Island Offshore shipping adds new boats in circulation and are forced to lay off 330 employees.
The company states that they add seven new ships in circulation, wrote the newspaper Sunnmørsposten.
The market rates are so low that which make the business non-profitable, says Managing Director Håvard Ulstein in a statement.
Because of the difficult situation in the oil industry, the company has found it necessary to lay off about 330 employees.
In total 12 of the company’s 28 vessels are without jobs. The rest of the 16 vessels are still having a good contract coverage, the company said.
Source: NTB scanpix / Norway Today