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Siem Offshore knocked back in struggling offshore market

Norwegian offshore carrier Siem Offshore suffered a deficit of USD 45 million in the second quarter in a market which continues to be plagued by too many ships and cancellations.

Photo: Siem Offshore

The numbers speak for themselves when it comes to the situation in the North Sea for the supply carriers - and more specifically for the Norwegian offshore shipowner Siem Offshore, which suffered a deficit in the second quarter of USD 45 million. In the first six months of the year, the carrier booked a total deficit after taxes of USD 70.6 million, compared to a profit of USD 29.9 million in the same period last year, according to the interim report on Thursday.

The trend from the first quarter continued into the second, writes management. This means a spot market in the North Sea for AHTS ships (Anchor Handling Tug Supply) and PSV vessels (Platform Supply Vessels) with low rates and low employment.

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