A Norwegian offshore vessel contractor said today that an increase in tendering meant North Sea markets were “tightening”.
Posting it half year results, Songa predicted that the number of rigs being scrapped would go up as operators prefer newer vessels.
Four of the firm’s vessels were working for Statoil on long term contracts on the Norwegian continental shelf during the six months, while another three are stacked and have been put up for sale.
Songa chalked up first half profits totalling $22million, a vast improvement on a deficit of $80million last year.
Revenues came to $328billion.
Since the end of the first half, Songa has received a $3.4billion takeover offer from Transocean.
Songa’s board has recommended that shareholders accept the offer.