2017 adjusted revenue totaled €860.6 million (consolidated revenue €793.6 million), down 21.9% from 2016 (-21.3% at constant rates), reflecting a market that remained challenging.
Activity stabilized in the 4th quarter with adjusted revenue of €196.9 million, compared with €204.3 million in the previous quarter.
- Activity remained low in 2017 further to the contraction of the offshore oil and gas services market.
- Overcapacity in the supply vessel market continued to drive down average daily rates, although they have leveled off in the Crew boats segment since the 1st quarter.
- In the 4th quarter, adjusted revenue stabilized (-3.6% compared with the 3rd quarter and -2.6% at constant rates). This reflected Marine Services revenue, which was up slightly this quarter for the first time in nearly three years.
“With the oil price averaging $54 a barrel for the year, oil and gas majors are regaining some room for maneuver. The outlook is brighter, although the Offshore services market has yet to benefit from this recovery, slowed by vessel overcapacity which is keeping rates down”, said Gaël Bodénès, Chief Executive Officer of BOURBON Corporation. “Building on the confidence of its clients and partners, BOURBON is responding by rolling out its transformation plan and developing innovative technological solutions capable of offering tangible client benefits.”