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www.marinelink.com MN75percent better than the same period last year. But, our results were impact- ed negatively by the performance of U.S. dollar versus the EURO. As much as 70 percent of our costs are in currencies other than the U.S. dollar, while 70 percent of our revenues are in dollars. However, since June, the dollar has been rising against theEURO, which will be an advantage for BOURBON.What are your plans, if any, for U.S, Gulf of Mexico DeepwaterOperations? Are you looking to expand in this sector?The US Gulf of Mexico is too restric- tive due to U.S. Jones Act rules. Taking into consideration the fact that our vessels cannot carry cargo in offshore areas, it is impossible for a foreign owner to enter this market. What will be your primary targets for increased business in the new year? Where? And, Why? We are very strong in West Africa where we have operated vessels for more than 30 years. We feel that this is still a growing market. If you look at the investment plans of the oil majors for the next 5 years, this involves as much as $90 billion in this region. We are also putting a lot of effort into bring up our business in the Far East, where we know that there will be a lot of investment in the next four years. We will, therefore, follow that market. And most of those investments there look like they will be done in shallow water. Brazil is very promising, but as you know, there are cabotage issues here, as well. This is a two-tier market. The first market involves long term deals with local oil companies, which must uselocal vessels. The building price here is 30 percent higher than in Europe or the Far East. Under those condi- tions, we are not willing to invest cap- ital in this type of market. In the sec- ondary market, however, we do oper- ate in Brazil we had some success last year, and, we will definitely continue to compete there. Last year alone, we brought in 8 additional PSV?s and today, we have a total of 28 BOUR- BON vessels operating in Brazil. Offshore O&G has long been your focus. This carries with it advan-tages in economies of scale, butalso creates risk when a company is confined within just one sector. How do you hedge against future downturns?It is true that 10 years ago, we were much diversified. But, we decided to New Orleans(504) 780-8100 ? Fax (504) 780-8200Norfolk(757) 545-0100 ? Fax (757) 545-8004Houston(281) 452-5887 ? Fax (281) 452-9682www.mcdonoughmarine.comwww.mcdonoughmarine.comLARGEST RENTAL FLEET OF SPUD, DECK AND MATERIAL BARGESBARGES 60 TO 400 LENGTHBARGES 60 TO 400 LENGTH? 16 Fleeting locations inland rivers, Gulf, East and West Coast ? Inland and Ocean towing services LARGEST RENTAL FLEET OF SPUD, DECK AND MATERIAL BARGESMN#11 (66-81):MN 2011 Layouts 10/31/2011 11:23 AM Page 75