Bourbon announces future plans

The strategic plan for 2015 continues a voluntary growth policy, aiming to make the group the world leader in offshore oil and gas marine services. Objectives of the plan for the 2011 to 2015 period include:

• A new building investment of $2 billion in offshore vessels
• Average growth in revenues of 17% per year
• A minimum of 95% availability rate for vessels in 2015

And in 2015 :

• A ratio of EBITDA to revenues of 45%
• A ratio of EBITDA to capital employed of 20%
• A reduction in operating costs of 4% (at constant exchange rates).

In order to enhance client satisfaction, Bourbon intends cut operating costs by investing in innovative, high productivity vessels, and to provide a full range of services from IMR vessels to crewboats.

At the end of the plan period, Bourbon plans to have 600 new generation vessels, comprising 280 supply vessels and 320 crewboats. It says that investments in mass produced vessels will contribute to growth and accelerate its strategy of substituting obsolete vessels on the continental offshore market.

The plan will be partially funded by disposal of certain assets, such as the bulk carrier fleet and other non-core business activities.