BOURBON's first quarter 2006 revenues totaled $219m, an increase of 21.5% compared with the same period in 2005 (14.7 % at constant exchange rates). In its Offshore Division
, BOURBON saw revenues of $101m at the end of March 2006, up 32.9 % . The offshore oil and gas marine services recorded very strong growth, except in the North Sea. The Towage & Salvage Division reported revenue growth of 18.5% in the first quarter of 2006 against the backdrop of a strong market, particularly in the international segment. The Bulk Division recorded revenues of $52.3m at March 31, 2006, down slightly as expected from the same period in 2005. This change was driven by the combination of two opposite trends over the period: an increase in the volume shipped, specially in the trade of coal and iron ore
in Far East; and a slight decrease in freight rates despite a still favorable market. In an offshore oil and gas market that is still expected to be very strong in 2006, BOURBON plans to diversify its client portfolio in its traditional operating zones and should accelerate its growth in new zones (particularly Southeast Asia). In bulk shipping, revenues should continue to be influenced by market freight rates.