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    Weak AHTS market sees high spec AHTS laid up

    Vessel & ROV News // January 24, 2013

    Broker Westshore reports that Siem Offshore has put its 2010-built, 28,000bhp anchor handler Siem Garnet into layup on completion of a recent spell in drydock.

    "Challenging market conditions have led the owner to shuffle drydock commitments around in order to have as much maintenance completed during the usually depressed start of the year, leaving its exposure to the market as limited as possible," said Westshore. This year however, further action is needed and Garnet will be laid-up.

    The vessel is the eighth in Siem Offshore's series of 10 VS491CD AHTS, which should give the owner some scope to minimize crew lay-offs.

    Westshore said Siem Offshore has expressed belief that the AHTS market in particular should pick up from May.

    "However," said the broker, "this latest move is significant in that Siem is the first owner to take action to minimize the potential losses of a tough first quarter in the higher end of the North Sea market."


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