Bourbon Dives Deeper into Red
- Business & Finance
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