BOURBON 1st Quarter 2019 financial information

Q1 2019 saw the continued stabilization of activity, with adjusted revenue of €178.0 million (consolidated revenue of €162.3 million)

• The recovery of the Offshore services market appears to have started in Q1 2019: BOURBON has reactivated 5 Supply vessels in order to respond to customers’ needs.
• The group continues to rationalize its fleet, which explains the 2.8-point increase in average utilization rates. Average daily rates are stabilizing, with a light increase in certain activities.
• Despite the still difficult market conditions, Bourbon Subsea Services has continued its steady progress seen over the last 4 quarters.

"In a market which appears to be more positively oriented, we have reactivated 5 supply vessels and keep on streamlining our fleet. Our teams are fully focused on the fundamentals of operational excellence, particularly safety and the technical availability of vessels, while preserving available cash. The roll-out of the #BOURBONINMOTION strategic plan has seen good progress as shown by the signing of an integrated logistics contract with SHELL in Bulgaria," declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.