French vessel owner Bourbon is anticipating a market recovery after seeing improvements in its financials in the past quarter, mostly due to the ongoing transformation of its business models.

Bourbon reported revenues in the third quarter of €173 million ($197 million) compared to revenues of €204 million in the same period of last year.

The subsea services segment of the company posted the most noticeable improvement, with €38 million in the third quarter compared to €30 million in the second quarter.

The boost was due to “the positive impact of new subsea contracts including turnkey projects in offshore wind, which demonstrate the ongoing transformation of business models”, according to the company.

Year-on-year, revenues for the segment dropped from €52 million. Revenues for both the marine and logistics, and mobility segments dropped year-on-year and quarter-on-quarter.

Average utilisation rate dropped to 51.6% from 53.4% in the third quarter of last year.

“In this quarter, we continued to make every effort with our teams and partners to control our costs while maintaining our operational performance and revenues. More than ever before, we are adapting and transforming to remain a leader on our markets,” chief executive Gael Bodenes said.

Looking ahead, “a recovery appears to be under way, although it remains impacted by vessel over capacity in the PSV and AHTS segments”, Bourbon said.

“Clients are currently focusing on short-term projects offering swift return on investment, but are also launching exploration campaigns to renew their reserves and thus meet growing demand.

“We expect prices to remain persistently low. In this context, Bourbon is focusing its efforts on operational excellence, cash management, cost-cutting and overhauling its model by rolling out its strategic action plan,” it said.