Boa Offshore reported a deeper net loss in the second quarter as the Norwegian company gears up for continued market challenges.

The Oslo-listed offshore vessel owner reported an NOK 315m ($38m) loss for the second quarter, a large increase from the NOK 3.41m loss a year earlier.

Boa said its outlook for the future is a “mixed picture”. Its tug-and-barge business has exposure beyond the difficult oil and gas sector, but its offshore vessel fleet is experiencing an uncertain and increasingly challenging market.

Oil