Bourbon continues to stack vesselsCompany News // May 4, 2016
In the first quarter of 2016, Bourbon had adjusted revenues of €314.5 million (-5.9 per cent compared with fourth quarter of 2015). The company said this illustrated the company's "strong resilience" in a market that is still declining.
“In a market where prices are imposed upon everyone, Bourbon is focusing on what it can control: safety, fleet availability, cost control and cash preservation, by a proactive policy of stacking vessels if necessary,” said Christian Lefèvre, Chief Executive Officer of Bourbon. “Bourbon is putting everything in place to be the first one ready for the resumption of activity when it happens, reducing costs and anticipating the evolution of the clients’ needs."
The company said the impact of further spending reductions by oil and gas companies is being felt globally, with the most significant effects being felt in Asia and the Europe/Mediterranean/Middle East regions.
The company said average utilization rates, excluding crewboats, declined by 5.0 points to 71.7 per cent, mainly due to increased stacking of vessels. Average daily rates excluding crewboats declined 3.0 per cent. The company had 47 supply vessels stacked as of 31 March 2016.
The crewboat segment remained resilient with stable revenues, average utilization and daily rates.