Bourbon has seen its net loss almost doubled in the first six months of 2017 on “continuously challenging market” and forex losses.
French vessel owner and offshore services provider booked a net loss of €170 million ($203 million) in first-half 2017. This result compares with €87 million ($104 million) loss (€104 million group share) in the corresponding period in 2016.
Bourbon has recognized unrealized foreign exchange losses amounting to €50 million.
First-half adjusted revenue fell some 23 percent, from €599 million in 1H 2016 at €459 million in the first half of 2017.
The company’s subsea segment brought in 1H 2017 adjusted revenues of €124.4 million, up 12.2 percent against the 1H 2016, backed by projects in Africa and Asia.
In the first half of 2017, Bourbon saw its average utilization rate (excluding crew boats) at 48.3%, against 68.7% same time last year.
The company said it had stacked up to 100 vessels as of end-June this year.
Subsea World News Staff