The AP Moller-Maersk Group subsidiary Maersk Supply Service,, which is part of the "fifth leg" in the light blue conglomerate, is divesting up to 20 vessels over the coming 18 months and reducing its crew pool by 400 offshore positions.
The divestment plan is a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply ships. The first ten vessels are expected to exit the fleet in 2016, reports Denmark
's local media 'Business'.
Denmark-headquartered Maersk Supply Service CEO Jørn Madsen says “One of our prime objectives is to attempt to restore the demand balance in the offshore supply vessel 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.”
“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 company also said it would flag its four ‘Stingray’ Subsea Support Vessel new-buildings to the Isle of Man registry
In addition, the firm will lay off 400 more employees by the end of September. It laid off 200 workers last December, and its present roster comes to roughly 1,500 positions.