Page 12: of Maritime Reporter Magazine (December 2, 2006)

12 Maritime Reporter & Engineering News

Pool earned a time charter equivalent, in average for the quarter, of $69,500 (2005: $35,858). The time char- ter earnings of the Suezmax fleet which is fixed on long term time charters, was $35,860/day for the third quarter.

During the third quarter, Euronav sold the TI

Guardian (1993 — 290,927 dwt) for $86,295,000 and will take it back on a time charter contract for seven years with purchase options as from the end of year three.

The Cap Guillaume (2006 — 157,800 dwt) and the

Cap Charles (2006 — 157,800 dwt) were delivered during Q3. The Cap Victor and the Cap Lara will be delivered in 1Q07 and both have been time chartered out for a total of 72 months.

Euronav also ordered two double-hull, 159,000 dwt

Suezmax ships from Samsung Heavy Industries, with expected delivery in October 2009 and March 2010.

The contract price amounts to $164.6 million for both vessels.

Bourbon Offshore Division

Revenues Up 32.9% "The performances recorded as of end-September 2006, both by the Offshore Division and by Bourbon as a whole, confirm the success of the 2003-2007 plan, which is being completed a little early in a highly favorable market," said Jacques de Chateauvieux,

Chairman and CEO of Bourbon. "In this context, we have initiated a major ship-building program which, by the year 2010, will enable Bourbon to become the lead- ing global company for oil and gas marine services with the world's largest fleet of new generation ves- sels."

Offshore Division

With revenues of $339.9m as of end-September 2006, up 32.9% (+ 30.6% at constant exchange rates) on September 2005, the Offshore Division continued to report very strong business in the third quarter.

Reasons attributed to the success include: the increase in the number of vessels in the fleet (10 supply vessels and 12 crew boats and fast support and intervention vessels during the past nine months) a market context that remains favorable featuring a noticeable hike in the average daily rates applied to medium and long-term contracts.

Revenues grew steadily in Angola as well as Nigeria, under the twofold effect of a thriving exploration and development business and the start of production of oil fields discovered in the past few years.

Activity in this Division also benefited from six months of business under a new joint venture in

Mexico, Naviera Bourbon Tamaulipas, which has been 50 percent consolidated as of April 2006.

The performance by the Bourbon Orca, an innova- tive vessel commissioned last June, illustrates the

Bourbon strategy in the modern offshore business.

Towage & Salvage Division

As of end-September 2006, the Towage & Salvage

Division posted revenues of $124.7m, up 16.1 percent over 2005. Since the beginning of the year, this busi- ness has benefited from a particularly strong market in

Africa, notably in Ivory Coast, as well as the full-time activity of the Abeille Bourbon and the Abeille Liberté.

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