France-based shipping giant Bourbon said Thursday its fortunes were being buoyed by its offshore shipping division which was delivering stronger financial returns that the greater group.

“Revenue growth was essentially attributable to the strong increase in the Offshore Division revenues,” which were up 39 percenet in 2008 to €672.1 million. Offshore’s earnings before tax and debt-paying was up 27 percent to €241 million.

The Bourbon Group, a divsere shipping company, otherwise notched a net group income of €224.4 million, down 42.6 percent. Net financial loss was wider by 100 percent.

But Bourbon could boast its offshore division, strongly anchored in Norway, received 20 supply vessels and 42 other types during 2008, a year when contracts were largely “positively” renewed.

Management still sees the negative in 2009, but warned it was mainly the independent oil companies scaling back spending. “Favourable growth and profitability prospects” were still seen for 2009, since Bourbon’s supermajor clients have “limited exposure to debt financing difficulties”.

The supermajor oil companies account for 90 percent of Bourbon Offshore’s business, the independents just 10 percent.

Oil companies operate offshore vessels during production and maintenance, so the company has limited exposure to oil-price-dependent exploration.

Meanwhile, long-term commitments have been secured for 80 percent of Bourbon’s offshore fleet. An average contract was now 23 months, minus options.

Tags: Bourbon Offshore