Solstad is restructured

Solstad Offshore to sell or scrap 37 vessels yo end up with a fleet of 90 vessels in the core business segment:


Opportunity to pick up relatively “modern” and well maintained vessels at reasonable prices, if you see a future market for them-

I wonder if this will make companies operating ships in the Norwegian sector try harder to get more low wage workers in to replace the expensive Norwegians.

The Norwegians seem to have been pretty good at keeping ships operating in their waters locally crewed, they say it easier for them to do because they put in strict Norwegian language requirements in place and there is almost nobody from a low wage country that can speak Norwegian.

Unfortunately for people in the UK, English is the international language so it is impossible to keep people from low wage countries out through language requirements, lots of seafarers from poor countries have a very good standard of English.

Not true. Requirement is to speak English on offshore or any other Norwegian vessels.

No flag restrictions apply either, since NIS registered ships are now also allowed in Norwegian offshore operation. (But not in coastal trade)

Coastal trade is open to any other nationality and flag. EU citizen does not require any special visa or work permit. (Subject to qualifications and training)

Spoken Norwegian is only a requirement on vessels carrying passengers operating in Norwegian coastal waters. (For safety reasons, since not all passengers MAY speak English)

That doesn’t work, since Norwegian Union wages are required for everybody working in Norway, or on Norwegian NOR registered vessels. (Foreign and NIS registered vessels exempted)

Owners/managers that employs Norwegian on NIS or foreign register vessels working in Norway, or anywhere else in the world, gets special “tax exemptions” to compensate for the difference:
https://www.sdir.no/en/shipping/for-shipowners/grant-scheme-for-the-employment-of-seafarers/

Just hope there is business for those vessels. I would think Solstad looked into that , and didn’t like the numbers. Hope the other guys can make it work. Kinda tough right now, but every thing is on sale if you have a little bit of cash or open credit.

Possibilities MAY exist in countries requiring own flag on vessels operating in their waters and EEZ.

Doesn’t work for US waters and shelf, since there local built is also required.

May work in Brazil. Malaysia, Indonesia and quite a few other countries though.

Well designed, built and maintained vessels should be attractive. even in today’s market, subject to price, even if 10-15 years old.
Lots of old and obsolete vessels could need replacement.

Agree sir.