briefs
Bourbon Continues to Charge Ahead
Horizon 2012 plan unveils major new investment in subsea industry
Surpassing its original vision, Bourbon announced that it has expanded its Horizon 2010 strategy with an extension to 2012. Based on continued analysis of changing demand, the company said this new strategic plan illustrates the ongoing improving approach. With the two year extension, the company is anticipating services and resources to firm their position in modern offshore oil and gas marine services, said Chairman and CEO Jacques de Chateauvieux. In 2005 when Bourbon devised the strategy behind Horizon 2010, the context was based on strong demand for oil operators with interest in investments in offshore to develop production. Bourbon leveraged its positioning in three marine sectors: the Offshore Division, the Towage and Salvage Division, and the Bulk Division. Two years and two new factors can be attributed to Bourbon's updated strategy. In line with expanding its Horizon, Bourbon intends to maintain its competitiveness, by offering a full line of new generation vessels and an expanded offer of subsea services, lengthening the arm of the Offshore Division. The company says the expected average annual revenue growth of 21 percent a year for the Offshore Division, including 17 percent for the Marine Services Activity and 38 percent for the Subsea Services Activity. Bourbon says it made an investment of $2.5b in addition to the installments paid in 2007, essentially for the
expansion of the fleet of Offshore vessels and ROVs. To this end, 10 GPA 696 type IMR vessels were ordered at the beginning of 2008 at a cost of $662.7m.
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