French vessel owner and offshore services provider, Bourbon, has posted a small increase in full-year adjusted revenues despite the harsher market and a revenue drop in the last two quarters.
The company generated a total of €1,437 million in full-year adjusted revenues, while the forth-quarter adjusted revenues were 334.2 million euros, down 14%.
As for the subsea section, there were up to 10 vessels stacked during the 2015. Nevertheless, adjusted revenues for 2015 were positively impacted by foreign exchange rates offsetting the reduction in activity, especially in the second half of the year. Subsea division generated €252.3 million compared to €244.2 million in 2014.
“In a deteriorating offshore oils services market, the demand for offshore service vessels is decreasing.
“The group will continue to temporarily stack up to 20 per cent of its vessels which have no anticipated activity in the medium term in order to reduce costs,” Bourbon said in its market outlook.
There were 13 vessels stacked during the quarter and as at December 31, 2015, Bourbon had stacked 44 supply vessels in order to adjust to current market environment. 22 vessels were stacked in the third quarter 2015.