Bouygues Offshore Corrects and Replaces Previous Earnings Announcement.NEW YORK--(BUSINESS WIRE)--Aug. 17, 1999-- ( BW)(BOUYGUES-OFFSHORE)(BWG BWG Bankwesengesetz (Federal Law on Banking, Austria) BWG Beam Waveguide (antenna) BWG Bundesamt für Wasser und Geologie (Federal Office for Water and Geology, Switzerland) ) Bouygues Bouygues (Euronext: EN) is a French industrial group listed on Euronext Paris. It is a blue chip in the CAC 40 stock market index, founded in 1952 by Francis Bouygues (educated at the École Centrale Paris, 1946) and since 1989 led by his son Martin Bouygues. Offshore Reports First Half Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight Increase 29% -- Reports Record Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of Euros 1 072.3 Million Business Editors MONTIGNY-LE-BRETONNEUX Montigny-le-Bretonneux is a commune in the southwestern suburbs of Paris, France. It is located 24.5 km. (15.2 miles) from the center of Paris, in the "new town" of Saint-Quentin-en-Yvelines, created in the 1960s, of which it is the central and most populated commune. , France--(BUSINESS WIRE)--Aug. 17, 1999-- Bouygues Offshore S.A. (NYSE NYSE See: New York Stock Exchange : BWG) today announced net sales, new orders and backlog for the first half ended June June: see month. 30, 1999. Net sales for the 1999 first half rose 29% to euro 480.6 million (US $ 522.8 million), compared to euro 372.9 million in the 1998 first half period. This figure does not include the sales of Sofresid, which the Company acquired in may 1999. These will be consolidated from July July: see month. 1st, 1999. Occupation rates of barges as well as yards remained high during the first half (181 days for the BOS 355 and 130 days for the Castoro Otto Otto, Austrian archduke Otto: see Hapsburg, Otto von. ). Large projects delivered in the period include Oso2Y2 for Mobil in Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. , Kombi Likalala for Elf elf, in Germanic mythology, a type of fairy. Usually represented as tiny people, elves are said to dwell in forests, in the sea, and in the air. Although they can be friendly to man, they are more frequently vengeful and mischievous. in the Congo Congo, river, Africa Congo (kŏng`gō) or Zaïre (zī`ēr, zäēr`), great river of equatorial Africa, c. , Zafiro for Mobil in Equatorial Guinea Equatorial Guinea (gĭn`ē), officially Republic of Equatorial Guinea, republic (2005 est. pop. 536,000), 10,830 sq mi (28,051 sq km), W central Africa. , Bleo Holm holm n. Chiefly British An island in a river. [Middle English, from Old Norse h for Bluewater Coordinates:
Bluewater is a super-regional shopping centre, opened on 16 March 1999. in Scotland Scotland, political division of Great Britain (1991 pop. 4,957,000), 30,414 sq mi (78,772 sq km), comprising the northern portion of the island of Great Britain and many surrounding islands. . New orders reached euro 855.7 million. The majority of these are large turnkey See turnkey system. projects which will remain in their engineering phase during the full year 1999. The backlog at the end of the second quarter was the highest in Bouygues Offshore's history, totaling euro 1,072.3 million (US $ 1,105.6 million), including Sofresid's backlog of euro 134.8 million. Approximately 43 % of the backlog relates to project work for 1999, 45% for 2000 and 12 % for 2001 and thereafter. It does not include the euro 30 million contract signed with Sonatrach (Algeria) which will be accounted for during the third quarter. -0-
Year-to-date analysis :
Six months Six months Six months
ended ended ended
Millions- unaudited 06/30/1999 06/30/1999 06/30/1998
US $(1) euro euro
Oil & Gas Contracting
Net Sales 407.4 374.5 270.3
New Orders 725.6 703.8 291.8
Backlog (end of 943.1 914.7 262.5
period)
Maintenance Services
Net Sales 69.4 63.8 63.1
New Orders 53.2 51.6 65.0
Backlog (end of 26.9 26.1 39.0
period)
Maritime and River Works
Net Sales 41.9 38.5 26.7
New Orders 32.0 31.0 24.6
Backlog (end of 60.8 59.0 84.5
period)
Liquefied Gases
Net Sales 4.1 3.8 12.8
New Orders 2.5 2.4 4.6
Backlog (end of 5.8 5.6 11.6
period)
Chemical and refining(2)
Net Sales n.a. n.a. n.a.
New Orders 9.9 9.6 n.a.
Backlog (end of 9.9 9.6 n.a.
period)
Energy and industry(2)
Net Sales n.a. n.a. n.a.
New Orders 59.1 57.3 n.a.
Backlog (end of 59.1 57.3 n.a.
period)
Total net sales(3) 522.8 480.6 372.9
Total new orders 882.3 855.7 386.0
Total backlog (end 1,105.6 1,072.3 397.6
of period)
(1) US$ net sales, are translated at an exchange rate of euro 1 =
US$ 1.0878 which is the average of the noon buying rate of the euro
from January 1, 1999 to June 30, 1999. New orders and backlog are
translated at an exchange rate of euro 1 = US $ 1.0310 which is the
noon buying rate on June 30, 1999.
(2) Sofresid being consolidated from July 1st, 1999, the total
backlog end of June is considered as new orders.
(3) First quarter 1999 net sales included euro 30.5 million of
operating costs billed directly to single project joint ventures or
reimbursable expenses billed to customers, compared with euro 16.1
million in the first half 1998.
Quarterly analysis:
Second Second First Second
quarter quarter quarter quarter
Millions- ended ended ended ended
Unaudited 06/30/1999 06/30/1999 03/31/1999 06/30/1998
US $(1) euro euro euro
Oil & Gas
Contracting
Net Sales 199.8 189.1 185.4 156.1
New Orders 283.8 275.3 428.5 92.2
Backlog (end of 943.1 914.7 828.5 262.5
period)
Maintenance Services
Net Sales 34.7 32.8 31.0 36.7
New Orders 28.2 27.3 24.3 38.2
Backlog (end of 26.9 26.1 31.6 39.0
period)
Maritime and
River Works
Net Sales 22.2 21.0 17.5 19.1
New Orders 21.8 21.1 9.9 21.1
Backlog (end of 60.8 59.0 58.9 84.5
period)
Liquefied Gases
Net Sales 1.2 1.1 2.7 3.2
New Orders 0.9 0.9 1.5 0.5
Backlog (end of 5.8 5.6 5.8 11.6
period)
Chemicals and
refining
Net Sales n.a. n.a. n.a. n.a.
New Orders 9.9 9.6 n.a. n.a.
Backlog (end of 9.9 9.6 n.a. n.a.
period)
Energy and industry
Net Sales n.a. n.a. n.a. n.a.
New Orders 59.1 57.3 n.a. n.a.
Backlog (end of 59.1 57.3 n.a. n.a.
period)
Total net 257.9 244.0 236.6 215.1
sales(2)
Total new orders 403.7 391.5 464.2 152.0
Total backlog 1,105.6 1,072.3 924.8 397.6
(end of period)
(1) US$ net sales, are translated at an exchange rate of euro 1 =
US$ 1.0567 which is the average of the noon buying rate of the euro
from April 1, 1999 to June 30, 1999. New orders and backlog are
translated at an exchange rate of euro 1 = US $ 1.0310 which is the
noon buying rate on June 30, 1999.
(2) Second quarter 1999 net sales included euro 20.5 million of
operating costs billed directly to single project joint ventures or
reimbursable expenses billed to customers, compared with euro 10.0
million in the first quarter 1999 and euro 10.2 million in the second
quarter 1998.
-0-
Bouygues Offshore S.A. is a leading international contractor
serving the oil and gas industry, specializing in providing
integrated solutions for the design, construction, installation and
management of offshore and onshore oil and gas turnkey projects. The
Company also provides maintenance services to the oil industry,
engages in maritime and river- related civil work projects and
provides design, engineering and construction in : liquefied natural
gas (LNG), chemical and refining, and energy and industry.
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