COPENHAGEN, Denmark– Maersk Supply Service says it will reduce its fleet by up to 20 vessels over the next 18 months.
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.
The first 10 vessels are expected to exit the fleet within 2016.
CEO Jørn Madsen said: “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.”
The company will flag its four “Stingray” newbuilds to the Isle of Man registry. A commercial hub will be established in the UK 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. The redundancy process is expected to be finalized by the end of September.
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