Maersk Supply Service plan to cut 400 employees and reduce OSVs fleet by up to 20 vessel, due to reduced demand and global over-supply in offshore industry. The company is suffering from serious reduce of employment of the vessels and laid-up several ships during the last months amid unprecedented market conditions. Maersk Supply Service will flag its four Stingray new-buildings and five existing project vessels to the Isle of Man registry and will cut 400 employees. The decision was taken in attempt to improve the efficiency of the company and to stabilize the liquidity and cash flows. The redundancy process is expected to be completed until the end of September 2016.
“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”, said the CEO of Maersk Supply Service, Jorn Madsen. “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”, added he. “We are facing unprecedented market conditions, and regrettably we have to further adjust our crew pool. It is an unfortunate, but necessary step to safeguard the future of our company”, said also the CEO.
Maersk Supply Service is part from the Danish shipping and offshore energy conglomerate Maersk Group. The company provides reliable, safe and efficient marine services to the global oil and gas industry. WeMaersk Supply Service is among the market leaders in deep-water services.