Solstad’s loss deepens. Dayrates low, recovery slow

Norway’s offshore vessel owner Solstad Offshore has said that the OSV market recovery has been slow and the dayrates for the vessels are still not at sustainable levels for the owners.

The company which owns 140 various offshore vessels saw its loss for the third quarter deepen to around 456 million crowns (around $55,4 million). This compares to a loss of NOK 375 million a year ago, or about $45 million.

Result before taxes year-to-date as per 30 September 2018 is a loss of around of 1,76 billion crowns, or $211 million. The board of the company based in Skudeneshavn, Norway has warned that the current financial situation is not sustainable.

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