French offshore services company Bourbon Offshore reported adjusted revenue of 340.1 million euros in the first half of the year, down 15.2% compared to the second half of 2017, citing the continued challenging market environment.
Revenues were mainly impacted by declining rates and subsea activity, which reached a low point during the first half, Bourbon said.
The company reported an average utilization rate of 52.7%, down slightly compared to the second half of 2017.
Bourbon also reported it now has 184 vessels stacked, down slightly from the 182 vessels stacked as of H2 2017.
“The number of stacked vessels stabilized over the period reflecting, on the one hand, the gradual reactivation of vessels and, on the other hand, the implementation of the non-strategic vessels disposal plan,” the company said in its press release.
Bourbon further reported a net loss of 197.1 million euros, less than 406.1 million euro net loss in H2 2017.
“While market conditions remained difficult in the first half of 2018, continued efforts made by our teams to bring costs under control combined with the continuing implementation of our strategic plan, #BOURBONINMOTION, enabled us to maintain our operational performance and prepare ourselves to take advantage of the expected turnaround,” stated Gaël Bodénès, CEO of Bourbon.