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BOURBON Reports First Half 2011 Results

Published Aug 31, 2011 10:57 AM by The Maritime Executive

  • Significant recovery in activity: +18.8%

  • Sharp increase in EBITDA (+19.3% sequentially) to 142.1 million euros

  • Net loss, Group Share of 21.4 Million Euros Owing to the Change in the Dollar Exchange Rates, Generating 30.5 Million Euros in Net Financial Expenses

"We have arrived at the end of a downturn that has lasted since late 2008, and the market for modern offshore vessels is now turning around. BOURBON has every chance of being the first to benefit from this new turn of events thanks to a high-performance modern fleet and a worldwide network. BOURBON's operating income for the period is up 19.9% over the first half of the previous year and 145% over the previous six-month period. Net income is affected by the sharp fall in the dollar (down 11 cents) over the period. Utilization rates of the industry's modern vessels are gradually increasing as a prelude to the improvement in average daily rates we are expecting by year-end 2011 and in 2012,"saysBOURBON Chief Executive Officer Christian Lefèvre. "In this context of recovery, which is starting to be reflected in our operating figures, BOURBON is actively moving ahead with its BOURBON 2015 Leadership strategic plan".

 

Source: MarketWatch