France’s Bourbon Offshore has stacked an additional 19 vessels during the last quarter of 2016 according to its fourth quarter and full year results.
Bourbon now has 104 vessels stacked, made up of 73 shallow water offshore vessels, 27 deepwater offshore vessels and 4 subsea vessels. The biggest loser was in the shallow water segment which saw 14 vessels stacked during the quarter. The company said it continued to experience the effects of a market lacking of new drilling or maintenance projects affected all regions, particularly West Africa and Asia.
Positively, two subsea vessels were brought out of stacking during the quarter.
Jacques de Chateauvieux, chairman and CEO of Bourbon, commented: “The rise in oil prices and production limitation agreements are expected to have a favorable effect on oil companies’ investments. However, the anticipated effect on offshore activity will be delayed in time, as new investments recovered initially in onshore operations.”
De Chateauvieux added that the company is working on innovative solutions to meet the expectations of customers who are changing their operations to adapt to an oil price under $60.
Revenues for Bourbon for the quarter were €244.4m, down 5.7% on the previous quarter.