Bourbon Stacks More Vessels as Revenues Drop

Bourbon has posted lower adjusted revenues for the quarter ended September 30, 2016 as utilization and daily rates continue to slide.

The company said it had stacked 85 vessels as of end-September this year, including 59 shallow water vessels, 22 deepwater vessels and 6 subsea vessels (8 subsea vessels in Q2 2016).

French vessel owner and offshore services provider generated a total of €259 million in third-quarter 2016 adjusted revenues. This result is approximately 25% lower from €344 million in Q3 2015. Bourbon had €858 million in adjusted revenues for the first nine months this year, down some 22% a year-ago (€1.1 billion).

The company’s subsea segment brought in Q3 2016 adjusted revenues of €50 million, down 18% year-over-year and also against the Q2 2016. Subsea division generated €161 million in the nine months of 2016 compared to €199 million in the corresponding period in 2015.

In the third quarter of 2016, Bourbon saw its average utilization rate (excluding crew boats) at 59.7%, against 73.7% same time last year. Average daily rates also declined from $11.167 to $9,494.

“The current quarter is expected to see comparable performances, with a slight improvement in the subsea and crew boat segments, and activity remaining challenging in shallow and deepwater offshore,” Bourbon said in a press release.

Subsea World News Staff