Bourbon reported a 23% drop in revenues to EUR1.10bn ($1.17bn) in 2016 compared to EUR1.46bn a year earlier. Fourth quarter revenues fell 5.7% from the preceding quarter to EUR244.4m.
Fourth quarter revenues reflect a further reduction in activity in the deep and shallow offshore segments, a recovery of activity in subsea and, to a lesser extent, the anticipated recovery in crew boats.
In an effort to maximise utilization rates Bourbon increased its number of stacked vessels to 104 by 31 December 2016, excluding crew boats. Despite this average utilization in Q4 excluding crew boats was just 52.1%.
Looking ahead Jacques de Chateauvieux chairman and ceo of Bourbon said: “The rise in oil prices and production limitation agreements are expected to have a favorable effect on oil companies' investments. However, the anticipated effect on offshore activity will be delayed in time, as new investments recovered initially in onshore operations.”
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