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