Falcon Energy aims to double OSV fleet

Falcon Energy Group is looking to double its offshore support vessels (OSVs) fleet in the next few years when activities in this sector are projected to pick up strongly, particularly in Asia. Falcon currently operates a fleet of 15 OSVs including nine multi-purpose support vessels. The offshore services support firm acknowledged that its fleet expansion plans have been progressing, albeit at a “slower pace”.


Meanwhile, Falcon's first quarter results were hit mainly due to completion of several charter hire contracts as the vessels were back for modification and maintenance work, resulting in fewer vessels being deployed. Net profit for the quarter ended 31 March 2011 was $3.3m compared to $8.1m in the previous corresponding period. Revenue stood at $16.4m compared to $18.1m previously.
(Source:http://www.seatrade-asia.com)