Bourbon Offshore reported a small increase in revenues in 2015 but will continue to keep up to 20% of its fleet stacked.
Bourbon reported revenues of EUR1.44bn for 2015 up 1.1% on the previous year when it booked revenues of EUR1.35bn.
Utilization rates for its fleet of 488 marine service vessels declined by less than 5% on average in 2015 versus the previous year which it credited to staying close to and listening to its clients.
“In 2015, Bourbon achieved adjusted revenues of EUR1.44bn, showing resiliency despite a very difficult market,” commented Christian Lefèvre, CEO of Bourbon. “As the industry remains in this prolonged downturn, Bourbon remains focused on what it can control: safety, cost control initiatives and operational efficiency”.
Looking ahead Bourbon said that in a market where demand for vessels was declining it would strive to keep utilization rates high excluding stacked vessels.
“The group will continue to temporarily stack up to 20% of its vessels which have no anticipated activity in the medium term in order to reduce operating costs,” it said.