Bourbon Offshore’s plan to diversify into the ethane fuel market has been placed on the again burner after the corporate didn’t get hold of financing for the deal.

Bourbon introduced its plans in March for a serious enlargement into ethane fuel transportation with the acquisition of the ethane actions of JACCAR Holdings, a personal fairness agency and likewise majority shareholder of Bourbon itself, as Bourbon weathers the slowdown within the oil and fuel market.

But on Tuesday, Bourbon backtracked on these plans after its board realized that the required financing for the acquisition wouldn’t be obtained inside the agreed upon timeframe.

Bourbon now says that whereas it’s enlargement into the fuel transport market stays a strategic goal for the corporate, its will as an alternative focus its efforts on positioning itself inside its core market in an effort to take full benefit as soon as the offshore market rebounds, every time which may be.

“The diversification of BOURBON in this new activity remains a strategic objective for the company. 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,” Bourbon stated in an announcement.

Bourbon stated in March that the acquisition worth of the JACCAR’s belongings would have amounted to an funding of $320 million, plus one other $389 million of debt.