Siem Offshore expects soft market "for several years"Company News // May 22, 2015
Announcing results for the first quarter of 2015, Siem Offshore in Norway said the market for PSVs and AHTS vessels in the North Sea continues to be characterised by soft rates and low levels of utilization.
"Additional vessels have entered the North Sea from other regions as rig activity is reduced, which places pressure on vessel utilization and fixture rates," said the company.
"Vessel owners have placed vessels in lay-up and owners are considering additional layups.
"The outlook for the OSV market is expected to remain soft for several years due to a number of factors affecting the offshore oil and gas industry," said the company.
The company said Siem Offshore Contactors experienced steady tendering activity in the offshore wind market, with scheduled marine installation activity taking place in 2017 and 2018.