Norwegian Solstad Offshore warns for poor market in 2010
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SLOFF | Quote | Chart | News | PowerRating -- 9 November 2009 - Norwegian supply vessel operator Solstad Offshore ASA
(OSL: SOFF) says in its third-quarter report, released today, that it
does not expect a market improvement in the fourth quarter of 2009 and
that the market in 2010 will also be weak.
The outlook for October to December 2009 is based on low activity
combined with the delivery of many newbuildings.
Many vessels will be laid up in 2010, which is expected to affect
platform supply vessels (PSVs) in particular.
It is positive for the market that since the beginning of 2009 there
have hardly been any contracts for newbuildings, but the delivery of
ships already on order will continue to negatively influence the market
balance, Solstad said.
The contract coverage for the company's fleet in 2010 in 53% and 65%
including options.
Solstad Offshore saw its sales grow to NOK702m in July to September
2009, from NOK586m a year earlier.
The company's operating profit, however, shrank to NOK195m from
NOK297m. The third-quarter pretax profit jumped to NOK410m from NOK90m.
(EUR1 = NOK8.4)
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