French offshore ship owner Bourbon Offshore has revealed a whopping number of more than a hundred of its offshore vessels stacked at the end of 2016.
The vessel owner, with a fleet of over 500 offshore vessels, said that it has maintained an “active stacking policy” to maximize the utilization rate and revenue of vessels in operation. So, as of December 31, 2016, the company had 104 vessels stacked and that’s not including crew vessels.
This means that in the fourth quarter the company stacked 19 vessels, as its the number of Bourbon’s stacked vessels at end-September 2016, excluding Crew boats, was 85 vessels.
The latest stacked vessels number was revealed in Bourbon’s annual and fourth quarter results presentation. The company posted revenues of €1 billion for 2016, a decrease of from €1.3 billion in 2015.
Fourth quarter revenue fell to €224.4 million, down from €308 million in the fourth quarter of 2015.
Bourbon, operating in 50 countries, said that 4th quarter revenues reflected a further reduction in activity in the Deep and Shallow offshore segments, a recovery of activity in Subsea and, to a lesser extent, the anticipated recovery in Crew boats.
“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”, declared Jacques de Chateauvieux , Chairman and CEO of Bourbon.
“In this context, Bourbon is strengthening the diversification of its service offerings and building on its network of local partners across the world…Our teams are working on innovative solutions to meet the expectations of our customers who are changing their operations to adapt to an oil price under $60”.
Offshore Energy Today Staff