November 08, 2018 7:00 AM

Adjusted revenues for the 3rd quarter recorded a slight rise of 2.6% compared to the previous quarter (consolidated revenues up 4.1%)

  • Adjusted revenues amounted to €173.5 million (€160.2 million on a consolidated basis), reflecting the positive impact of new Subsea contracts including turnkey projects in Offshore wind, which demonstrate the ongoing transformation of business models.
  • Business was up slightly in the 3rd quarter of 2018, following 4 consecutive quarters of decline.
  • Average utilization rates were stable at 51.6%, compared to 52.5% in the 2nd quarter of 2018.
  • Average daily rates held up, despite vessel overcapacity and gradual renewal of long-term contracts at persistently low “market” rates.

“In this 3rd quarter of 2018, we continued to make every effort with our teams and partners to control our costs while maintaining our operational performance and revenues. More than ever before, we are adapting and transforming to remain a leader on our markets,” declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.