March 10, 2016


Adjusted EBITDAR increased 7.5% to €547.7 million and adjusted EBITDAR/Revenues margin improved 2.2 points versus 2014 to 38.1%, thanks to proactive cost reductions, stacking of vessels and the impact of the $US

Net loss, group share, of €76.6 million impacted by a reduced utilization rate and an unrealized foreign exchange loss

In a very difficult market, BOURBON generated positive free cash flow of €90 million in 2015


  • Adjusted EBIT decreased 54.5% compared with 2014, as improved cost control was more than offset by higher bareboat charter costs and less capital gains
  • BOURBON’s cost reduction action plan is progressing well, with an 8% reduction in costs in 2015 (on a constant perimeter) compared with 2014
  • Proposed to maintain dividend payment of €1.00 per share to shareholders


BOURBON shows good resilience in a deteriorating market with an EBITDAR of €547.7 million”, says Christian Lefèvre, Chief Executive Officer of BOURBON. “The unique positioning of a standardized fleet and cost reduction efforts enabled an increase in the operational margin by 2.2 points. In highly demanding market conditions, BOURBON is demonstrating a solid capacity to adapt quickly, showing, in particular, discipline in spending. Cost reductions and operational efficiency remains a high priority for the upcoming quarters.