Siem delivers another quarter deficit in squeezed market

Siem Offshore records another loss in a tough market and expects to see further ships laid up in the future. This quarter, the loss amounts to USD 9.5 million.

Photo: Siem Offshore

Siem Offshore AS has emerged from the third quarter with a deficit of USD 9.5 million after tax. This is a smaller deficit than the previous quarter, which showed a loss of USD 45 million. However it's a decline compared with the third quarter of last year, where Siem showed a profit after tax of USD 25.3 million.

"The spot rate market in the North Sea for AHTS and PSV has continued the negative trend from the previous quarter with falling rates and reduced use. Carriers continue to lay ships up, and further decommissioning is expected," write Siem Offshore in their third quarterly report.

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