BOURBON : First Half 2012 Results

PARIS, August 29, 2012 /PRNewswire/ --



Revenues: +17.7%

EBITDA: +27.2% to €180.8 million

Net income, group share: €17 million

"Against the backdrop of a continuing favorable market environment, BOURBON reports growth in line with the BOURBON 2015 Leadership Strategy plan, as the positive impact of the increase in average daily rates applies to an expanding fleet", says Christian Lefèvre, BOURBON's Chief Executive Officer. "With the relative slowdown in the rate of commissioning of new vessels, our focus is now more than ever on safety, operational excellence and cost control."

                          BOURBON        Marine Services     Subsea Services
                              Change/H1           Change/H1           Change/H1
                     H1 2012    2011     H1 2012    2011    H1 2012    2011
 
    Number of
    vessels
                                 +22                +22
    (end of period)       446  vessels        428 vessels         17    +0
    in millions of
    euros
    Revenues            568.0    +17.7%     460.4  +22.4%       92.1  +11.9%
    EBITDA              180.8    +27.2%     142.6  +42.7%       34.9   +1.0%
    EBIT                 63.8    +48.2%


                                                            Total
                                        Shallow             fleet
                             Deepwater   water              excl.
                             Offshore  offshore    IMR    crewboats  Crewboats
      Utilization
         rate
 
        (in %)      H1 2012    91.9      88.5      87.7     89.7       78.9
                    H2 2011    92.1      87.5      92.7     89.8       80.9
                    H1 2011    87.5      87.5      94.2     88.2       80.8
 
     Average daily
    rate (in US$/d) H1 2012   20,145    13,519    37,866   18,352      4,678
                    H2 2011   20,163    12,872    34,030   18,000      4,380
                    H1 2011   18,994    12,821    32,117   17,451      4,319


H1 2012 highlights

  • With a satisfactory utilization rate, the growth in revenues reflects a favorable trend in rates combined with a positive impact from the dollar, which enabled the Group to post a disproportionate increase in earnings before interest and tax (EBIT) (+27.2% and +48.2%).
  • The positive effects of BOURBON's cost-reduction strategy, especially for the Crewboats segment, are apparent in the first half of the year, offsetting the impact of the many scheduled classification dry-dock periods in Subsea Services.

Net income, group share recovered to €17 million, from the €21.4 million loss in the first half of 2011.

Half-year results

                                                        Change          Change
 
                                                          H1              H1
                                                        2012 /          2012 /
 
                                                          H2              H1
    in millions of euros               H1 2012  H2 2011  2011   H1 2011  2011
    Revenues                              568.0   525.3  +8.1%    482.7 +17.7%
       Gross operating income (EBITDA)    180.8   158.2           142.1
                                                        +14.3%          +27.2%
                         % of revenues    31.8%   30.1%           29.4%
    Operating income (EBIT)                63.8    42.2 +51.0%     43.1 +48.2%
    Financial profit/(loss)              (32.3)   (8.9)          (62.7) -48.5%
    Income tax                            (7.1)   (3.8) +87.3%    (6.9)  +2.9%
    Income from discontinued
    operations                              0.8   (0.0)             0.5 +79.0%
    Minority interests                    (8.3)   (1.2)             4.5
    Net income/(loss), Group share         17.0    28.2 -39.8%   (21.4)


  • Revenues

Compared to the first half of 2011, revenues are up 17.7% to €568 million, with a strong 20.5% overall increase in Marine Services and Subsea Services. This growth mainly stems from the expansion of the fleet, particularly in the Shallow water Offshore segment (with 12 more vessels than in H1 2011), the rise in average daily rates and the firmer dollar exchange rate (14.5% at constant exchange rates).

Compared to the second half of 2011, revenues grew 8.1% (+3.9% at constant exchange rates), driven essentially by the Shallow water Offshore and Crewboats segments, which gained 20.1% and 10.2%, respectively. These gains primarily reflect the expansion of the fleet, the improvement in daily rates and the firmer dollar.

The sharp increase in average daily rates in Subsea Services more than offset the impact of Classification
dry-dock periods.

  • Gross operating income (EBITDA)

Compared to the first half of 2011, at €180.8 million, gross operating income (EBITDA) for the first half of 2012 was up 27.2%. This increase is clearly above the gain in revenues, since EBITDA reflects the impact of price increases combined with the strengthening of the dollar, which was however moderated somewhat by cost inflation. The improvement in EBITDA stems exclusively from Marine Services, while Subsea Services EBITDA remained stable, despite the numerous Classification dry-dock periods.

Compared to the second half of 2011, the 14.3% gain in EBITDA was substantially higher than the rise in revenues, reflecting the impact of price increases and the strengthening of the dollar. The increase is mainly due to the Shallow water Offshore vessels and Crewboats segments.

  • Earnings before interest and tax (EBIT)

Compared to the first half of 2011, at €63.8 million, EBIT for H1 2012 increased 48.2%. As for EBITDA above, the improvement in daily rates combined with the stronger dollar explain this growth rate, largely surpassing the gain in revenues. This robust increase is mainly due to the performance of the Deepwater Offshore vessels and Crewboats segments.

Compared to the second half of 2011, EBIT is up 51%.

  • Financial income / (loss)

In the first half of the year, financial loss amounted to a net charge of €32.3 million for a cost of net debt of
€33.7 million.

The change in currency exchange rates generated net financial income of €2.3 million. Note that the change in foreign exchange rates in H1 2011 resulted in a €30.5 million loss and a €29.2 million gain in H2 2011.

  • Net income / (loss), Group share

Net income, Group share was positive at €17 million, compared to a €21.4 million loss in the same period the previous year. This marked improvement reflects the growth in EBIT and the absence of foreign exchange losses.

  • MARINE SERVICES
                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
                                  H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Number of vessels (end of
    period)                           428     418    +10         406    +22
    Utilization rate                83.2%  84.3%   -1.1 pt     83.4%  -0.2 pt


                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
    in millions of euros          H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Revenues                        460.4  416.8     +10.5%   376.1     +22.4%
    Direct costs                  (269.7) (255.4)     +5.6%  (233.4)    +15.6%
    Operating margin                190.8  161.4     +18.2%   142.8     +33.6%
    General and administrative
    costs                          (48.2) (40.3)     +19.5%  (42.9)     +12.4%
    Gross operating income
    (EBITDA)                        142.6  121.5     +17.4%   100.0     +42.7%
                    % of revenues   31.0%  29.1%              26.6%


Compared to the first half of 2011, Marine Services revenues increased 22.4% to €460.4 million, with growth driven by the higher rates, especially in Deepwater Offshore, the expansion of the fleet, particularly the Shallow water Offshore fleet, and the firmer dollar. At €142.6 million, H1 EBITDA rose a steep 42.7%, almost twice the rate of growth of revenues. Profitability measured by the "EBITDA to average capital employed excluding installments" ratio improved by 3.3 percentage points to 12.9%. The three segments, Deepwater Offshore, Shallow water Offshore and Crewboats all contributed to this improvement.

Revenues gained 10.5%, compared to the second half of 2011, primarily due to the higher rates in the Shallow water Offshore and Crewboats segments, combined with the favorable impact of foreign exchange rates. EBITDA increased 17.4%.

Results by segment

  • Deepwater Offshore vessels
                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
                                  H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Number of vessels (end of
    period)                            71   70    +1 vessel       70 +1 vessel
    Utilization rate                91.9%  92.1%   -0.2 pt     87.5% +4.4 pts


                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
    in millions of euros          H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Revenues                        175.0  169.2      +3.4%    149.2    +17.3%
    Direct costs                   (94.0) (91.1)      +3.2%   (83.4)    +12.7%
    Operating margin                 81.1  78.2       +3.7%     65.8    +23.2%
    General and administrative
    costs                          (18.3) (16.4)     +11.6%   (17.0)     +7.7%
    Gross operating income
    (EBITDA)                         62.8  61.8       +1.6%     48.8    +28.6%
                    % of revenues   35.9%  36.5%               32.7%


Compared to the first half of the previous year, revenues for the period from Deepwater Offshore vessels were up 17.3% to €175 million, due primarily to improved rates and a stronger dollar, and, to a lesser extent, a higher utilization rate at 91.9%. EBITDA increased at a stronger rate than revenues to €62.8 million, a 28.6% increase.

Compared to the second half of 2011, revenues and EBITDA increased slightly (by 3.4% and 1.6%, respectively).

  • Shallow water Offshore
                                                     Change           Change
 
                                                     H1 2012          H1 2012
                                                        /                /
 
                                     H1 2012 H2 2011 H2 2011  H1 2011 H1 2011
    Number of vessels (end of                          +6               +12
    period)                               97 91      vessels       85 vessels
    Utilization rate                   88.5%   87.5%  +1 pt     87.5%  +1 pt


                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
    in millions of euros          H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Revenues                        153.8  128.1     +20.1%    113.3    +35.7%
    Direct costs                   (97.5) (84.2)     +15.8%   (72.0)    +35.4%
    Operating margin                 56.4  43.9      +28.3%     41.4    +36.4%
    General and administrative
    costs                          (16.1) (12.4)     +29.7%   (12.9)    +24.6%
    Gross operating income
    (EBITDA)                         40.4  31.9      +26.7%     28.4    +42.1%
                    % of revenues   26.3%  24.9%               25.1%


Compared to the first half of 2011, revenues for the period from Shallow water Offshore vessels increased 35.7% to reach €153.8 million, mainly driven by the expansion of the fleet (+12 vessels in the past 12 months), the firmer dollar and the upturn in rates.

First-half EBITDA for the segment totaled €40.4 million, up 42.1%, proportionately outstripping the growth in revenues.

Compared to the second half of 2011, revenues for the period for this segment rose 20.1%, reaping the benefits of these same impacts. EBITDA increased 26.7% for the second half of the year.

Crewboats

                                                     Change           Change
 
                                                     H1 2012          H1 2012
                                                        /                /
 
                                     H1 2012 H2 2011 H2 2011  H1 2011 H1 2011
    Number of vessels (end of                          +3               +9
    period)                              260   257   vessels    251   vessels
    Utilization rate                   78.9%  80.9%  -2 pts    80.8%  -1.9 pt


                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
    in millions of euros          H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Revenues                        131.6  119.4     +10.2%   113.6     +15.8%
    Direct costs                   (78.3) (80.2)      -2.3%  (78.0)      +0.3%
    Operating margin                 53.3  39.3      +35.7%   35.6      +49.7%
    General and administrative
    costs                          (13.8) (11.5)     +19.7%  (12.9)      +6.3%
    Gross operating income
    (EBITDA)                         39.4  27.8      +42.4%   22.7      +73.6%
                    % of revenues   30.0%  23.3%              20.0%


Compared to the first half of 2011, revenues for the Crewboats segment reached €131.6 million, up 15.8% thanks to the improvement in rates, the stronger dollar and the expansion of the fleet (+9 vessels in the past
12 months).

Rising by a steep 73.6%, EBITDA was €39,4 million, buoyed by the increase in revenues and excellent cost control.

Compared to the second half of 2011, revenues for the period for this segment increased 10.2%, mainly due to the higher rates. EBITDA for the second half of the year rose 42.4% for the same reasons.

  • SUBSEA SERVICES
                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
                                  H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Number of vessels (end of
    period)                            17      18 -1 vessel    17            -
    Utilization rate                87.7%   92.7%  -5 pts     94.2%   -6.5 pts


                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
    in millions of euros          H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Revenues                         92.1    90.4     +1.9%     82.4    +11.9%
    Direct costs                   (47.6)  (48.8)     -2.5%   (38.7)    +23.0%
    Operating margin                 44.5    41.6     +7.1%     43.7     +2.0%
    General and administrative
    costs                           (9.6)   (8.7)    +10.3%    (9.4)     +2.7%
    Gross operating income
    (EBITDA)                         34.9    32.9     +6.0%     34.6     +1.0%
                    % of revenues   37.9%   36.4%              42.0%


Compared to the first half of 2011, revenues posted by Subsea Services for the period rose 11.9% to
€92.1 million, while EBITDA remained practically stable. As a result, the ratio of EBITDA to Revenues dipped slightly from 42% to 37.9%.

Profitability measured by the "EBITDA to average capital employed excluding installments" ratio was 15.1%.

Compared to the second half of 2011, revenues improved very slightly, by 1.9%, as the positive impact of the stronger dollar and the increase in rates was largely offset by the effect of Classification dry-dock periods. EBITDA increased 6.0% due to good cost control.

To recap, two "small" IMR vessels were transferred from Subsea Services to Marine Services, and one
well-stimulation vessel was transferred from Marine Services to Subsea Services.

  • OTHER
                                                   Change             Change
 
                                                  H1 2012 /          H1 2012 /
 
    in millions of euros          H1 2012 H2 2011  H2 2011   H1 2011  H1 2011
    Revenues                         15.4  18.1      -15.0%   24.2      -36.3%
    Direct costs                   (11.4) (13.7)     -16.6%  (15.9)     -28.4%
    Operating margin                  4.0   4.4      -10.2%    8.2      -51.6%
    General and administrative
    costs                           (0.7)  (0.7)      +5.7%   (0.7)      +8.3%
    Gross operating income
    (EBITDA)                          3.3   3.8      -13.1%    7.6      -56.8%
                    % of revenues   21.2%  20.8%              31.3%


"Other" mainly includes the business from the cement carrier Endeavor, externally chartered offshore vessels, as well as items not included in the two other Activities. The decline in revenues and EBITDA reflects the slowdown in external chartering in the Offshore activities.

  • OUTLOOK

Despite the continued uncertainty surrounding global economies, investments by oil and gas sector clients continue to be backed by the price per barrel (US$113 on average for the first half of the year), while demand for offshore service vessels is predicted to increase over the next two years.

Orders for drilling rigs due to be commissioned in the next few years and the order books of offshore construction companies are set to stimulate demand for vessels.

In Shallow water Offshore, accelerating the process of replacing older vessels (deemed obsolete) on the market seems vital in order to meet the increasingly stringent risk management demands of oil and gas companies. Clients will continue to favor innovative, high-productivity vessels, which is where BOURBON's fleet of vessels is particularly appreciated. The global Deepwater Offshore fleet continues to increase with new orders for "large" PSVs. In line with its strategy of taking into account the risk of over-capacity, BOURBON has very limited exposure to this market and concentrates on medium-sized vessels, for which demand remains strong in international markets.

BOURBON's earnings are influenced by the €/US$ exchange rate. Accordingly, BOURBON set up €/US$ hedging contracts to cover the entirety of its estimated EBITDA exposure in 2012. These dollar forward sales were made at an average exchange rate of €1 = US$1.3070.

  • ADDITIONAL INFORMATION

  • In August 2012, typhoon Haikui struck China, affecting the construction of 15 vessels in Sinopacific's shipyards in Zhejiang. The estimated delay for delivery and transfer of title to BOURBON of these vessels is five to six months.

  • The accounts for the first half of 2012 were closed by the Board of Directors on Monday, August 27, 2012.

  • The accounts for the first half of 2012 underwent a limited examination by the statutory auditors.

  • FINANCIAL CALENDAR

- Publication of Q3 2012 Revenues    November 7, 2012

- Publication of Q4 and

full-year 2012 Revenues    February 6, 2013

- Presentation of 2012 Annual Results    March 6, 2013

The financial data related to the results for H1 2012 include this press release as well as the presentation of the press conference, which will be available on the Group's website on August 29, 2012 at 12:00pm, at the end of the press conference scheduled for this date.

View the press conference live or recorded on our website,http://www.bourbon-online.com

APPENDIX I

Simplified consolidated balance sheet

in millions of euros

                  6/30/2012 12/31/2011                6/30/2012 12/31/2011
                                       Shareholders'
                                       equity             1,387      1,417
    Net property,
    plant and                          Financial debt
    equipment         3,319      3,244 > 1 year           1,502      1,565
    Other                              Other
 
    Non-current                        Non-current
    assets               99        101 liabilities          140        134
    TOTAL                              TOTAL
 
    NON-CURRENT                        NON-CURRENT
    ASSETS            3,418      3,345 LIABILITIES        1,642      1,699
    Other current                      Financial debt
    assets              518        484 < 1 year             734        620
    Cash on hand                       Other current
    and in banks        185        230 liabilities          358        323
    TOTAL CURRENT                      TOTAL CURRENT
    ASSETS              703        714 LIABILITIES        1,092        943
    Non-current                        Non-current
    assets held                        liabilities
    for sale              -          - held for sale          -          -
                                       TOTAL
    TOTAL ASSETS      4,121      4,059 LIABILITIES        4,121      4,059


APPENDIX II

Consolidated Cash Flow Statement

in millions of euros

                                                     H1 2012         H1 2011
    Consolidated net income (loss)                        25.3   (25.9)
 
    Cash flow (*)                                        145.5            86.1
                                                          
    Net cash flow from operating activities(*)           168.1            64.0

    Net cash flow consumed by investing
    activities (*)                                      (164.1)         (121.5)

    Of which acquisition of property, plant
    and equipment and intangible assets         (165.6)         (166.9)

    Of which sale of property, plant and
    equipment and intangible assets                1.2            31.0 
         
    Net cash flow from/(consumed by) financing
    activities(*)                                       (167.0)          (98.6)

    Of which increase (decrease) in borrowings   (81.2)          (15.1)

    Of which dividends paid to shareholders of
    the group                                    (53.3)          (53.2)
 
    Of which net financial interest paid         (33.7)          (30.2)  
    Impact from the change in exchange rates             (0.0)           (2.5)
    Net cash increase (decrease)                       (163.0)         (158.7)
 
    Net cash at beginning of period              (44.0)          (61.1)
 
    Net cash at end of period                   (207.0)         (219.7)


    Net cash increase (decrease)                       (163.0)         (158.7)


* Including discontinued operations

APPENDIX III

Quarterly revenue breakdown

         (In EUR millions)             2012                   2011
                                    Q2      Q1       Q4     Q3     Q2    Q1
    Marine Services                 238.4   222.1   216.5   200.3 191.1 185.1
    Deepwater offshore vessels       88.5    86.5    87.5    81.7  74.4  74.8
    Shallow water offshore
    vessels                          83.4    70.5    66.6    61.5  58.9  54.4
    Crewboats                        66.4    65.1    62.4    57.0  57.8  55.8
    Subsea Services
 
    IMR vessels                      46.4    45.7    48.1    42.3  41.6  40.7
    Other                             5.2    10.2     8.5     9.6  14.5   9.7
    GROUP TOTAL                     290.0   278.0   273.1   252.2 247.2 235.5


Quarterly average utilization rates for the BOURBON offshore fleet

                   (in %)                    2012               2011
                                           Q2    Q1     Q4    Q3    Q2    Q1
    Deepwater offshore vessels            91.3  92.5   93.7  90.2  86.9  88.1
    Shallow water offshore vessels        92.5  84.3   88.3  86.4  90.2  84.8
    Crewboats                             78.6  81.0   82.1  79.7  81.4  80.5
    Marine Services average utilization
    rate                                  83.9  83.7   85.5  83.0  84.2  82.7
    Subsea Services average utilization
    rate                                  89.7  85.7   91.0  94.0  96.3  92.0
    Total fleet excluding Crewboats
    average utilization rate              91.8  87.6   90.7  88.7  89.5  86.9
    Total fleet average utilization rate  84.0  83.7   85.7  83.4  84.7  83.1


Quarterly average daily rates for the BOURBON offshore fleet

             (in US$/day)               2012                  2011
                                      Q2     Q1      Q4     Q3     Q2     Q1
    Deepwater offshore vessels      20,480 20,011  20,222 20,547 19,154 18,835
    Shallow water offshore vessels  13,773 13,290  12,681 13,179 12,883 12,653
    Crewboats                        4,763  4,447    4,349 4,409  4,361  4,263
    IMR vessels                     38,018 38,181  34,516 33,822 32,379 31,842
    Total fleet excluding
    Crewboats average daily rate    18,526 18,309  17,965 18,303 17,498 17,354


Quarterly commissioning of vessels

         (in number of vessels)           2012               2011
                                        Q2    Q1     Q4    Q3    Q2    Q1
    TOTAL FLEET                          6     8      3    15    11    10
    Marine Services                      6     8      2    15    11    10
    Deepwater Offshore vessels           2     0      0     0     1     0
 
    Shallow water Offshore               1     3      1     6     5     3
 
    Crewboats                            3     5      1     9     5     7
    Subsea Services / IMR                0     0      1     0     0     0


Half-year revenue breakdown

          (In EUR millions)             2012             2011
                                         H1          H2        H1
    Marine Services                        460.4      416.8     376.1
    Deepwater Offshore vessels             175.0      169.2     149.2
    Shallow water Offshore                 153.8      128.1     113.3
    Crewboats                              131.6      119.4     113.6
    Subsea Services
 
    IMR vessels                             92.1       90.4      82.4
    Other                                   15.4       18.1      24.2
    GROUP TOTAL                            568.0      525.3     482.7


Half-year average utilization rates for the BOURBON offshore fleet

                    (in %)                      2012             2011
                                                 H1          H2       H1
    Deepwater Offshore vessels                  91.9        92.1     87.5
    Shallow water Offshore                      88.5        87.5     87.5
    Crewboats                                   78.9        80.9     80.8
    Marine Services average utilization
    rate                                        83.2        84.3     83.4
    Subsea Services average utilization
    rate                                        87.7        92.7     94.2
    Total fleet excluding Crewboats average
    utilization rate                            89.7        89.8     88.2
    Total fleet average utilization rate        83.3        84.6     83.8


Half-year average daily rates for the BOURBON offshore fleet

                (in US$/day)                  2012             2011
                                               H1          H2       H1
    Deepwater Offshore vessels               20,145      20,163   18,994
    Shallow water Offshore                   13,519      12,872   12,821
    Crewboats                                 4,678       4,380    4,319
    IMR vessels                              37,866      34,030   32,117
    Total fleet excluding Crewboats
    average utilization rate                 18,352      18,000   17,451


Half-year commissioning of vessels

       (in number of vessels)          2012              2011
                                        H1           H2       H1
    TOTAL FLEET                         14           18       21
    Marine Services                     14           17       21
    Deepwater Offshore vessels           2           0         1
 
    Shallow water Offshore               4           7         8
 
    Crewboats                            8           10       12
    Subsea Services / IMR                0           1         0


Breakdown of BOURBON revenues by geographical region

                                   Second quarter            First half
        (In EUR millions)      Q2 2012 Q2 2011 Change  H1 2012 H1 2011 Change
                        Africa   176.9   147.9   19.6%   356.2   298.7   19.2%
                      Europe &
     Mediterranean/Middle East    50.2    50.8   -1.0%    96.3    88.3    9.1%
            American Continent    36.6    29.4   24.2%    70.4    59.4   18.4%
                          Asia    26.3    19.0   38.2%    45.1    36.2   24.4%


Other key indicators

Quarterly breakdown

                                             2012               2011
                                           Q2    Q1     Q4    Q3    Q2    Q1
    Average EUR/US$ exchange rate for
    the quarter (in EUR)                  1.28  1.31   1.35  1.41  1.44  1.37
    EUR/US$ exchange rate at closing (in
    EUR)                                  1.26  1.34   1.29  1.35  1.45  1.42
    Average price of Brent for the
    quarter (in US$/bbl)                   108   119    109   113   117   105


Half-yearly breakdown

                                           2012                 2011
                                            H1            H2           H1
    Average EUR/US$ exchange rate for
    the half year (in EUR)                 1.30          1.38         1.40
    EUR/US$ exchange rate at closing
    (in EUR)                               1.26          1.29         1.45
    Average price of Brent for the
    half year (in US$/bbl)                  113           111         111


About BOURBON

BOURBON offers the most demanding oil and gas companies a comprehensive range of surface and subsea marine services for offshore oil and gas fields and wind farms, based on a extensive range of latest-generation vessels. The Group provides a local service through its 27 operating subsidiaries, close to clients and their operations, guaranteeing the highest standards of service quality and safety worldwide.

BOURBON has two Businesses (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.

Under the "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built in series.

In 2011, BOURBON posted revenues of €1.008 billion and operated a fleet of 446 vessels as of June 30, 2012.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, participates in the Deferred Settlement Service ("SRD") and is included in the SBF 120, CAC Mid 60 and Dow Jones Stoxx 600 indices.

Contacts

    Publicis Consultants

    Jérôme Goaer +33-(0)1-44-82-46-24 - jerome.goaer@consultants.publicis.fr
    Véronique Duhoux +33-(0)1-44-82-46-33 - veronique.duhoux@consultants.publicis.fr
    Vilizara Lazarova +33-(0)1-44-82-46-34 - vilizara.lazarova@consultants.publicis.fr

    BOURBON

    Investors - Analysts - Shareholders Relations
    Patrick Mangaud +33-(0)1-40-13-86-09 - patrick.mangaud@bourbon-online.com

    Corporate Communication
    Christa Roqueblave +33-(0)1-40-13-86-06 - christa.roqueblave@bourbon-online.com


http://www.bourbon-online.com

http://www.bourbon-online.com


SOURCE BOURBON




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