Bourbon Q3 Revenues Down Despite Forex Boost
Bourbon has posted higher revenue for the first nine months of 2015, despite reporting a drop in utilization rates and average daily rate in all segments.
Namely, a strong US dollar and an increase in the size of the fleet has pushed Bourbon’s revenues up by 6.8 per cent year-on-year.
In the first nine months of 2015, the French vessel owner and provider of marine and subsea services generated revenues of €1.1 billion, compared to €1 billion same time last year.
Third-quarter revenues, however, decreased by approximately 5 per cent from the prior-year quarter at €344.1 million. Bourbon was busiest in Africa, generating revenues of €188.7 million in that region. Americas region was the only one where the company recorded an increase in turnover during Q3. In the Asian offshore market Bourbon has seen a 27 per cent slide in turnover in Q3 and year-to-date drop of some 15 per cent.
In the third quarter 2015, the company reported average utilization rate of over 73 per cent (79.4 pct in Q3 2014 and 77 pct in Q2 2015) while average daily rates declined 11 per cent.
In line with earlier announcements, the company said it will continue to temporarily stack certain vessels which have no anticipated activity for 3 months. There were up to 22 vessels stacked during the quarter and as at today, Bourbon had stacked 31 supply vessels in order to adjust to current market environment.