In an Offshore services market that reached a low point, BOURBON achieved a solid adjusted EBITDAR, even though it declined 21% compared with the 1st half 2015
- Operationally, the half year period recorded an exceptional performance in terms of safety (TRIR of 0.60) and technical availability of the fleet (97.6%)
- Adjusted EBITDAR reached €228.8 million compared with €290.4 million in 1st half 2015, with a stability of the margin at 38.2% of adjusted revenues compared with 38.3% for the same period a year ago, even as the full time equivalent number of stacked vessels, excluding Crew boats, increased from 18.6 vessels in the 1st half 2015 to 53.6 vessels for the 1st half 2016
- Adjusted direct costs declined by 22.4%; the cost reduction for vessels in operation and the reduction in general & administrative costs compensated for the increase in total costs for the stacked vessels
- During the 1st half, the reduction in adjusted revenues, the stability of the depreciation & amortization of the entire fleet, the impact of various non-recurring provisions and the loss on exchange realized in Nigeria, Egypt and Mexico have reduced the adjusted operating profit to -€24.8 million and the Net Income, Group share to -€104.3 million
- While BOURBON took delivery of 4 vessels during the 1st half, including the Bourbon Arctic in February 2016, the free cash flow generated in the period remained slightly positive at €6.7 million
"BOURBON is reinforcing its resistance capacity in the bottom of the cycle thanks to the action plan "Stronger for longer" that encompasses operational excellence, cost optimization, cash preservation and an appropriate debt structure", says Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON Corporation.
"However, we are convinced that the model of tomorrow will not return to that of pre-crisis and we are already preparing new responses to changes seen in the clients’ expectations."