Struggling Island Offshore suffered major setback in 2016
Norwegian offshore carrier Island Offshore saw its bottom line plunge to a loss of almost NOK 1 billion in 2016. The company is in the midst of a restructuring process which meant that, among other things, the carrier sold three vessels in the first months of the year.
by DANIEL LOGAN
Island Offshore is hit hard by the downturn in the Norwegian oil and gas sector which has taken a massive toll on the offshore carriers operating in the North Sea in particular.
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