Hornbeck Offshore Services (HOS)’s chief executive said the offshore supply vessel market has not yet found its bottom as the company’s shares plunged after a worse-than-expected second-quarter loss.
Todd Hornbeck told analysts that market conditions in the second quarter were worse than in the first quarter, which he said has resulted in a collapse in utilisation and in rates.
“Anyone calling for a market bottom in the OSV space is very likely mistaken,” he said during an earnings briefing.
Hornbeck’s dire account of the state of the industry comes just over a week after Quintin Kneen, the chief executive of rival GulfMark Offshore, said he believes the market has come off its bottom.
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