Norway’s Rem Offshore posted a third-quarter loss as it took an impairment on the value of its fleet.
The net loss for the peridod was NOK 284.8m ($33.8m), against a NOK 19m loss in the same period a year earlier.
Revenue was also weaker at NOK 184.4m against NOK 305.4m.
While it posted an operating profit for the quarter, it took a NOK 195.4m loss on the value of its fleet. Rem said the offshore vessel market will remain weak for the next three years.
"A weak market has been assumed for the period 2016-2019, with normalisation and estimated parity rates from 2020 onwards," Rem said in its earnings release.
Rem added that it will continue to focus on steps to reduce costs, enhance liquidity and improve cash flow.
