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

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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