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Siem Offshore: Difficult to predict when the recovery will come

Norwegian player Siem Offshore sees the North Sea spot market as "highly disappointing" but still managed to reduce its deficit in 2018, unlike some of its competitors. The prospects for this year are not much better.

Photo: Crop af DXR/CC BY-SA 4.0

Siem Offshore, like many of its competitors, booked a deficit in 2018 which according to the carrier was characterized by too few contracts for far too many vessels.

In particular, the last few months of the year pulled down Siem Offshore's total report results with a deficit before tax of USD 59.5 million in the fourth quarter, showed the carriers' annual report published Thursday.

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