Offshore carriers have lost half of revenue in three years

Norway's offshore carriers saw half of their revenue disappear in three years after the oil price bottomed-out in 2014, shows new report from the Norwegian Shipowners' Association.

Photo: Solstad

A new report once again emphasizes how tough the 2014 oil price collapse was for offshore companies.

In the middle of 2014, the oil price suddenly started dropping from USD 100 per barrel and in early-2016 it got as low as USD 25 per barrel. The low price caused oil companies to cut their costs and that strained the offshore carriers, which service the oil companies.

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