France’s Bourbon Offshore has stacked an additional 14 vessels during the last quarter according to its third quarter results.
Bourbon now has 85 vessels stacked, made up of 59 shallow water offshore vessels, 22 deepwater offshore vessels and 6 subsea vessels. The biggest loser was in the shallow water segment which saw 13 vessels stacked during the quarter. The company said the market in this segment deteriorated severely during the quarter.
Positively, two subsea vessels were brought out of stacking during the quarter.
Despite the rush of vessels into layup Jacques de Chateauvieux, chairman and CEO of Bourbon remained positive, commenting: “The expectations of a potential rebalancing of oil supply and demand in 2017 on account of the sharp drop in investment by oil companies, as well as the search for agreements between producer countries, may mark the start of a recovery in activity.”
De Chateauvieux added that cost control would remain a focus for the company.
Revenues for Bourbon for the quarter were €259.1m, down 24.7% on last year.
Source: Splash 24/7