Siem Offshore: OSV market to remain volatile for extended period

Norwegian offshore vessel owner Siem Offshore saw an improvement in the North Sea spot market for Offshore Support Vessels towards the end of the second quarter of 2016.

The growth was particularly felt in the anchor handling tug and supply vessel rate levels, Siem Offshore, which runs a fleet of 46 vessels, said on Thursday.

Presenting its quarterly results, the company posted a drop in operating revenues. Revenues were $99.6 million for the quarter, down from $124.4. million a year ago.

Siem Offshore’s net loss narrowed to $7.9 million, an improvement from last year’s second quarter loss of $45 million.

While stating that the North Sea market somewhat improved in the later part of the quarter, Siem Offshore also said that market will remain volatile for both the AHTS vessels and PSVs for an extended period, with a number of rigs having been cold-stacked as end-clients continue to focus on cost-cutting and cash preservation.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply