October 19, 2016 / 12:26 PM / a year ago

Bourbon exec: oil price rise yet to have impact on activity

PARIS (Reuters) - The recovery in world oil prices has yet to have an impact on activity at France’s Bourbon SA but is a move in the right direction, said deputy managing director Christian Lefevre.

The oil services company has had to cut costs under pressure from clients and said in early September it believed things should look up in 2017 after hitting a low point.

OPEC producers have since agreed modest output curbs and world oil prices have returned to about $50 per barrel.

“For now this is comforting our clients, which is a good thing,” Lefevre told Reuters.

“They’ve found some reason to hope and rather say hello when they see us in meetings instead of asking for cost cuts. They talk of projects,” he said.

He was speaking on the sidelines of an industry conference.

“It’s nice but it has yet to produce a direct impact on activity ... but it’s a step in the right direction.”

Reporting by Benjamin Mallet; Writing by Brian Love; Editing by Geert De Clercq

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