Topaz Energy and Marine has clinched a new $100m contract with Emirates National Oil Co upstream unit Dragon Oil in the Caspian.

Embattled Sinopacific Shipbuilding Group’s Zhejiang Shipyard is planning to let go close to 50% of its current 560 workforce amid the yard’s bankruptcy reorganisation and dwindling workload.

An estimated 28% of offshore vessels, including both OSVs and drilling rigs, are laid-up according to VesselsValue.

Activity in the Indonesian offshore industry has been picking up in the second quarter, with utilisation rates rising, however, charter rates have been under pressure due to intense competition, said Wintermar Offshore Marine in a press release.

Global newbuilding orders have dwindled in the first half of this year to 245 units, dragged down by reduced interest for containers and zero order for offshore vessels, but new orders for bulkers and tankers have risen, according to data from VesselsValue.

Embattled Malaysian offshore vessels builder Nam Cheong has decided to temporarily cease repayment on all borrowings as the company is reviewing its options to restructure its businesses and operations.

The judicial managers of bankrupt Swissco Holdings have arranged the disposal of five vessels of the OSV firm for the purpose of repaying debts and reducing asset liabilities.

Some life seems to be slowly returning to the Malaysian offshore market with Sealink announcing contracts worth a total of MYR52m ($12.1m) for the charter of one unit of safety standby vessel and the sale of two vessels.

This year is turning out to be one of the toughest years in decades for OSV companies, in view of their rising debt burdens, low market demand and charter rates, and continuing oversupply, according to a study conducted by AlixPartners.

The three Norwegian OSV owners – Deep Sea Supply, Farstad Shipping and Solstad Offshore – have announced the completion of their merger on Wednesday, rebranding to become Solstad Farstad.

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