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Siem Offshore hit by the North Sea oil crisis

Siem Offshore booked a deficit in the first quarter of the year following a tough market for the company's fleet of PSVs and AHTS' in the North Sea, and the carrier was also forced to idle a vessel. Four Petrobras contracts were canceled in the quarter.

Photo: Siem Offshore
BY LOUISE VOGDRUP-SCHMIDT

The North Sea offshore market is in dire straits, and this fact is directly reflected in the first quarter result from Siem Offshore.

The Oslo-listed carrier's revenue increased to USD 126 million in the quarter, from USD 94.4 million in the same period last year, but the earnings dove to a deficit of USD 25.6 million - a major setback from last year, where the carrier made a profit of USD 17.8 million.

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