Adjusted revenues reached €1.1 billion in 2016, a decrease of 23.3% compared with 2015 in a strongly declining market
The decline in adjusted revenues was limited to 5.7% in the 4th quarter compared with previous quarter; adjusted revenues amounted to €244.4 million
- Despite the reduction in investment by oil companies for the 2nd year in a row resulting in a sharp decline in activity, BOURBON recorded revenues of more than €1 billion.
- 4th quarter revenues reflect a further reduction in activity in the Deep and Shallow offshore segments, a recovery of activity in Subsea and, to a lesser extent, the anticipated recovery in Crew boats.
- To maximize the utilization rate and revenue of vessels in operation, BOURBON has maintained an active stacking policy. There were 104 vessels stacked, excluding Crew boats, as of December 31, 2016.
“The rise in oil prices and production limitation agreements are expected to have a favorable effect on oil companies' investments. However, the anticipated effect on offshore activity will be delayed in time, as new investments recovered initially in onshore operations”, declared Jacques de Chateauvieux, Chairman and CEO of BOURBON Corporation.
“In this context, BOURBON is strengthening the diversification of its service offerings and building on its network of local partners across the world. Beyond the "Stronger for longer" action plan, our teams are working on innovative solutions to meet the expectations of our customers who are changing their operations to adapt to an oil price under $60”.