After advancing in just a few years from its position as audacious challenger to its position as leader in modern offshore oil and gas marine services, BOURBON is developing a unique strategy to intensify its leadership in a high-growth sector.

Ambitious objectives

By 2010, BOURBON is targeting:

  • revenue growth of 12% per year, including +20% for the Offshore Division with a doubling of the number of vessels;
  • a ratio of EBITDA (gross operating income) to average capital employed of 16% in 2010;
  • investments of 1.45 billion euros, 85% of which will be dedicated to the Offshore Division and generally self-financed.

A buoyant environment

Sector indicators suggest a very favorable market over the next 5 to 7 years in modern offshore oil and gas services. In addition to the international oil companies, which are investing to maintain their reserves, state-owned companies in the emerging countries are establishing positions in the market and changing the situation. Deepwater offshore is expanding to meet increased consumption and offset the decline of existing fields, with the anticipation of a growth rate of 8 to 12% per year.

At the same time, the continental offshore market, faced with the need to replace its fleet, which is now old and technically obsolete, is expected to grow by at least 16% a year. In this context of strong demand, access to the marine services market is limited by two factors: first, the bottleneck at the main equipment suppliers and shipyards and, second, the shortage of qualified human resources to man the modern vessels.

A unique positioning

Against this backdrop, BOURBON is implementing a unique strategy, without equivalent among its rivals. By capitalizing on the assets of its current fleet and investment in rapid and steady growth, BOURBON intends to transform its main competitive advantage into a decisive edge. This strategy is primarily based on the following components:

  • massive investments in modern vessels, including offshore vessels, tugs or bulk carriers: Bourbon Offshore's next generation fleet will be able to operate in both the deepwater and continental offshore segments. By targeting the old vessel replacement market, BOURBON will be the sole operator in the market in a position to offer continental offshore customers the technological excellence of deepwater offshore;
  • a search for optimized costs, with an absolute priority given to compliance with BOURBON's safety and operational standards, primarily through the construction in series of innovative vessels in shipyards located in competitive countries;
  • an ambitious recruitment and training program to double the workforce of the Offshore Division by 2010, and the gradual application of BOURBON training standards.

True partnerships

BOURBON's partnership policy is the foundation for its international growth and is based on:

  • all types of partners — state-owned oil companies, the offshore industry, port operators, local groups, sector experts, etc.
  • legal and contractual structures adapted to the local context, from wholly-owned subsidiaries to collaboration with agents or brokers, and including majority, 50/50 or minority partnerships, with or without vessel ownership.

This principle increases the local component and offers global flexibility and customized services adapted to the needs of the international, regional or local markets.