International offshore vessel owner Siem Offshore has named its head of chartering as the new chief executive.
Siem said on Monday that its CEO Idar Hillersøy tendered his resignation as the chief executive officer of Siem Offshore Inc. for personal reasons.
Hillersøy was appointed CEO of Siem Offshore Inc. in August 2015. His offshore supply vessel management and project management experience comes from prior work for Simon Møkster Shipping, Seabrokers, Norwegian Contractors, and Stolt Offshore.
Hillersøy will be replaced by Bernt Omdal, the current head of chartering. Omdal was appointed as head of chartering on July 1, 2011. Omdal has more than 20 years of experience within the maritime industry, including chartering, operations, and shipbroking.
The company also named Tore Lillestø as Siem Offshore Inc.’s chief operating officer.
“The board of Siem Offshore Inc. thanks Idar Hillersøy for his contribution to the company during his employment and look forward to working with Bernt Omdal and Tore Lillestø in their new positions,” said the company in the statement.
‘Market to remain challenging’
The vessel owner said in its 1Q 2017 report last week that the North Sea spot market for AHTS and PSVs remained soft during the first quarter.
The company further stated: “More rigs are being re-activated in preparation for the upcoming spring and summer drilling campaigns; however, we believe there will still be an oversupply of AHTS vessels and PSVs and expect the market to remain challenging for several years. The charter rates and margins still remain below what is sustainable.”
For the first quarter 2017 the company’s net loss increased to $13.3 million from $9 million in the same period of 2016.
Siem’s operating revenues for 1Q 2017 were $107.4 million compared to $70.8 million in the corresponding period of 2016.
Offshore Energy Today Staff