Norway’s World Wide Supply (WWS) says it is laying up two platform supply vessels operating in the UK spot market amid weak demand for offshore vessels.
WWS announced the layups Wednesday in a statement to the Oslo Børs stock exchange. The company owns a total of six PSV3300-design platform supply vessels delivered by Damen Shipyard during the second half of 2013.
The vessels impacted will be the World Diamond and World Pearl, both trading in the UK spot market. The lay-ups will result in the termination of 48 crew, WWS said.
“World Wide Supply has decided to lay up the PSV`s World Diamond and World Pearl due to a very weak offshore spot market,” the statement said.
World Wide Supply’s four other PSVs are under long-term contracts with Petrobras in Brazil through July 2018.
The spot market for offshore vessels has been hit hard by a decrease in oil and gas activity across the globe.
Earlier this week, Norwegian ship owner Solstad Offshore announced plans to layoff about 50 offshore employees due to the sale two offshore vessels and two lay-ups, both currently trading the North Sea spot market.