Bouygues Offshore S.A. reports net sales and operating statistics for 1997 first quarter.MONTIGNY-LE-BRETONNEUX, France--(BUSINESS WIRE)--April 11, 1997-- Bouygues Offshore S.A. (NY: 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) ) announced its new orders, 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. and 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 for the three months ended March 31, 1997.
First quarter First quarter Last Quarter First Quarter
Millions of 1997 US$(a) of 1997 FF of 1996 FF of 1996 FF
Oil & Gas
Contracting
------------
New Orders 26 147 326
Backlog 269 1,520 2,076
Net Sales 125 703 794 676
Maintenance
Services
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New Orders 32 182 131
Backlog 32 182 127
Net Sales 22 127 154 157
Maritime and
River Works
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New Orders 12 69 642
Backlog 123 691 652
Net Sales 5 30 31 37
Liquefied Gases
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New Orders 2 9 2
Backlog 61 345 425
Net Sales 16 89 76 45
Total new orders 72 407 1,101
Total backlog 485 2,738 3,280
Total net sales 168 949 1,055 915
(a) based on an exchange rate of US$1-FF 5.6435 (noon buying on
March 31, 1997).
Herve Le Bouc, chief executive officer, commented: "Bouygues Offshore did not win any large projects during the first quarter, our new orders only reflect smaller contracts. However, the majority of larger contracts that we have identified for 1997 - including West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. and the North Sea for Oil and Gas Contracting, and Asia for Liquefied Gases - will not be awarded until later this year. Based on our current backlog and first quarter net sales, we continue to believe that FF 3.9(b) billion (US$ 691 million) in net sales for the year ended Dec. 31, 1997 is achievable." 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 on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. oil and gas production-related turnkey See turnkey system. projects. The company also provides maintenance services to the oil production industry, engages in high-end maritime and river-related civil works projects and designs and constructs liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. (LNG LNG (liquefied natural gas): see under natural gas. ) import terminals as well as storage tanks. (b) The company's statement in 1997 Outlook concerning its net sales for 1997 contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Although the company believes that backlog is a reasonably reliable indicator of future net sales, postponements or cancellations of previously awarded contracts or delays in the completion of ongoing projects could negatively impact net sales. In addition to the impact of backlog, among the other factors that could cause the company's net sales to differ materially are the following: fluctuations in the level of oil and gas industry spending; the company's ability to obtain additional contracts in 1997; risks involved in doing business abroad (such as civil disturbances Group acts of violence and disorder prejudicial to public law and order. See also domestic emergencies. , adverse government actions and economic and governmental instabililty); risks of loss of its two largest barges; and fluctuations in exchange rates (primarily the US dollar versus the French franc) and risks involved in the execution of contracts. CONTACT: Morgen-Walke Associates Inc. Lynn Morgen/Jeff Majtyka Press: Terry Rooney/Brian Maddox 212/850-5600 |
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