
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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