Bourbon profit slips

France’s Bourbon Offshore has revealed a drop in its profit for the first half of the year despite an expanded fleet.
Bourbon: less first-half profit.

Bourbon: less first-half profit.

Its net income for the period was EUR 10.6m ($13.9m) versus EUR 30.9m the year prior.

Bourbon operated 501 vessels in the first six months of 2014, 29 more than 2013, but fleet utilisation declined from 83.4% to 81.5%.

Christian Lefevre, chief executive for the company, blamed a slowdown in activity, partly due to cost reductions by oil and gas companies and delays on some projects, for the profit fall.

However, he said: “Bourbon showed strong improvement in cost control while taking delivery of 23 vessels during the period."

Adjusted revenue rose to EUR 657.7m from EUR 647.9m.

Compared with the first half of 2013, revenue from the company’s activity in Asia increased by 25% while America went down 5% and Europe and West Africa remained stable.

Bourbon said the $150m agreement with Standard Chartered for the sale of six vessels remains on track and three ships are to be transferred before the end of the year.

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