September 06, 2018 7:00 AM

- Adjusted revenues down by 15.2% in a market environment that continues to be challenging
- Ongoing control of operating costs

  • Adjusted revenues stood at €340.1 million, down 9.6% at constant exchange rates compared to the second half of 2017, mainly impacted by declining daily rates and Subsea activity reaching a low point.
  • The average utilization rate held up at 52.7%, compared to 53.5% in the second half of 2017.
  • Adjusted costs remained under control (down 8.3% compared to the second half of 2017).
  • The number of stacked vessels stabilized over the period reflecting, on the one hand, the gradual reactivation of vessels and, on the other, the implementation of the non-strategic vessels disposal plan.
  • Adjusted EBITDAR was €70.6 million (consolidated EBITDAR amounted to €62.3 million).
  • Free cash flow rose to €69.2 million compared to €51.8 million in the second half of 2017.
  • The group has decided to close its financial statements with regards to the going concern in light of the trust it has in the outcome of the reopened discussions with lenders and the active search of new financial partners.

"While market conditions remained difficult in the first half of 2018, continued efforts made by our teams to bring costs under control combined with the continuing implementation of our strategic plan, #BOURBONINMOTION, enabled us to maintain our operational performance and prepare ourselves to take advantage of the expected turnaround," stated Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

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