Siem Offshore: OSV market to remain volatile for extended period

Norwegian offshore vessel owner Siem Offshore saw an improvement in the North Sea spot market for Offshore Support Vessels towards the end of the second quarter of 2016.

The growth was particularly felt in the anchor handling tug and supply vessel rate levels, Siem Offshore, which runs a fleet of 46 vessels, said on Thursday.

Presenting its quarterly results, the company posted a drop in operating revenues. Revenues were $99.6 million for the quarter, down from $124.4. million a year ago.

Siem Offshore’s net loss narrowed to $7.9 million, an improvement from last year’s second quarter loss of $45 million.

While stating that the North Sea market somewhat improved in the later part of the quarter, Siem Offshore also said that market will remain volatile for both the AHTS vessels and PSVs for an extended period, with a number of rigs having been cold-stacked as end-clients continue to focus on cost-cutting and cash preservation.