Its red ink for the period ran to NOK 28.4m ($3.7m), compared to earnings of NOK 1.8m in the corresponding quarter.

Following the latest performance, Atlantic saw a loss-making 2014 as deficit was NOK 69m against a profit of NOK 11.9m in 2013.

The company explained the spot market for PSVs was disappointing during the quarter and it does not expect it to recover before the first half of 2015.

But