OSV Companies Still Face Serious Difficulty, Study Shows

The offshore supply vessel (OSV) sector continues to be in serious trouble despite a rebound in oil prices as too many vessels compete for limited business opportunities, according to a new study from the global consulting firm AlixPartners. As a result, OSV companies must take quick and decisive action in order to survive in what should be considered the “new normal,” … [Read more...]

Atlantic Offshore Secures Two-Year Charter for ERRV Ocean Troll in UK North Sea

Offshore shipping company Atlantic Offshore has secured a two-year charter with Maersk Oil in the UK for the use of the Emergency Response and Rescue (ERRV) Ocean Troll. For the charter, which commenced in July 2017, Ocean Troll will provide emergency rescue and fire fighting services for Maersk Oil's Culzean project in the central North Sea. It is the first Fire Fighting … [Read more...]

Norwegian OSV Mega-Merger Completed

The world's largest high-end offshore service vessel company was created Wednesday with the completion of the mergers involving former Norwegian offshore shipping companies Farstad Shipping, Deep Sea Supply and Solstad Offshore, with the latter being the surviving entity. The new company, named Solstad Farstad ASA, will operate out of Skudeneshavn, Norway with a fleet of 152 … [Read more...]

Oversupplied OSV Market Facing Record Number of Deliveries in 2017

A record 450 offshore supply vessels are still scheduled for delivery in 2017 despite a massive oversupply in the market, according to new figures released by VesselsValue.  Already this year 15 OSV deliveries have taken place, bringing the total number of deliveries in 2017 to 465.  The record number of deliveries will likely exacerbate the problems faced by … [Read more...]

Ezra Affiliate, Emas Chiyoda Subsea, Files for U.S. Bankruptcy

By Tom Hals Feb 28 (Reuters) - A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak … [Read more...]