Siem recovers

Siem Offshore has bounced back in the second quarter, recording a profit and increasing revenues through a higher utilisation of its bigger fleet.
Siem Offshore chief executive Terje Sorensen.

Siem Offshore chief executive Terje Sorensen

The Oslo-listed company earned $12.1m in the last three months, compared to a loss of $16.9m in the same stage of 2013.

Revenue increased by 23% to $114.2m, while Siem’s operated fleet for this quarter totalled 43 vessels, from 37 last year.

The offshore shipowner had three ships delivered through to June and it also has 10 vessels under construction in Europe, due to deliver in 2014, 2015 and 2016.

In its report, Siem forecasts that activity will pick-up over the next several months but it said that the North Sea spot market for the second half is expected to continue to be volatile.

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