There is no doubt that 2020 has been a difficult year. The offshore sector has been impacted and in very general terms rates have reduced and payment terms extended, whilst the cost of operating has increased.
Admiral Offshore has traded strongly in the Gulf of Guinea, supporting a range of charterers on both short and long term hires. Vessel usage remains good with vessels on charter for nearly 96% of the year. Dry Docks have taken place, despite the difficulties caused by COVID-19, and whilst operations have been difficult, crew changes and management vessel audits have continued.
The main issue that is impacting a number of operators in our market segment is the timely payment of charter hire. The IOC’s are not meeting, or are extending terms, and cash flow remains the company priority whilst we continue to trade strongly in this downturn.
We look forward to 2021 with confidence and a strong market position in what are challenging times for the Industry as a whole.
We have a variety of charter and operating arrangements in place and have the flexibility to deliver a range of solutions in order to meet client needs. We provide support to a variety of market sectors.
eMail: info@admiraloffshore.com
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