Viking Supply Ships hit by bad weather and overcapacity — EnergyWatch

There was little to celebrate at Viking Supply towards the end of last year, with the Swedish offshore carrier declining on several parameters, according to the company’s interim financial figures.

Revenue for the fourth quarter of 2023 totaled SEK 133m (USD 12.8m).

However, operating profit declined from minus SEK 39m for the same period in 2022 to minus SEK 44m in the last quarter of 2023.

The result after tax ended at minus SEK 87m.

Viking Supply reports that there was less project work internationally and more vessels available in the North Sea spot market in the fourth quarter of 2023. 

However, this led to a lower utilization of spot rates. At the same time, the company was affected by delays and cancellations of jobs in the North Sea due to bad weather conditions, which also contributed to a weak market, especially in the latter part of the quarter.

In 2024, however, there are few signs that Viking Supply will have more work to do in the North Sea. Therefore, the company is turning its eyes abroad, says CEO Trond Myklebust in the financial report.

”We expect the AHTS market [the market for anchor handling tug supply vessels, ed.] in the North Sea to remain unstable in 2024, albeit with periods of increased rates and utilization,” he writes.

This article is provided by our sister media, ShippingWatch. It was translated using DeepL with additional editing by Kristoffer Grønbæk