PARIS, Sept 8 French oil services company
Bourbon said on Thursday that any rebound in oil and
gas prices will take a while to reach companies in the offshore
marine sector because of deep cuts in investments during the
prolonged oil downturn.
Bourbon, whose fleet of about 513 vessels provides offshore
services for oil and gas companies, said its net loss in the
first half widened to 104.3 million euros ($117 million)compared
with a net loss of 19.2 million in the same period a year ago.
Adjusted revenues fell 21 percent to 599.2 million compared
with the first half of 2015, the company said.
"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 company said.
"However, the inevitable rebound in activity will take some
time to reach offshore marine services," it said in a statement,
adding that deepwater and shallow water segments of the industry
will continue to be affected by overcapacity of vessels.
Bourbon said a rebalanced demand and supply outlook for the
oil market in 2017 will have a positive effect on the company.
The company's shares were up 2.83 percent at 10.9 euros by
0836 GMT, outperforming the European oil and gas sector index
which was up 0.18 percent.
($1 = 0.8873 euros)
(Reporting by Bate Felix; Editing by Andrew Callus)