In its latest set of quarterly results, OSV owner Bourbon Offshore said it had a total of 31 supply vessels stacked as of today.
There were up to eight deepwater vessels stacked during the last quarter alone, and Bourbon said it will continue its current policy to temporarily stack vessels which have no anticipated activity for three months. By stacking vessels, the company said it will minimize costs and preserve utilization rates on the vessels that remain in operation.
Bourbon revealed that adjusted revenues were down 8.3% compared with the preceding quarter, mostly down to the stacked vessels and lower rates. Adjusted revenues for first nine months showed an increase of 6.8% to €1,103m ($1,206m) at current rates
Commenting on the results Christian Lefèvre, chief executive officer of Bourbon, said: “In today’s market environment, Bourbon remains determined in the search of operational excellence and is focusing on what it can control: safety, cost control initiatives and operational efficiency.”