French offshore marine services company Bourbon Offshore has released its latest results today and believes that the sector has hit the bottom of the market.

"The bottom of the market in the subsea segment was reached in Q1 2016", Bourbon says, with the improvement in utilisation rates during the second quarter expected to continue.

As for the crew boat segment, Bourbon says that the bottom was hit during the second quarter, and there will be improvements going forward due to reduced helicopter activity for cost savings purposes and an increase of activity in production of existing fields.

Lastly, in terms of the deep and shallow water sectors, Bourbon says that the bottom of the market will be reached in this third quarter "due to the late cyclical nature of this business."

Bourbon's optimism however comes at a time when global oil prices are taking another nosedive, hitting US$40 a barrel again.