.0    192.5    184.5    179.3
Chartered vessels          7.9      8.6     11.6     15.1     21.2     22.7

Utilization rate of the Offshore fleet

                                Q2 2010       Q1 2010
Average utilization rate        81.0%         78.1%
IMR vessels                     89.8%         80.9%
Deepwater supply vessels        92.1%         89.4%
Continental supply vessels      75.4%         72.4%
Crewboats                       78.6%         75.9%

Q4 2009    Q3 2009     Q2 2009     Q1 2009
  78.3%     82.7%       84.7%       88.3%
  90.4%     88.9%       88.6%       84.5%
  91.4%     94.5%       92.6%       93.6%
  80.6%     79.6%       86.6%       92.4%
  73.2%     79.6%       81.7%       86.0%

At the end of June 2010, the long-term contractualization rate of supply
vessels came to 63.6% versus 74% the previous year, in line with the strategy
defined in an unfavorable market period.

Breakdown of revenues by Activity - Marine Services and Subsea Services

Revenues for BOURBON vessels were up 14.8% in the second quarter versus the
previous quarter, thanks to the Supply fleet's better utilization rate, an
increase in the number of vessels, and the stronger dollar. Compared with the
second  quarter of 2009, Marine Services revenues in the second quarter 2010
were virtually constant at 171.2 million euros  (-0.2%). This was due to the
decrease in revenues from chartered vessels, in line with the Group's strategy
and the  deterioration in market conditions, offset by the fleet's expansion.
Compared with the previous quarter, revenues for this activity in the second
quarter increased by 11.7%, reflecting  the improvement in market conditions,
the commissioning of new vessels and the stabilization of charters.

Compared with the second quarter of 2009, Subsea Services revenues in the second
quarter were up 28.1% at 43.7 million euros, largely thanks to better
performance and the commissioning of a new IMR vessel at the beginning of 2010.
Compared with the previous quarter, revenues for this activity in the second
quarter rose by 22.7%, reflecting the marked improvement in the performance of
the BOURBON fleet.

(in millions of euros)       Q2 2010    Q2 2009   Change %
Marine Services                171.2     171.6    -0.2%
Subsea Services                 43.7      34.1   +28.1%
TOTAL                          214.9     205.7    +4.5%
Of which: BOURBON vessels      207.0     184.5   +12.2%
        Chartered vessels        7.9      21.2   -62.8%

             H1 2010     H1 2009    Change %
              324.5       338.2       -4.0%
               79.3        69.4      +14.2%
              403.8       407.7       -0.9%
              387.3       363.8       +6.5%
               16.5        43.8      -62.3%

Compared with the first half 2009, revenues were virtually stable for a total of
403.8 million euros. Revenues from BOURBON vessels increased by 6.5%, thanks to
the expansion of the fleet and despite the significant deterioration in market
conditions. Revenues for chartered vessels were nearly 27 million euros lower.
These figures yet again confirm the very favorable reception given to BOURBON's
innovative vessels that are both efficient and profitable for the client.

In the first half 2010, revenues for the Marine  Services  activity were down
4% at 324.5 million euros compared with the same period in 2009. This was due to
the sharp reduction in chartering (-63%), with the expansion of the
directly-owned fleet which however offset the deterioration in market
conditions.

Half-year revenues for the Subsea Services activity were up by 14.2% at 79.3
million euros compared with the same period in 2009, largely due to the
expansion of the BOURBON fleet.

Quarterly commissioning of Offshore vessels

   (in number of BOURBON vessels)    Q2 2010    Q1 2010
Supply Total                            9          9
             Marine Services            9          8
             Subsea Services            0          1
Crewboats Total                         9          6
OFFSHORE FLEET TOTAL                   18         15

            Q4 2009     Q3 2009     Q2 2009      Q1 2009
               9           6           8            5
               9           6           7            5
               0           0           1            0
              11           7          11           14
              20          13          19           19

Breakdown of the Offshore Division revenues by geographical region

                               2nd quarter               1st  half
(in millions of euros)   Q2 2010  Q2 2009  Change   H1 2010   H1 2009   Change
                                              %                           %
Offshore Division         214.9   205.7     +4.5%     403.8    407.7     -0.9%
                Africa    136.8   136.6     +0.1%     258.0    271.1     -4.8%
Europe & Mediterranean/
            Middle East    33.5    32,5     +3.0%      61.2     65.9     -7.1%
                   Asia    20.8    22.3     -6.5%      40.1     43.7     -8.3%
      American Continent   23.8    14.3    +66.8%      44.5     26.9    +65.4%

In the first half, BOURBON realized 11% of its revenues on the American
continent (outside USA) compared with only 6.6% in the first half 2009. Apart
from the expansion of the activity in Mexico and Brazil, this also reflects the
buyout of 50% of Delba Maritima at the end of 2009.
Elsewhere, the relative share in different regions has remained stable.

* BULK DIVISION

Second quarter revenues for the Bulk Division were up sharply (+56.3%) at 47.8
million euros compared with the same  period in 2009. This was mainly due to the
doubling of the directly-owned fleet (13 vessels on average in the first half
2010); and to a lesser extent, to the increase in rates (note that in the second
quarter 2009, in a very depressed market, BOURBON's rates were 54% higher than
those on the spot market thanks to the policy of long-term contractualization).

Over the six-month period, Bulk Division revenues were up 42.6% compared with
the first half 2009 at 86.3 million euros. Once again, this substantial increase
was due to the expansion of the fleet.

* OUTLOOK

Offshore Division

Activity on the offshore market will benefit from an upturn in oil companies'
capital investments in the second half, both in exploration and in production
and maintenance. This upturn is already evident in West Africa and Asia.

More rigorous demands from clients in terms of safety and the efficiency of
offshore services vessels should further reinforce their preference for the most
modern fleets rather than older vessels, and this is particularly the case in
continental offshore. In this context, BOURBON vessels - both existing and those
due to be commissioned in the near future - should see a steady improvement in
their utilization rates.

In addition, the economic activity in emerging countries and the maintenance of
current oil prices should sustain investment and hence the future demand for
vessels.

Bulk Division

The agreement for the sale of 16 bulk carriers signed on June 25 with the
American group Genco Shipping & Trading Ltd was ratified in July as expected. To
date, two vessels have already been delivered. In the coming months, revenues
for the Bulk Division will naturally be impacted by the progressive exit of
these vessels. At the end of the disposal program, the Bulk Division will
directly own one cement carrier and will continue to operate an average of 10 to
12 bulk carriers.

* FINANCIAL CALENDAR

  -  1st half 2010 financial results                     August 31, 2010

  -  Presentation of 1st  half 2010 results            September 1, 2010

  -  3rd quarter 2010 financial information             November 9, 2010

* APPENDICES

  * BOURBON QUARTERLY DATA

                              2010                      2009

(in millions of euros)      Q2    Q1               Q4     Q3     Q2     Q1
Offshore Division         214.9   189.0           194.6  207.6  205.7  202.0
Bulk Division              47.8    38.5            28.3   30.5   30.6   29.9
Other                       0.0     0.2             0.3    0.2    0.1    0.1
BOURBON TOTAL             262.8   227.6           223.2  238.2  236.4  232.0

   * KEY INDICATORS

                                                        Q2 2010    Q2 2009

Average EUR/$ exchange rate for the quarter (in EUR)       1.27       1.36

Average EUR/$ exchange rate at June 30 (in EUR)            1.23       1.41

Average price of Brent for the quarter (in $/bl)             78         59

Average Baltic Supramax index for the quarter (in $/day) 27,627     16,503

The average euro/dollar exchange rate in the first half 2010 was $1.33,
equivalent to the rate in the first half 2009.

The Baltic Supramax Index (BSI) averaged $26,402 per day in the first half 2010,
versus $13,689 per day in the first half 2009.

The price of Brent averaged $77 per barrel for the first half 2010 against $52
in the first half 2009.

About BOURBON
BOURBON offers a broad range of deepwater and continental offshore oil and gas
marine services. Under the new "BOURBON 2015 Leadership Strategy" plan, the
company will invest US$ 2 billion to offer its most demanding oil and  gas
clients a large fleet of 600 innovative and high performance vessels. It will
guarantee the highest standard of  quality service worldwide, under completely
safe conditions.
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
Jérôme Goaer      +33 (0)1 57 32 85 35   jerome.goaer@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
Communications Department
Christa Roqueblave +33 (0)1 40 13 86 06  christa.roqueblave@bourbon-online.com

               All information on www.bourbon-online.com

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BOURBON (EPA:GBB) BOURBON : Second quarter 2010 revenues

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