Bourbon Books $84 Mln Loss in 2015

Bourbon has ended the year 2015 in red as the lower utilization rate and an negative unrealized foreign exchange drove the company into a loss.

French vessel owner and offshore services provider has taken a €76.6 million ($84 million) net loss (group share) in 2015, compared to €73.7 million net profit in 2014.

The company generated a total of €1,437 million in full-year adjusted revenues. Bourbon said it expects 2016 adjusted revenues to have a moderate decline versus 2015 and the operating margin to decline slightly compared with 2015.

Capital expenditures were slashed to €298 million in 2015 from €568 million in 2014.

“Cost reductions and operational efficiency remains a high priority for the upcoming quarters,” said Christian Lefèvre, Bourbon CEO.

In order to reduce operational costs, Bourbon informed it will continue to stack up to 20% of its supply fleet if there are no commercial opportunities in the medium term.

The company proposed to maintain dividend payment of €1.00 per share to shareholders, with a payment date of June 6, 2016.

Subsea World News Staff

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