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    Solstad lays up 13 vessels

    Company News // August 25, 2015

    Solstad Offshore in Norway has confirmed that it is to lay up 13 vessels - around a quarter of its fleet.

    Announcing details of its latest results, the company said operating revenue for the second quarter was NKr 1,060 million (NKr 876 million); cashflow from operations (EBITDA) for the same period was NKr 480 million (NKr 385 million).

    Solstad's operating revenue for the first half of 2015 was NKr 1,970 million (NKr 1,719 million). EBITDA for the first half year was NKr 890 million (NKr 737 million).

    A large number of redundancies are also expected as a result of the vessels being laid up.

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