Bourbon Sa News

Global demand driving consistent year-over-year profits for Tidewater. A more modern fleet riding a rising tide should continue that trend, analysts and company officials say. Tidewater Inc., based in New Orleans, has invested in deepwater, platform supply vessels in recent years, a move that looks to be paying off as demand for those boats improves during a rush to build deep-ocean rigs. The company provides offshore supply vessels and marine support services for the world’s energy industry.

Genco Shipping & Trading Limited (NYSE: GNK) ("Genco" or the "Company") today reported its financial results for the three months ended March 31, 2011. The following financial review discusses the results for the three months ended March 31, 2011 and March 31, 2010. * Continued time charter strategy of fixing vessels on short term or spot market related contracts with options to convert to fixed employment contracts while market remains soft.

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Bourgogne, a 2010-built Supramax vessel, and the Genco Bay, a 2010-built Handysize vessel. The Genco Bourgogne is the ninth vessel to be delivered to the company under its agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The Genco Bay is the is the second of five vessels to be delivered to the company under its agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies. The company…

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Pyrenees, a 2010-built Supramax vessel, and the Genco Normandy, a 2007-built Supramax vessel. The Genco Pyrenees and the Genco Normandy are the third and fourth vessels, respectively, to be delivered to the Company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The Genco Pyrenees is expected to be delivered to its charterer, Setaf Saget SAS, on or about August 12, 2010 to commence a time charter for 11 to 13.5 months at a rate of $19,000 per day, less a 3.75% third-party brokerage commission.

Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three and six months ended June 30, 2010. The following financial review discusses the results for the three and six months ended June 30, 2010 and June 30, 2009. --  Maintained short term time charter strategy for Capesize vessels up for renewal due to seasonal weak rate environment. The company recorded net income attributable to Genco shareholders for the second quarter of 2010 of $36.8 million, or $1.17 basic and $1.16 diluted earnings per share. Comparatively, for the three months ended June 30, 2009, our net income attributable to Genco shareholders was $37.6 million or $1.20 basic and diluted earnings per share.

Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Lorraine, a 2009-built Supramax vessel. The Genco Lorraine is the first of 13 vessels to be delivered to the company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The company also announced that it has reached an agreement to enter into a time charter for the Genco Lorraine with Olam International Limited for 23 to 25 months at a rate of $18,500 per day, less a 5% third party brokerage commission. The time charter for the Genco Lorraine is expected to commence on or about July 31, 2010 and is subject to the completion of definitive documentation.

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has entered into an agreement with Bourbon SA to acquire 16 Supramax vessels, including two newbuildings, from Setaf SAS, a wholly owned subsidiary of Bourbon SA, for an aggregate purchase price of $545m. The acquisition is subject to the completion of customary documentation and closing conditions. Genco intends to retain 13 of the vessels, 12 of which are expected to be delivered to Genco in the third quarter of 2010, with the remaining vessel scheduled to be delivered in the first quarter of 2011. Six of these 13 vessels are secured on time charters with remaining durations between approximately one month and 54 months. The transfer of these time charters to Genco is subject to the charterers' consent.

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.

Smit Internationale, the biggest marine-salvage company, may be heading for a takeover two months after rejecting a $300m bid for its oil-tanker towing unit. The shares, already lifted by record crude prices, have jumped 25 percent since Chief Executive Officer Ben Vree rebuffed the offer for Smit Terminals from Royal Boskalis Westminster NV, the world's largest dredging company, and a Saudi partner. The unit tows vessels to offshore oil and gas terminals. A complete takeover would add 399 vessels and allow the rejected suitor to overtake Svitzer, part of A.P. Moeller-Maersk A/S, as the owner of the world's largest tugboat fleet. Rotterdam-based Smit is ready to hold talks, the report said.

Offshore services group Bourbon SA said net profit jumped 90.2 percent to $135.4m in the first half from $71.2m a year ago as both its main businesses achieved strong performances. EBITDA surged 40.2 percent as sales climbed 29.7 percent, primarily generated by revenue growth in the offshore division and higher freight rates for the bulk division, it said. In the second half, offshore division operations will benefit progressively from the 25 new vessels scheduled for delivery in a continued strong market context, while the bulk division will continue to benefit from the high level of freight rates, Bourbon said. Second-half results will be favorably affected by the sale of Bourbon's remaining 30 percent stake in retail chain Vindemia, the company said.