Stabilization of activity over the last 3 quarters in a prolonged cyclical downturn
First benefits of the deployment of the #BOURBONINMOTION action plan
Positive free cash flow at €102 million
- 317 vessels in operation (full-time equivalent) with a utilization rate that has stabilized over the last few quarters at 82.3% (compared to 82.4% in 2017) and daily rates slightly up over the last three quarters.
- Adjusted EBITDAR stands at €142.7 million (consolidated EBITDAR of €130.5 million), impacted by an unfavorable exchange rate and a decrease in activity for Bourbon Subsea Services.
- #BOURBONINMOTION strategic action plan: signing of the first integrated service contracts and deployment of operational models’ transformation as part of the Smart Shipping program.
- The group has decided to close its financial statements with regards to the going concern in light of the trust it has in the outcome of the discussions with lenders and the active search of new financial partners.
“BOURBON’s 2018 results reflect the 4th year of our industry's cyclical downturn. However, for the first time since 2014, our utilization rates and daily rates have stabilized over the last three quarters, showing the gradual recovery in our customers' activity. We generated positive free cash flow of slightly over €100 million, reflecting the continued efforts of our teams to manage costs. Today, we are focusing on implementing our strategic action plan #BOURBONINMOTION in order to regain room for maneuver through the development of new services, a drastic G&A reduction plan and the transformation of our operational models via our Smart Shipping program", announced Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.