Bourbon has posted lower adjusted revenues for the quarter ended June 30, 2016 as low oil price environment keeps dragging utilization and daily rates down.
The French vessel owner and offshore services provider generated a total of €284.7 million in second-quarter adjusted revenues, down some 24% from a year-ago quarter (€375.2 million) and close to 10% sequentially.
For the first half of 2016, Bourbon generated approximately €160 million lower adjusted revenues from €759 million in the prior-year comparable period.
As for the subsea segment, adjusted revenues for the quarter fell 14% year-over-year, but around 22% higher against the Q1 2016. Subsea division generated €60.9 million in Q2 2016 compared to €70.9 million in the corresponding period in 2015.
Bourbon reported 8 subsea vessels stacked during the second quarter 2016, lower that in the Q1 2016. The company said it expects utilization to pick up in the coming quarters. Overall, 67 supply vessels were stacked at the end of the quarter, representing 27% of the supply fleet.
In the second quarter 2016, Bourbon saw its average utilization rate (excluding crew boats) at 64.5%, while its average daily rate (excluding crew boats) declined by 18% from a year-ago quarter.
“The low point of adjusted revenues is expected in Q3 2016, with a possible improvement at the end of 2016,” the company said in a press release.
Subsea World News Staff