Bourbon has expressed its willingness to stick to its present policy to temporarily stack vessels that are not much in activity for past three months. By doing so, the company would reduce costs and preserve utilization rates on the vessels that are in operation.
In the company’s recent quarterly results, OSV owner Bourbon Offshore said that it had totally stacked 31 supply vessels as of today. Nearly eight deepwater vessels were stacked only during the last quarter. The adjusted revenues were down to 8.3% compared with the preceding quarter, mostly due 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.”
Source: Bourbon Offshore