Established physicians are less concernedInvestors they do not snapped his titlesThat this time may include measures of magnitudeAnd it is again the left which has benefitedA game of musical chairs opens to replaceThe constitutional reform is passed by thereWithin a decade their number has doubledAll the parts do not have the same interestUntil then it was in the status quo anteGilles Babinet won his first million eurosBourbon maintains its plan of walking. Despite the decline in oil prices and the slowdown in the global economy, the Group of marine services chaired by Jacques de Chateauvieux has no intention of changing its strategic plan Horizon 2012, characterized by an average growth of net sales by 17 per year between 2008 and 2012, and by 2 billion euros of investments over the period with almost 200 new ships in fleet. "We cancel no command vessels", says the "Echos" Jacques de Chateauvieux, both in the services rendered to the oil companies for the exploitation of their platforms offshore (they represent two thirds of the activities of the Group), in the transport of goods in bulk (the third remaining).
For the CEO of Bourbon, the indicators are indeed well oriented. In oil, the decline in the price of a barrel can, of course, question of the exploitation of oil shale projects, but the offshore oil platforms are not affected. Short and medium term, the shipowner is also covered by the term 25 months on average of its contracts for service to the oil platforms. A longer term, "offshore oil demand remains strong, said Jacques de Chateauvieux, with $ 152 billion of investments announced by the oil groups in the next five years." Notes by elsewhere that the first five of them (Exxon, BP, Shell, Chevron, Total) "not invested in exploration and development half of their profits for 2007", the rest being devoted to the share repurchases and the payment of dividends. In short, "majors and the national oil companies, with 89 of the turnover of the offshore industry, we have the means to continue to invest". And if independent oil groups might be led to offset or cancel oil exploration funding projects, this would only have a limited impact on the future activity of Bourbon.
Jacques de Chateauvieux also wishes to give comfort to the capacity of shipyards Chinese Sinopacific which he is shareholder to meet their commitments of delivery of the vessels for the offshore division. "These projects have completed their investments, they are profitable, they are largely funded by the deposits of customers and the support of the China Eximbank, we are firm and final price and they deliver us in a timely manner," he says.
Collapse of freight rates
In total, the only uncertainty of the group lies in the level of future profitability of the domestic bulk (transport of ore, coal, grain) in view of the collapse of the rates of cargo since this summer and the overcapacity in the world of the next arrival is expected mass new bulk vessels. "The gross operating surplus by our boats in property fall in 2009 and 2010, and we anticipate no significant rebound of freight rates before 2011, prevents the pattern of Bourbon, but it does not call into question our strategy."
Last point: the access to finance. "We have confirmed and still unused credits EUR 450 million," noted Jacques de Chateauvieux. For 2009, we need new funding EUR 300 million and we have no concern over the granting of this loan, that confirm the previous discussions with bankers. And from 2010, we will more need new credits to complete the Horizon 2012 plan.
