Bourbon has posted lower adjusted revenues for the quarter ended March 31, 2016 caused by the continuing market slump which led to drop of utilisation and daily rates.
The French vessel owner and offshore services provider generated a total of €314.5 million in first-quarter adjusted revenues, down 18% from a year-ago quarter (€383.6 million) and 5.9% sequentially.
As for the subsea section, adjusted revenues for the quarter fell 25.5% year-over-year, and 6.2% against the Q4 2015. Subsea division generated €50 million in Q1 2016 compared to €67.1 million in the corresponding period in 2015.
Bourbon reported 47 supply vessels stacked as of March 31, 2016.
The biggest impact on the company’s business, caused by capex cuts in the oil & gas industry, has been felt in Asia and the Europe/Mediterranean/Middle East regions.
In the first quarter 2016, Bourbon saw its average utilization rate (excluding crew boats) at 71.7%, mainly due to increased stacking of vessels, while its average daily rate (excluding crew boats) also dropped some 3%