Performance still largely impacted by a continuously challenging Offshore oil and gas services market
- Adjusted revenue of €459.5 million, down 8.7% compared with the second half of 2016 (consolidated revenue of €419.7 million)
- Adjusted costs down by 10% compared with the second half of 2016, enabling margin rates to stabilize (+1 point) compared with the second half of 2016
- Adjusted EBITDA stable at €59.6 million (consolidated EBITDA amounted to €51.2 million)
- Consolidated EBIT of -€90.8 million
- Net income, group share of -€170.1 million, impacted by unrealized foreign exchange losses amounting to €50 million
- Positive free cash flow of €76 million, up by 31% compared to the 2nd semester 2016
"In a cyclical downturn whose duration remains uncertain, BOURBON is committed to creating the necessary conditions to face the challenge on all fronts, particularly when it comes to implementing the transformation plan, maintaining operational excellence for clients and ensuring autonomous financing capacity in a low-activity market context," declares Jacques de Chateauvieux, Chairman and CEO of BOURBON Corporation. "From this standpoint, the debt reorganization concluded at the end of July is an important step in the ‘Stronger for longer’ action plan".