Bourbon Offshore expects low rates into 2019

One of the world's largest offshore carriers, France's Bourbon, was kept down by low rates in the first half of 2018. Oil companies are expected to increase investments next year, but overcapacity will suppress rates well into 2019, the company writes.

Photo: PR-foto: Bourbon

Bourbon Offshore is still struggling with a stagnant market for offshore sector service vessels.

The carrier's revenue decreased to USD 340.1 million in the first six months of 2018, down from USD 459.5 million from the same period in 2017, and the bottom line dropped further to a deficit of USD 197.1 million – down more than 15 percent compared to a 2017 deficit of USD 170.1 million, shows Bourbon Offshore's interim report, published Thurday.

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