Please note: Revenue in the title of the release should be read adjusted revenue.
Adjusted revenue for the 3rd quarter was down 12.7% (-9.2% at constant rates) compared to the 2nd quarter of 2017, still impacted by sluggish activity and strong pressure on rates, despite a few positive signs
- In the Deepwater offshore and Shallow water offshore segments, customer willingness to launch exploration projects and renew medium and long-term contracts should be underlined. This is reflected in a slight increase in activity (average utilization rates up 2 points) although rates are still declining.
- The Crew boats segments remained resilient, impacted by the monsoon seasonality in West Africa.
- Revenue from the Subsea activity fell 23.1% compared to the 2nd quarter of 2017, mainly impacted by a lower number of turnkey projects.
“Our customers have recovered some margin for maneuver but this is not yet reflected in Offshore activity. We believe that we have reached the low point of the cycle, however recovery will be slow. Our policy of operational excellence, cost control and cash preservation remains key in meeting the requirements of our customers,” declares Gaël Bodénès, Chief Executive Officer of BOURBON Corporation. “More than ever, BOURBON must transform in order to respond to this new cycle focused on operational excellence at optimum cost”.