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August 9, 2010

Bourbon reports increased revenue

Paris headquartered Bourbon reported second quarter revenues of EUR 262.8 million -- up 11.2 percent on the same period in 2009.

Revenues from the offshore division were up 4.5 percent.

"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 percent with no significant improvement in daily rates" commented Chairman and CEO Jacques de Chateauvieux.

"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."

Read Bourbon's release HERE


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