Adjusted revenues for the first 9 months amounted to €858.2 million, down 22.2%; 3rd quarter adjusted revenues down 9% compared with previous quarter
As anticipated, the offshore oil and gas marine services market is hitting a low point in the second half of 2016.
- The decrease of 4.5 points in fleet utilization rates compared with the previous quarter, to 59.7%, was primarily due to the slowdown in activity in the Shallow and Deepwater offshore segments.
- The number of stacked vessels at end-September, excluding Crew boats, was 85 vessels.
- Prices remained stable compared with the previous quarter, but have decreased by 15% year-on-year.
- The current quarter is expected to see comparable performances, with a slight improvement in the Subsea and Crew boat segments, and activity remaining challenging in Shallow and Deepwater offshore.
"The expectations of a potential rebalancing of oil supply and demand in 2017 on account of the sharp drop in investment by oil companies, as well as the search for agreements between producer countries, may mark the start of a recovery in activity", declared Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON Corporation.
"In this perspective, BOURBON is focusing on operational excellence and cost control, with a long-term vision where the benefits of the digital revolution could prove decisive."