World Wide Supply lays up two PSVs due to poor North Sea market

Norwegian medium size platform supply vessel operator World Wide Supply (WWS) has revealed today that it has decided to lay up two vessels effective September 1.

WWS has a fleet of six vessels in total, with four on charter to Petrobras in Brazil. The two vessels to head for lay up have been trading on the spot market in the North Sea, which the company described as a very poor market.

In its 2nd quarter interim report published today, WWS said that the cash flow generated by the four working vessels covers its financial expenses and the lay up costs of the two unemployed vessels, although did also say it was looking at potential strategic alternatives based on the contracts it currently has with Petrobras which are through to June 2018.

The company reported an operating income of $8.8m for the quarter, with a net loss of $9m before tax, compared to a $1m profit in the previous 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.
Back to top button