US owner Hornbeck Offshore Services (HOS) has racked up a bigger loss in the fourth quarter as rates stayed soft.
The net deficit to 31 December was $24.2m, against a profit of $93.8m in 2017, when it was boosted by a $125.2m tax benefit related to US tax reform legislation.
Revenue was $53.9m, down $2.3m year-on-year.
There was a fall in multipurpose platform supply vessel (MPSV) rates due to soft market conditions, partially offset by improved market conditions for its offshore support vessels (OSVs).
It had 37 OSVs and three MPSVs in lay-up at year-end.
The fleet consists of 66 owned new-generation OSVs and eight MPSVs.
"With an assumed average of 36 new-generation OSVs projected to be stacked during fiscal 2020, the company's active fleet for fiscal 2020 is expected to be comprised of an average of 30 new-generation OSVs and nine MPSVs," it said.
Average OSV rates were $19,272 in the quarter, compared to $18,964 a year ago.
Utilisation was up at 30.8% from 24.1%.
Looking ahead, it said amortisation costs are expected to increase this year and in 2020 as a result of ships starting initial intermediate drydock or special surveys.
"The company expects amortisation expense to increase whenever market conditions warrant reactivation of currently stacked vessels, which will then require the company to drydock such vessels and, thereafter, to revert back to historical levels," it added.
This month the owner swapped $131.6m of its 5.875% bonds due next year for term loans expiring in 2025, which was around $53m short of its revised target.
The NYSE-listed company launched the exchange offer on 7 January with a tender cap of $200m, which was subsequently lowered to $185m on 22 January.
