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The operating condition for the dire OSV industry is expected to improve in 2021 as a recovery is delayed by the coronavirus (COVID-19) pandemic’s impact on oil price, according to Wintermar Offshore.
Offshore services firm Subsea 7 will axe approximately 3,000 jobs from its global workforce of 12,000 and reduce its number of active fleet by up to 10, due to a “significant deterioration” in the oil and gas market.
Singapore-based offshore vessel owner Tasik Subsea has been awarded $26.8m at arbitration over a charter termination for the vessel Southern Star by Fugro.