abce certificate
Tuesday, 02 December, 2008, 02:20 GMT | more >>

Bourbon puts on steam



By Upstream staff 

French marine services giant Bourbon reported strong first half revenues, with its offshore services driving the gains.

Bourbon reported first-half revenue rose to €371 million ($510.8 million) from a pro-forma €286.1 million in the first half of 2006. Cash flow also rose sequentially in the first two quarters of 2007.

The company split off its port towing business, which it plans to sell, and included its operations for the French navy in its offshore services segment, making comparisons between periods difficult.

Nevertheless, Bourbon said earnings for its offshore segment, which also includes its core business serving the offshore oil and gas industry, increased to €231.4 million in the first half of the year from €180.3 million previously, amid a “buoyant” market.

The company said it added 15 new vessels to its fleet over the past year, boosting its international capacity.

Services off Africa continued to make up the bulk of Bourbon’s business in the segment, with revenues for the region rising to €153.6 million in the half-year from €121 million previously.

Bourbon reported that revenues in its Nigerian and Angolan markets rose 26% and 33% respectively.

Revenues for its Europe and Mediterranean region rose to €49.3 million from €39.8 million previously, with the Americas rising to €18.9 million from €15.9 million and Asia accounting for €9.6 million from €3.6 million previously.

Bourbon owns and operates a worldwide fleet of 265 vessels.


Thursday, 09 August, 2007, 15:48 GMT  | last updated: Thursday, 09 August, 2007, 17:16 GMT

e-mail this article to a colleague


to email:  from:
comments: