Norway Exempts Idled OSV's From License Fee

Owners of ships serving the oil industry will be exempt from paying license fees for 2016 on vessels that have been mothballed, Norway's industry minister said in a statement on Tuesday.

The price of crude oil has plunged 70 percent since mid-2014, leading to cutbacks in oil industry investments and lower demand for supply ships, anchor handlers and construction vessels.

The fee per ship registered in Norway is about 35,000 Norwegian crowns ($4,000) per year, and the industry's overall savings are expected to amount to around 2.3 million crowns for the year, Industry Minister Monica Maeland said.

Reporting by Terje Solsvik