Bourbon has seen its revenue decline some 21 percent year-on-year for the quarter ended September 30, 2017, still impacted by lower activity levels in the shallow and deepwater offshore segments.
The French vessel owner and offshore services provider generated a total of €204 million in third-quarter 2017 revenue. This result is close to 13 percent lower sequentially. Against Q3 2016, Bourbon had €55 million less in revenue.
The company’s subsea segment brought in Q3 2017 adjusted revenue of €52 million, down sequentially from €68 million but up 4 percent against the Q3 2016.
In the third quarter of 2017, Bourbon saw its average utilization rate at 53.4 percent, against 59.7 percent same time last year.
“Our customers have recovered some margin for maneuver but this is not yet reflected in Offshore activity. We believe that we have reached the low point of the cycle, however recovery will be slow,” said Gaël Bodénès , CEO of Bourbon.
“More than ever, Bourbon must transform in order to respond to this new cycle focused on operational excellence at optimum cost.”
To remind, Bourbon has seen its net loss almost doubled in the first six months of 2017 on “continuously challenging market” and forex losses.
The company booked a net loss of €170 million ($203 million) in first-half 2017. This result compared with €87 million ($104 million) loss (€104 million group share) in the corresponding period in 2016.
Subsea World News Staff