Bourbon 2017 Revenue Drops 22 Pct

Bourbon has seen its revenue decline some 19 percent year-on-year for the quarter ended December 31, 2017, and some 22 percent for the full-year 2017.

The French vessel owner and offshore services provider generated a total of €181.6 million in fourth-quarter 2017 revenue. Adjusted Q4 revenue was €197 million. This result is close to 6 percent lower sequentially. Against Q4 2016, Bourbon generated €43 million less in revenue.

The company’s subsea segment brought in Q4 2017 adjusted revenue of €43.6 million, down sequentially from €52 million and from €56.4 million in the Q4 2016.

Full-year 2017 revenue fell from €1.02 billion in 2016 to €793.6 million, with overall average daily rates down 9 percent.

In the fourth quarter of 2017, Bourbon saw its average utilization rate at 53.7 percent, against 57.4 percent in the prior-year comparable quarter.

“With the oil price averaging $54 a barrel for the year, oil and gas majors are regaining some room for maneuver. The outlook is brighter, although the offshore services market has yet to benefit from this recovery, slowed by vessel overcapacity which is keeping rates down”, said Gaël Bodénès, CEO of Bourbon.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

EXPLORATION AND PRODUCTION OFFSHORE CONGRESS HUB 2019

During the last few years Oil&Gas sector had a difficult time surviving in brutal low-price environment…

read more >

Brasil Offshore 2019

The commemorative 20th anniversary edition of Brasil Offshore will be held under the auspices…

read more >

Subsea EMEA 2019

Subsea EMEA, the elite submarine cable-focused event hosted by Capacity Media, will return for its third year situated…

read more >

9th International Conference Offshore Foundations

Offshore Foundations is a technical event for experts in the wind industry. The goal is to push forward technical development for future foundation concepts.

read more >