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. 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. 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.
Bourbon Reports Strong Growth
“Increase business in the first half of 2006 was another successful step in the Bourbon growth plan", said Chairman and Chief Executive Officer Jacques de Chateauvieux. Bourbon’s first half revenues totaled 345.7 million euros, up 14.6% compared with the same period in 2005 (+11% at constant exchange rates). The Offshore Division, which is the beneficiary of the largest portion of Bourbon’s investments within the Horizon 2010 plan (1,230 million euros), remains the growth driver for the company. Revenues for the Offshore Division rose 32.4%, or 27.1% at constant exchange rates, over the same period in 2005. This growth reflects the implementation of the 2003-2007 plan and was driven in the first half by the delivery of 15 new vessels (6 supply vessels and 9 crewboats).
BOURBON Releases 1Q Results
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…
Bourbon Orders 12 New Harbor Tugs
the Damen shipyards in China. and international ports. to Les Abeilles. placed in 1998 for the construction of 14 tugs. segment. technical improvements. efficiency. capacity from 57 to 65 tons. tonnage of the vessels towed. fire-fighting capacity. Deliveries are scheduled between October 2007 and the end of 2008. assistance business. Drive propulsion and fire-fighting capacity. series effect. appreciated by clients. until July 2008.
