The moves bring the US offshore vessel owner’s idled fleet to 18, chief executive Todd Hornbeck said after the company reported better-than-expected first quarter earnings amid slumping market.
“Vessel stacking and the associated reduction in mariners drastically reduces cash opex [operating expenses], lowers our risk profile, lessens the wear and tear on our fleet, and allows us to defer drydockings and maintenance capex [capital expenses], which conserves cash,” he said during a conference call with analysts.
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