Siem Offshore expects continued weak North Sea market this year

A major impairment pulled the Norwegian offshore company's bottom line deeper into the red, and 2018 is expected to remain weak despite a surge in activity over the summer.

Photo: Crop af DXR/CC BY-SA 4.0

Siem Offshore, controlled by Norwegian shipping investor Kristian Siem, finished the first quarter of the year with a lower revenue and significantly bigger deficit on the bottom line.

The Oslo-listed company's revenue came to USD 65.8 million in the first three months against USD 69.5 million in the same period 2017. While revenue dipped slightly, the deficit almost doubled to USD 32.4 million from USD 17.1 million in the same period last year, according to the company's interim report.

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