Bourbon Offshore reported a small increase in revenues in 2015 despite difficult market conditions, but will continue to keep up to 20% of its fleet stacked.

Bourbon reported revenues of EUR1.44bn ($1.57bn) for 2015 up 1.1% on the previous year when it booked revenues of EUR1.35bn.

The company said that 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.

The subsea sector was harder hit especially with reductions in activity in the fourth quarter in the Middle East and the monsoon season in Asia with ultilisation down 19% year-on-year.

“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.