BOURBON Releases Annual Results 2010 (France)

Despite challenging conditions, the resilience shown by a 2010 EBITDA of 240.9 million euros, validates the pertinence of BOURBON’s strategy.

-Net income, group share of 39.2 million euros.

“”The 2010 results obtained, despite an unusually sluggish market, illustrate the merits of a strategy aimed at meeting client needs in terms of safety, reliability and lower costs through continuous investments in innovative and high-performance vessels“” says Jacques de Chateauvieux, Chairman of the BOURBON Board of Directors. “”This year BOURBON showed its ability to resist in a market downturn and will deliver its full potential with the implementation of BOURBON 2015 Leadership Strategy plan.””

“”The conditions for the success of the plan are now met,”” stresses Christian Lefèvre, Chief Executive Officer of BOURBON. “”Cash from the 500 million euros disposal plan is already available. The vessels ordered are benefiting from experience acquired in operating the previous series, and the crews can rely on a structure and procedures that meet the needs of clients. The resumption of investments announced by the oil companies and confirmed by the utilization rates of the first two months of the year is creating an environment conducive to a gradual improvement in performance and results.“”

MARINE SERVICES

Revenues in 2010 amounted to 660.3 million euros, up 9.2% from 2009. The impact of the strong growth of the fleet (58 new vessels) was attenuated by the downturn in market conditions. The vessel utilization rate remained high at 79.5% compared with 83% in 2009.

In the second half of 2010, revenues rose by 9.5% compared with the first half of 2010, owing mainly to the growth of the fleet (up 8%).

Compared with the second half of 2009, the average utilization rate in the second half of 2010 remained steady at 81% compared with 89%.

Compared with the previous year, EBITDA in 2010 fell by 24.4% to 182.9 million euros because of market conditions and the increase in costs due mainly to the repositioning of more vessels at the end of their contract.

Compared with the first half of 2010, EBITDA in the second half of 2010 dipped by 9%.

More info: Bourbon

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Source: bourbon ,March 16, 2011;