Maersk Supply Service announced Thursday that it will reduce its fleet by up to 20 vessels over the coming 18 months, making around 400 crew members redundant in the process.
The divestment plan is a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply vessels in the industry, according to a company statement. The first ten vessels are expected to exit the fleet within the next four months.
“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 CEO of Maersk Supply Service, Jørn Madsen.
“We are facing unprecedented market conditions, and regrettably we have to further adjust our crew pool. It is an unfortunate, but necessary step to safeguard the future of our company,” he added.
The redundancy process will be covering all nationalities and is expected to be finalised by the end of September.
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