Solstad Offshore, a Norway-based owner of offshore support vessels, has succumbed to the low oil price pressure.

According to Norwegian media, the shipowner on Friday informed its workers that 300 employees would be laid off, citing a lack of investments in the sector, caused by the plummeting oil prices.

Brent crude on Friday, August 21, fell to $45.18 per barrel, lowest since March 2019, Reuters reported.

Of the 300 to be let go, 150 are Scandinavians, mainly Norwegians. Around 75 are Brazilians. The rest are Filipino seafarers.

Solstad operates around 50 wholly or partly owned vessels. It also has one vessel under construction.

According to Haugesunds Avis, a Norway-based newspaper, Solstad is also looking to lay up ten of its vessels by the end of the year.

Offshore Energy Today has reached out to Solstad Offshore, seeking more info. We will update the article should we get a response.

Source: oilprice.com

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