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Struggling Siem Offshore in huge deficit for 2015

Norwegian Siem Offshore delivered a net deficit of USD 196.4 million in 2015 and predicts more rugged years for the supply sector. More vessels are expected to be idled, according to financial report.

Photo: Siem Offshore

As expected, the challenging conditions in the offshore sector took a massive toll on the 2015 full-year results from Norwegian Siem Offshore, which suffered a net deficit of USD 196.4 million in the year. A significant decline from a net profit of USD 70.7 million in 2014, according to the carrier's annual report, published Thursday.

The full-year revenue decreased to USD 422.3 million in 2015 from USD 491.3 million the year before, and the company's fleet value was impaired by USD 103.5 million in the fourth quarter while seven ships have been idled, from a total fleet of 44 vessels, including chartered ships and pool collaborations.

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