Bourbon Reports Increased Operating Income
Gross Operating Income totaled $146.2m or 115.1 million euros, up 12.7% in the first half of 2006. This strong performance was achieved by the sharp growth in the Offshore Division, particularly in Africa, and by the solid performance achieved by the Towage & Salvage Division, whereas the Bulk Division was impacted by lower cargo rates. Operating income rose 7.6% to $90.4m or 71.2 million euros and reflects the increase in amortization and depreciation due to the rise in the number of vessels in the fleet. The Group share of net income in first half 2006 was $66m or 52.2 million euros. The first half of 2005 (68.2 million euros) benefited from unrealized foreign exchange gains and the activation of tax credits made possible by the sale of the Vindemia shares in the second half of 2005. Finally, Bourbon recorded capital expenditures of $307.5m or 252 million euros for this half."The Offshore Division and Towage & Salvage Division recorded very strong operating results. The commissioning of new vessels in a promising market strengthens our leadership in modern offshore," announced Jacques de Chateauvieux, Chairman and Chief Executive Officer.