Reach Subsea planning for layups and layoffs

Reach Subsea planning for layups and layoffs

Norwegian subsea operator Reach Subsea has revealed that it is currently considering the possibility of layups for two of its vessels for the winter season, leading to redundancies.

The company said in its 3rd quarter report today that lower activity levels and margin pressure have forced the company to initiate several activities to reduce its cost base, while at the same time expanding business development beyond the North Sea.

Both the vessels reach is looking at laying up are on charter, the Edda Fonn from Østensjø Rederi and Stril Explorer from Simon Møkster Shipping. Reach said it also aims to further restructure its charter commitments to obtain further flexibility.

Reach posted a net profit of NOK2.4m ($0.28m) for the quarter.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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