Deep Investment Cuts Slow Rebound for Offshore Oil Services -Bourbon
PARIS, Sept 8 (Reuters)– French oil solutions firm Bourbon claimed on Thursday that any type of rebound in oil and also gas rates will certainly take a while to get to firms in the overseas aquatic industry due to deep cuts in financial investments throughout the long term oil recession.
Bourbon, whose fleet of concerning 513 vessels offers overseas solutions for oil and also gas firms, claimed its bottom line in the initial fifty percent broadened to 104.3 million euros ($ 117 million) compared to a bottom line of 19.2 million in the exact same duration a year earlier.
Adjusted earnings dropped 21 percent to 599.2 million compared to the initial fifty percent of 2015, the firm claimed.
“After the drastic reduction of the level of investments of oil and gas companies over the past couple years, oil producers are now thinking of the future, particularly to maintain their level of production in the medium term,” the firm claimed.
“However, the inevitable rebound in activity will take some time to reach offshore marine services,” it claimed in a declaration, including that deepwater and also superficial water sections of the market will certainly remain to be impacted by overcapacity of vessels.
Bourbon claimed a rebalanced need and also supply overview for the oil market in 2017 will certainly have a favorable impact on the firm.
The firm’s shares were up 2.83 percent at 10.9 euros by 0836 GMT, outshining the European oil and also gas industry index which was up 0.18 percent. ($ 1 = 0.8873 euros) (Reporting by Bate Felix; Editing by Andrew Callus)
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