Maersk Supply Service to reduce fleet and crew pool
Maersk Finder was sold to a new owner as part of Maersk Supply Service’s divestment plan
The divestment plan is a response to vessels in lay-up, limited trading opportunities and the global oversupply of offshore supply vessels in the industry. The first ten vessels are expected to exit the fleet this year.
“One of Maersk Supply Service’s prime objectives is to attempt to restore the supply-demand balance in the offshore supply market. This is why the vast majority of the divested vessels will be recycled or modified by their new owners to compete outside their present segments,” said Jørn Madsen, CEO of Denmark-headquartered Maersk Supply Service.
Maersk Supply Service will flag its four Stingray newbuildings to the Isle of Man registry. A commercial hub will be established in the United Kingdom consolidating ownership and operation of the company’s project vessels. This includes the Stingray subsea support vessels and five existing project vessels that will also be flagged to the Isle of Man registry.
As a consequence of the fleet reduction and the flagging of existing project vessels to the Isle of Man registry, about 400 crew members will be made redundant.
“We’re facing unprecedented market conditions, and regrettably we have to further adjust our crew pool. It’s an unfortunate, but necessary step to safeguard the future of our company,” Madsen said.
The redundancy process will cover all nationalities and is expected to be finalised by the end of September 2016, according to Maersk Supply Service.
