Solstad Offshore to target more work in offshore wind industry

In an introduction to the company’s Q4 2020 results, Mr Solstad said, “The Covid-19 pandemic continues to have a huge impact on markets and operations, but we are pleased to report that we have not experienced major Covid-19-related disruptions to daily operations and continue to implement measures to keep it that way.

“The markets on the other hand continue to be challenging and our Q4 2020 numbers reflect the low level of activity. In particular, the North Sea winter season has been slow. This continued into Q1 2021.

“Looking beyond Q1, activity levels in offshore wind continue to grow and we see some early signs of recovery in the offshore oil and gas market.

“That said, as an industry we continue to make life hard for ourselves by competing at unsustainable rate levels. Even in a scenario with more normalised activity levels, oversupply remains an issue. Further consolidation and recycling of vessels are needed. Active involvement from the main banks is essential to make this happen.

“Looking ahead, priority number one is to deliver on our restructuring agreement. However, at the same time we also have to make sure the company and the industry stay relevant for the future.

“To me that is about taking an active role in the ongoing energy transition by increasing our presence in renewable energy in general and in offshore wind in
particular.

“We must also maintain our focus on reducing emissions towards the ultimate target of zero emissions in 2050 to remain attractive both as a supplier and employer. Think globally, adjust locally continues to be an important tenet for Solstad.

“Our fleet is sized for global operations and we will continue to leverage our presence in the global offshore energy market. Solstad’s ability to deliver on local content requirements in important markets such as Australia, Brazil and the UK as well as Norway will be important as we pursue new opportunities.

“The future is very exciting and holds many opportunities. At Solstad, we will continue to be an important actor in the offshore oil and gas industry while using our skills, experience and reach to play an active part in the energy transition towards a greener future.”