BOURBON financial information Q3 and 9 months 2015

Wednesday, 4 November 2015 16:26

Adjusted revenues for first 9 months maintained their resilience with an increase of 6.8% to €1,103 million at current rates (-5.5% at constant rates) in a difficult offshore market

  • 3rd quarter 2015 average utilization rate of over 73% (-5.7 pts versus one year ago) showed good resistance in a very weak market while average daily rates declined 11%, reflecting the lower rates negotiated with clients on long term contracts as well as reduced rates on spot contracts compared with a year ago
  • Positive foreign currency impact enabled 9 months 2015 revenues to reach over €1.1 billion also helped by BOURBON’s modern, standardized fleet, combined with its strong worldwide client network and local partnerships
  • Revenues increased in the Americas versus the 3rd quarter 2014 while the most significant impact of the market downturn was felt in Asia, where revenues declined 27% over the same period
  • Compared with the preceding quarter, adjusted revenues decreased 8.3%, impacted by stacked vessels and contracting of vessels at lower rates

 

"In today’s market environment, BOURBON remains determined in the search of operational excellence and is focusing on what it can control: safety, cost control initiatives and operational efficiency", says Christian Lefèvre, Chief Executive Officer of BOURBON. "The objectives in the coming quarters will be to maximize the utilization of the fleet by extending the scope of services on the full range of vessels and extend the portfolio of clients thanks to its network and strong partnerships overseas."

 

(a) Adjusted data:
The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). As of January 1, 2015, the internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Adjusted comparative figures are restated accordingly.

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