The strongest sector was offshoreAzerbaijan in the Caspian Sea, with usage at 93%.
However, in theMiddle East North Africa (MENA) and Africa regions – both mainly spot market-driven – the company has experienced competitive pressure on rates, with lower overall fleet usage of 52% and 30%, respectively.
On the plus side, the company has reactivated five vessels in MENA and two in Africa, reducing the total number of its vessels in layup from 12 to five.
Since the period ended most of its African fleet has been contracted and it foresees improved take-up during 4Q.
With Brent trading above $55/boe since mid-September, the company foresees offshore supply vessel markets responding positively a likely increase in tender activity helping to absorb excess tonnage over time.