Adjusted revenues amounted to €225.5 million (€204.9 million in consolidated revenues) in the 1st quarter of 2017, down 7.7% from the 4th quarter of 2016 and 28.3% year on year
- 1st quarter revenue fell by 7.7% compared with the 4th quarter 2016. As forecasted, this was strongly impacted by the Shallow water offshore vessel segment (-25.9%), which remains the most affected by the cyclical downturn.
- The strategy is still to concentrate on the utilization rate of the fleet in operation and to stack vessels proactively.
- Customers were keen to renew long-term contracts in the Deepwater offshore, Shallow water offshore and Subsea segments.
- The agreement signed with ICBC Financial Leasing reduces lease payments by US$240 million until the end of 2018.
“Despite oil prices remaining above US$50 a barrel during the 1st quarter of 2017, activity is yet to recover in the Shallow water offshore and Deepwater offshore sectors. However, the upturn witnessed in late 2016 in specialized Subsea and personnel transport operations looks set to continue in 2017”, says Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON Corporation.
“BOURBON is therefore focusing its efforts on what it can control: cost reduction and its transformation in response to evolving customers’ expectations.”