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Pareto: Only a matter of time before offshore improves

The market for offshore service vessels has bottomed out, concludes analyst firm Pareto Securities in a new, extensive report. Oil companies' growing willingness to invest drives the development, but oversupply and record-high debts weigh down.

Yet another Norwegian offshore carrier in acute trouble

As the most recent in an long line, Norwegian offshore carrier Boa now reports that a significantly worsened market has caused severe problems with liquidity. The announcements arrives along with the declaration of a third quarter deficit.

Oil crisis puts pressure on DNB's Q3 results

The hard-pressed oil segment dealt a serious blow to Norway's DNB in the third quarter 2016, as the bank's massive exposure to shipping and offshore triggered major loan impairment losses. However, the CEO is optimistic about the prospects for 2017 and beyond.

Havila CEO: Offshore owners must abandon ownership principles

Norwegian offshore supply carrier Havila has been working on a restructuring for months. Hopefully a deal will be reached within a few weeks, but the process is arduous. The industry and the families must let go of their principles about ownership, CEO Njål Sævik tells ShippingWatch.

Idled supply vessels bring the spot market near balance

The large number of idled offshore ships has brought the North Sea spot market closer to balance, where the active part of the fleet is virtually sold out, notes Westshore Shipbrokers. However Clarksons believe that sustainable rates will first emerge in 2008.

Deep Sea Supply continues to idle vessels

The fight to secure work in the North Sea is intensifying, and offshore carrier Deep Sea Supply currently has one vessel in the northern spot market, while Brazil is also not giving cause for optmism. Ship sales and impairments send the carrier into the red in the first quarter.

Hard-pressed Havila logs first quarter profit

Norwegian offshore carrier Havila delivered positive numbers on the bottom line in the first quarter with a profit of USD 3.6 million before tax. The carrier is undergoing restructuring and breached its loan terms back in March.

Greek steal on drilling vessel causes concern

Ocean Rig's acquisition of a used offshore vessel for below 10 percent of the original price is bad news for creditors in the offshore industry. The value of loans and bonds could be lower than expected according to one analyst who calls the price shocking.

Analysts: Offshore carriers do not impair enough

In spite of massive impairments at many Norwegian offshore carriers, the fleets of vessels are still valued too high, several analysts tell One analyst notes that the ties are too close between carriers and shipbrokers.

132 supply ships could lose contracts in Brazil

Supply carriers lost contracts one after the other last year in Brazil, but 2016 could be a serious problem when 132 foreign-flagged vessels' contracts with state-owned oil company Petrobras are set to expire.

Deep Sea Supply: Offshore market getting worse

Norwegian offshore carrier Deep Sea Supply took a hit in the third quarter due to more idle vessels and continued unsustainable rates in the offshore market. The company does not expect any improvement in the short and medium term.

Maersk Supply Service expects more idled vessels in 2016

Jørn Madsen took over as new CEO of Maersk Supply Service this summer and thus threw himself into the hard-hit supply sector. "The current situation indicates that we may have to idle more ships in the future," he says in an interview with ShippingWatch.

Solstad: No North Sea improvements in 2016

No sign of improvements for the hard-pressed supply carriers in the North Sea on the short term, projects Norwegian Solstad, which lost USD 25 million in the third quarter.

DNB: Two year rut ahead for oil service companies

The oil service companies are in the midst of a downturn so severe that it will continue the next two years, notes DNB Markets' oil service division on the basis of the 33 companies covered by its analysts.

Norway to support yard sector with USD 80 million

The Norwegian government has decided to inject around USD 80 million into the country's shipyard industry, with a special focus on offshore service yards. The shipyards' orderbooks look set to dwindle after 2016, which is one of the reasons for the fresh support.

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