SeaBird Exploration has warned it may have to lay up further vessels as it reduces its fleet capacity.
The move is in line with weaker marker demand, the company said.
It comes despite a recent award for survey work for the firm.
SeaBird has now got rid of two more vessels, having sold the Hawk Explorer for decommissioning after acquiring the unit and redelivering the hired-in Voyager Explorer back to its original owner.
The company said it could stack additional vessels if contract coverage is insufficient.
In its third quarter results it als reported a third-quarter net loss of $3million, compared with a $1.7million a year earlier.