Signed Plans to Merge Norway’s Solstad, Farstad, and Deep Sea Supply

Norwegian offshore supply vessel companies Solstad Offshore, Farstad Shipping, and Deep Sea Supply are forging ahead with plans to combine operations with the board of directors from each of company signing off on the proposed merger plans. The combination of the three companies, if completed, will result in the creation of one of the world's leading OSV … [Read more...]

Statoil Scoops Up Nine AHTS and Four PSVs for Work Offshore Norway

Statoil Petroleum AS has chartered thirteen vessels, including 9 AHTS and 4 PSVs, for work offshore Norway as the company boosts its exploration activities for the first time since 2013. According to data compiled by Norwegian shipbroker Westshore.no, Statoil Petroleum AS secured charters for the vessels on Thursday for work offshore Norway. Earlier this month Statoil … [Read more...]

Offshore Supply Vessel Market Faces More Restructuring in 2017 -Nordea

OSLO, Jan 5 (Reuters) - Thorodd Bakken, head of Nordea Norway's Corporate & Investment Bank, expects more restructuring to take place in the offshore supply shipping industry in 2017, he told Reuters on the sidelines of a business conference on Thursday: * Markets remain very demanding for offshore supply ship owners and it will continue to be so in 2017, he said * … [Read more...]

Offshore Supply Vessel Owners Face Bankruptcy with Drop in Drilling Rigs

By David Wethe (Bloomberg) -- The relatively unheralded corner of the oil sector that sends supply boats out to offshore oil rigs may see bankruptcies as the worst crude market downturn in decades spreads. More than half of the public companies in the offshore supply-vessel industry face a high probability of restructuring or bankruptcy, according to research released … [Read more...]

Farstad Shipping to Lay Up Five Vessels

  Farstad Shipping said Friday it is planning to lay up two platform supply vessels and three anchor handling tugs in Norway, marking the latest casualty of the weakened offshore market that is only expected to get worse. Farstad says that as a result of the lay ups approximately 100 offshore employees, mostly of Norwegian nationalities, will be laid off. … [Read more...]