A jam-packed anchor handling tug supply vessel market took a chunk out of Viking Supply Ships’ third-quarter bottom line.
The Swedish offshore AHTS specialist reported a SEK 5m ($479,000) loss for the three months ending on 30 September, with chief executive Trond Myklebust describing the summer as a letdown for the company.
“The AHTS market remained soft in the third quarter, with less utilisation and lower fixture rates compared to the same period last year,” Myklebust said in the quarterly earnings release.
“The summer season, normally the strongest period in the North Sea, was disappointing this year with a high number of available vessels coinciding with project delays and postponements.”
The result was a reversal of the SEK 30m profit recorded in the same period last year.
Revenue dropped to SEK 153m from SEK 189m year over year, with the four AHTS ships operated during the quarter bringing in SEK 100m as utilisation came in at 40%.
Its two platform supply vessels, 30% owned by the company, brought in SEK -1m during the quarter.
In November, the company took delivery of two further AHTS formerly controlled by Solstad Offshore, owned by sale-and-leaseback specialist Ocean Yield and purchased in March.
One of the two vessels will work outside the North Sea market, which Hagland Shipbrokers described as oversupplied in September as several Solstad Offshore vessels sought work before heading to West Africa for the winter.
The 21,454-hp Andreas Viking (ex-Far Senator, built 2013) will start work in Australia in the first quarter for 412 days and five subsequent options for 30 days each.
The 21,456-hp Odin Viking (ex-Normand Statesman, built 2013) will depart Brazil for Spain for rebranding.