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Bourbon revenue rise in H1 bucks offshore trend, lays-up 26 vessels

Bourbon revenue rise in H1 bucks offshore trend, lays-up 26 vessels
Bourbon upped its second-quarter revenues by 11% to EUR375m ($407m) over the same period in 2014, pushing its H1 revenues to EUR758.8m, a 13% increase over the year previous, despite the tanking offshore market.

Revenues from the group's marine services sector grew to EUR612m, in H1 a 10.9% increase over 2014, while Subsea services grew 24.5% to EUR138m.

The news comes in spite of what Bourbon described as "averse market conditions", five extra vessels in the Bourbon fleet and a 3.4% decrease in H1 utilisation over the same period in 2014.

The group attributes the success to its laying-up of 26 of its older and less technologically-advanced OSVs and five subsea vessels during the first half, including those designed for shallow water or without diesel-electric or Dynamic Positioning 2 (DP2) capability.

"The first half of 2015 was highlighted by a continued slowdown in activity in most regions and negotiations with clients on commercial terms," said Christian Lefèvre, Bourbon ceo. "Throughout this difficult period, Bourbon has demonstrated resilience, evidenced by the revenue progression, thanks to our strategy of operating a safe, modern and efficient fleet.