Olympic puts three vessels in layup over low rates

Olympic Ship AS, an owner and operator of offshore vessels based in Norway, has decided to lay up three of its vessels due to low rates. 

In its third quarter report on Friday, Olympic said it has laid up two of its anchor handling tug and supply (AHTS) vessels because of low rates and weak prospects for the next half year.

In addition, the company laid up one of its platform supply vessels (PSV). Olympic explained that its exposure to the PSV segment has been low.

The company operates mainly in the Subsea and OCV market. In the report, Olympic states it sees an increasing demand for subsea vessels in alternative markets like renewable energy and for accommodation purposes.

Olympic on Friday posted a net loss of NOK 52 million ($6M) for the third quarter 2015, versus NOK 233 million ($26.8M) in the corresponding period last year.

The company achieved revenues of NOK 410 million in the quarter and EBITDA of NOK 233 million.

Offshore Energy Today Staff

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