France: Bourbon has reported that its first half revenues amounted to US$681 million, up 11.2% percent over first half 2008.
The US dollar strengthened 15 percent against the euro with the dollar/euro exchange rate at 1.33 during the first half year compared with 1.53 for the first half of 2008.
Year-on-year, revenues for the offshore division in the first half year were up 43.1 percent to US$576.32 million.
"The oil industry is looking to control capital expenditure and operating costs and this has led to an oil services market that is temporarily dominated by short term contracts and a reduction in usage and pricing," said Jacques de Chateauvieux, Chairman and Chief Executive of Bourbon.
According to Bourbon, in spite of uncertainties as to the impact of the economic upturn on the demand for oil and the accelerating fall in oil field production following capital expenditure cuts, the oil and gas services activity is expected to grow over the medium term.
In the marine services division, Bourbon's first half year revenues surged 47.9 percent.
Subsea services continued to expand with 23.3 percent growth despite a fall in revenues year on year due to vessel chartering.
Meanwhile, the slump in the bulk division's 2009 first half revenues to US$85.5 million, down 54.6 percent compared with the first half 2008, reflects the business slowdown and the sharp drop in freight rates.
Bourbon predicted that the current levels of the bulk division market should hold up during the second half year 2009.
