Covington, Louisiana-based offshore support vessel (OSV) operator Hornbeck Offshore Services has forecast that it would probably have to stack nearly 80% of its OSV fleet in 2017 because of decline in the offshore oil and gas sector.
Hornbeck has stacked 41 of 62 OSV’s this year and expects that to rise to as many as 48 next year. That means the vast majority of its fleet will be taken out of action for the foreseeable future until the industry recovers.
The company provides logistics and other support to offshore oil E&P firms, with a special focus on the Gulf of Mexico.
Its announcement follows the company’s stock falling to an all-time low of $3.32 per share on Thursday.
