Farstad Stacks Two, Seadrill Loses Huge BP Contract

Screen shot via YouTube

Farstad Shipping’s CEO Karl-Johan Bakken says today, “very demanding” conditions in the offshore market has forced his company to lay up two of their platform supply vessels and regretfully give notice to competent employees while new work is sought for the PSVs Far Server and Far Spica. 

Bakken certainly isn’t the only one making tough decisions these days as Hornbeck recently announced 18 of their new generation offshore supply vessels are currently stacked.

On the drilling front, Seadrill’s 2008-built semisubmersible drilling rig West Sirius recently lost it’s contract with BP and company spokesperson Iain Cracknell tells gCaptain that she will be stacked for the forseable future until a new contract can be signed. Rumors that she was set to be scrapped have been confirmed to be false.

Considering the West Sirius‘ contract was at a day rate of $535,000 per day and ended in July 2019, the value of this loss is likely in excess of $800 million.

Transocean also announced this week their drillship GSF Explorer is set to be scrapped.

Subscribe for Daily Maritime Insights

Sign up for gCaptain’s newsletter and never miss an update

— trusted by our 109,087 members