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Siem Offshore urges banks to push for needed consolidation after deficit

Banks should to a higher degree use their position to spearhead a consolidation among strained offshore carriers, says Siem Offshore, which has just presented a deficit for the first quarter. The industry faces another downturn, probably worse than previously.

Photo: PR / Siem Offshore

Offshore shipping companies had just caught a whiff of slightly improved market conditions when the coronavirus outbreak and oil price collapse swept cautious optimism off the table again.

That is why there is a need for fundamental change in the industry to help the strained carriers, according to the management of Siem Offshore, where Kristian Siem owns large parts of offshore companies Subsea 7 and Siem Offshore. At the latter company, he took over the position of chairman of the board last summer.

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