Bourbon benefitting from cost reduction strategyCompany News // August 5, 2015
Bourbon says its adjusted first half 2015 revenues increased 13.1 per cent to €759 million at current rates (-1.7 per cent at constant rates), which, it said, "demonstrates good operational resilience in a very challenging market."
In the first half of 2015 adjusted revenues reached a company record of €758.8 million.
The company said: "Apart from the impact of a stronger US dollar on revenues, activity remained robust, despite adverse market conditions, on the back of a 2.6 per cent increase in fleet size, 3.4 point decrease in the average utilization rate, 2.6 per cent decrease in the average daily rate (in US$)."
Compared with the second half of 2014, adjusted revenues fell by 6.8 per cent at constant rates. Compared with the preceding quarter, adjusted revenues decreased 2.2 per cent, reflecting the additional impact of average daily rate renegotiations and further stacking of vessels.
“The first half of 2015 was highlighted by a continued slowdown in activity in most regions and negotiations with clients on commercial terms. 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”, said Christian Lefèvre, Chief Executive Officer of the company.
"While the duration of this downturn is uncertain, Bourbon is constantly adapting to the market and is unwavering in its focus on excellence in service execution and reducing its costs."