Releasing its annual results today, OSV owner Bourbon Offshore said it had a total of 44 supply vessels stacked as of the end of the year, a jump of 13 vessels since its third quarter results were released early November.

The number of vessels stacked represents 9% of the company’s marine services fleet. The company said the stacking of the vessels has helped reduce its vessel operating and dry dock maintenance costs, as well as preserve its utilisation rates.

Bourbon’s annual revenues came in at €1,437m ($1,568.2), a 1.1% increase on 2014 at current exchange rates or a 8.6% drop at constant rates.

Christian Lefèvre, CEO of Bourbon, commented: “As the industry remains in this prolonged downturn, Bourbon remains focused on what it can control; safety, cost control initiatives and operations efficiency.”

The company said it will continue to temporarily stack up to 20% of its vessels which have no anticipated activity in the medium term in order to reduce its operating costs.
 

Source: http://splash247.com/bourbon-offshore-stacks-an-additional-13-vessels/