Norwegian owner Siem Offshore is predicting volatile market conditions in the North Sea sector for an “extended period.”
The warning came after it reduced its second quarter loss to $7.9m, from $45m, after last year’s impairment charge of $56m dropped off the balance sheet.
Revenue fell to $99.6m against $124.4m in 2015.
The company, which has eight ships in layup, said its contract backlog stood at $1.44bn
