Norwegian shuttle tanker giant Knutsen NYK Offshore Tankers (KNOT) is shouldering another huge write down on a conversion project, but was able to return to black figures in 2017.
KNOT is converting the 123,000-dwwt shuttle tanker Hanne Knutsen (built 2000) to a floating storage and offloading (FSO) unit at the Rementowa Shipyard in Poland.
The plan was to upgrade the ship for employment on the Martin Linge oil and gas field off Norway in 2016 at a cost of NOK 2bn.
