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Bourbon Q1 Sales Increase
Friday, May 09, 2008
Bourbon SA said sales jumped 21.4 percent to 211.7 million euros in the first quarter from 174.4 million a year ago, equal to 34.5 percent growth at constant exchange rates, spurred by sharp increases at both its main divisions, offshore and bulk.
In the offshore business, sales climbed 23.4 percent to 136.8 million euros from 110.8 million in the year earlier period, amounting to a 34.7 percent improvement at constant exchange rates.
The bulk operations achieved a 30.3 percent sales increase, to 65.6 million euros from 50.4 million. With steady currency values sales would have surged 48.9 percent.
The market for offshore oil and gas marine services remains highly favourable, both in exploration- development of deepwater fields and in production and maintenance, Bourbon said.
High oil prices make it profitable to relaunch production on old continental offshore fields, generating heavy activity in this sector, it said.
In the bulk division, the company intends to benefit from favourable market conditions to secure the use of a portion of its future fleet for medium-term contracts, Bourbon said.
Source: Thompson Financial
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