Bourbon Offshore stacks more than 30 vessels

Bourbon Offshore stacks more than 30 vessels

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.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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2 Comments

  1. Berndt R. Olesen
    November 4, 2015 at 5:04 pm

    I have not before come across the term of ”stacking” ships. I assume that this is different than laying-up ships ?

    1. Grant Rowles
      Grant Rowles
      November 5, 2015 at 2:26 am

      Berndt, stacking is used in the offshore industry for rigs and is slowly creeping into the vocabulary of offshore support vessel owners rather than layup.