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
