Solstad Offshore has sold three platform supply vessels (PSVs) operating in the Singapore offshore market as it reduces its fleet size and operating costs
The Norway-headquartered owner said two of its subsidiaries, once part of John Fredriksen’s offshore vessel owning venture Deep Sea Supply, sold these vessels to an unnamed owner.
Deep Sea Supply Shipowning and Deep Sea Supply Shipowning I sold 2007-built PSV Sea Angler, 2008-built Sea Bass and 2008-built Sea Turbot, which all have 5,450 bhp (4,065 kW) of power. All three PSVs are stationed in the Singapore area, where they have been in cold layup, according to Automatic Identification System data.
Solstad said they were delivered to the new owner on 4 February 2021, but did not disclose the price. However, Solstad said the “sale of the vessels will result in an immaterial accounting effect for Q1 2021”.
These sales come as many other offshore support vessel owners are selling their idle and operating assets, reducing the size of their fleets to save costs and generate cash to fund loan repayments. Owners are driven by mounting debts, declining demand for vessels worldwide and a general oversupply of the global fleet, especially in southeast Asia.
During the latter half of 2020, Britoil sold most of its anchor handling tugs in Singapore. Tidewater, Swire Pacitic Offshore and Vroon Offshore also sold support vessels out of Singapore to independent owners.
Meanwhile, Shearwater GeoServices Holding has secured a contract to provide a marine seismic 3D survey in southeast Asia. Its 17% shareholder, GC Rieber Shipping, said this was a two-month project commencing in Q2 2021 and covers a 1,500 km2 area.
Fleet optimisation and market forecasts will be discussed during Riviera’s Annual Offshore Support Journal Virtual Conference Week - 23-25 March 2021 - use this link to access more details and register for these events