Bourbon Offshore's attempt to enter the ethane gas market has been placed on hold following the company's failure to secure financing for the acquisition of JACCAR Holdings.
Earlier this year Bourbon outlined plans to expand into the ethane gas transportation sector as other energy sectors struggled for business.
The company has said it will focus on preparing for the rebound of the offshore market.
However, "The diversification of Bourbon in this new activity remains a strategic objective for the company," the company said in a statement.
"Bourbon, illustrating a strong resilience in the low point of the cycle of the offshore market, is reinforcing its position in its main market and will be the first to take advantage of the recovery of activity when it will happen. It will then be able to ensure a new step in its development."