Norway’s idled offshore oil fleet faces even more pain

The offshore fleet tending to Norway’s oil industry, already sailing through the worst downturn in a generation, is in for even more pain, according to the head of the Norwegian Shipowners’ Association.

Almost one in four offshore vessels, or about 140 units, and half of the floating rigs, or about 20 units, are now out of work, chief executive Sturla Henriksen said.

He sees that going “from bad to worse” over the next year, with as many as three in four rigs idled by the end of 2017 and no real recovery in sight.