A Review of the Nigerian Energy Industry

Petrobras scraps Siem vessel deal

21 September 2015, NewsWires – Siem Offshore has been dealt a further contractual blow after Petrobras terminated a charter for its platform supply vessel Siem Carrier.

petrobrasThe Oslo-listed vessel owner said Brazil’s state-owned oil company had been forced to scrap the deal after failing to gain an operating licence for the unit.

“A termination fee is not applicable to Petrobras as the vessel was blocked by local tonnage, according to contract terms,” the company stated.

Cancellation of the charter marks another setback for the loss-making shipowner as a sharp drop in chartering activity due to an oil industry slump has hit utilisation and dayrates for its 46-vessel fleet, resulting in lay-ups.

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