Bourbon makes another large loss - Gaël Bodénès becomes CEOCompany News // September 8, 2017
Offshore vessel owner Bourbon made a large loss in the first half of 2017 and has confirmed that Jacques de Chateuvieux is stepping down as CEO at the company.
Announcing results for the first six months of the year, Mr de Chateuvieux said Bourbon remains "committed to creating the necessary conditions to face the challenge on all fronts."
He said the debt reorganization the company completed at the end of July was an important step in the right dirtection.
In the first six months Bourbon had adjusted revenue of €459.5 million, down 8.7% compared with the second half of 2016 (consolidated revenue of €419.7 million). Adjusted costs were down by 10% compared with the second half of 2016, enabling margin rates to stabilize compared with the second half of 2016. Adjusted EBITDA was stable at €59.6 million (consolidated EBITDA amounted to €51.2 million). Consolidated EBIT was -€90.8 million.
Net income, -€170.1 million, was impacted by unrealized foreign exchange losses amounting to €50 million.
"With oil prices having stabilized at around US$50, oil companies have adapted and started E&P projects again," said the company. "Demand remains low, however, there are signs of a gradual return to drilling and development in certain countries."
At a meeting held on 4 September 2017, the Board of Directors of Bourbon confirmed Mr de Chateauvieux as Executive Chairman and appointed Gaël Bodénès as Chief Executive Officer. The board also decided that Astrid de Bréon, Chief Financial Officer, would be an integral part of the executive team.
The changes follow Christian Lefèvre's appointment as Chief Executive Officer of Jaccar Holdings as of 1 October 2017, who has consequently left his executive position at Bourbon.