Bourbon has seen its revenues decline almost 30 percent year-on-year for the quarter ended March 31, 2017 impacted by lower activity levels in the shallow and deepwater offshore segments.
The company said it had stacked up to 102 vessels as of end-March this year, including 76 shallow water vessels and 26 deepwater vessels.
French vessel owner and offshore services provider generated a total of €205 million in first-quarter 2017 revenues. This result is close to 9 percent lower sequentially. Against Q1 2017, Bourbon had €292 million in revenues for the corresponding period in 2016.
The company’s subsea segment brought in Q1 2017 adjusted revenues of €65.6 million, relatively flat sequentially and up 13 percent against the Q1 2016.
In the first quarter of 2017, Bourbon saw its average utilization rate (excluding crew boats) at 46.8%, against 71.7% same time last year.
“Despite oil prices remaining above US$50 a barrel during the 1st quarter of 2017, activity is yet to recover in the Shallow water offshore and Deepwater offshore sectors. However, the upturn witnessed in late 2016 in specialized Subsea and personnel transport operations looks set to continue in 2017,” said Jacques de Chateauvieux, chairman and CEO of Bourbon.
Subsea World News Staff