France: BOURBON Quarterly Revenues: Q4 2010 vs Q4 2009: + 12.9%

In the fourth quarter of 2010, BOURBON revenues totaled 221.3 million euros, up 12.9% compared with the same period in 2009.

Compared with the same quarter of the previous year, “Marine Services” revenues were 16.5% higher at 173.4 million euros, despite a deterioration in market conditions. This growth is largely due to the full effect of the 58 new BOURBON vessels put in service in the last twelve months, in line with the Group’s strategy of replacing old and obsolete continental offshore vessels.

“Subsea Services” revenues were 26.2% higher at 40.2 million euros compared with the same quarter of the previous year, largely due to better performance from IMR vessels and expansion of the fleet (one new IMR vessel was put into service during the quarter).

In full-year 2010, revenues were up 4.6% (3.5% at constant exchange rates) compared with the previous year.

The allocations of vessel resources by segment confirm the value of BOURBON’s strategic choices. These choices permitted BOURBON to successfully withstand a difficult market.

Vessels continued to be delivered at a steady rate, albeit at a slightly lower pace than the average in the previous three quarters (12 deliveries in the fourth quarter, compared with an average of 16 previously).

The average utilization rate of the fleet remained high at 81.1% in the fourth quarter of 2010, slightly higher than in the previous quarter.

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Source:Bourbon, February  9, 2011;