Maersk Supply Service to Divest up to 20 Vessels

Image Courtesy: Maersk Supply Service

Maersk Supply Service, a part of Danish shipping and offshore energy conglomerate Maersk Group, is divesting up to 20 vessels over the coming 18 months and reducing its crew pool by 400 offshore positions.

The company said that the divestment plan is a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply vessels in the industry.

“One of Maersk Supply Service’s prime objectives is to attempt to restore the supply demand balance in the offshore supply market. This is why the vast majority of the divested vessels will be recycled or modified by their new owners to compete outside their present segments,” CEO of Maersk Supply Service, Jørn Madsen, said.

Maersk Supply Service will flag its four Stingray new-buildings to the Isle of Man registry. A commercial hub will be established in the United Kingdom consolidating ownership and operation of the company’s project vessels. This includes the Stingray vessels and five existing project vessels that will also be flagged to the Isle of Man registry.

As a consequence of the fleet reduction and the flagging of existing project vessels to the Isle of Man registry, around 400 crew members will be made redundant as a “necessary step to safeguard the future” of Maersk Supply Service, Madsen added.

The redundancy process is expected to be finalised by the end of September 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >