Siem Offshore expects tough market over next several years
The Norwegian offshore carrier booked a somewhat higher revenue in the first quarter, but low rates and overcapacity weighed down operations as well as the bottom line. The company projects a tough North Sea spot market characterized by vessel oversupply in the years to come.
by DANIEL LOGAN
Siem Offshore wrapped up the first three months of the year with a big deficit, and the operating result went negative despite a somewhat higher revenue in the market for offshore vessels in the North Sea, according to the Norwegian carrier's unaudited interim report, published Monday.
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