Subsea 7 divests ships following major loss

Subsea 7, in which Norwegian Kristian Siem owns a considerable stake, has presented a deficit for the first quarter of more than USD 900 million and plans to divest ten vessels in order to get through the crisis.

Photo: PR/Subsea 7

Subsea 7 books a deficit of no less than USD 922 million for the second quarter this year, thereby illustrating the difficult situation that many companies working in the offshore oil and gas sector find themselves in.

The majority of the deficit is due to impairments of more than USD 800 million.

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