Siem Offshore Stays Down

Siem Offshore has plunged deeper into the red, following a net loss in the previous quarter, as the challenging OSV market takes its toll.

The Oslo-listed company recorded net loss of $45 million compared to net profit of $12.1 million in the year-earlier period. The net loss attributable to shareholders was $43.9 million.

To remind, Siem Offshore also recorded a net loss of $25.5 million in the first quarter of 2015.

Siem’s operating revenues were $124.4 million, up from $114.2 million in Q2 2014. However, operating profit was a negative $30.5 million after depreciation and amortisation expenses of $26.4 million and impairment costs of $56 million.

For the first half of 2015 (1H 2015), despite the growth in operating revenues of some $42 million, the company said that the net loss attributable to shareholders was $69.5 million versus $26.7 million net profit in the corresponding period in 2014.

According to the company, the fleet in operation at the end of the second quarter totalled 46 vessels, including partly-owned vessels, two vessels in lay-up and two vessels operated on behalf of a pool member.

Siem had six Offshore Subsea Construction Vessels (OSCVs) in operation at the end of the quarter which earned operating revenues of $30.6 million and had 98% utilization.

The total contract backlog of firm contracts for the Offshore Support Vessels segment at June 30, 2015 was $1.35 billion, including Big Orange XVIII, Secunda and the vessels under construction.

In addition, the company approved a $100 million Rights Issue, and also earlier appointed Idar Hillersøy as Chief Executive Officer. The company’s largest shareholder, Siem Europe S.a r.l., has fully-underwritten the Rights Issue.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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