Malaysian offshore vessel builder and owner Nam Cheong is the latest Singapore-listed offshore firm to seek restructuring.
A Singapore court has approved the application made by Swissco Holdings to be placed under judicial management after the debt-ridden OSV operator failed to receive support from its major lenders.
OSV owner and operator Swissco Holdings, which is currently under interim judicial management, is looking to pocket around $7m by selling a 2014-built offshore tug/supply ship.
Offshore vessel owner Bourbon reported a hefty loss of EUR279.6m ($299.1m) for 2016 in what it characterised as the “most acute crisis” for marine services in 40 years.
The merger of three Norwegian OSV owners Deep Sea Supply, Farstad Shipping and Solstad Offshore is expected to be completed during the first half of this year.
Malaysian and Singapore owners top the list of a record 465 OSVs scheduled to be delivered in 2017 according to VesselsValue.