Farstad Shipping said it has laid up two PSV and three AHTS in Norway amid a weakening North Sea market.
The move means 100 employees are to be made redundant.
The company said it was now fully focused on securing contracts and employment of vessels and crews.
Karl-Johan Bakken, chief executive of Farstad Shipping, said: “To lay up vessels and lay off our employees is a painful measure, especially for those of our employees who are personally affected by the measures.
“This is deeply regrettable, but necessary due to the current market situation.
“Even if it looks dark now, we know there will be better times. We have been through heavy storms before. My target number one is to see us return to a strengthen position with our vessels and employees back in business.”
Prior to this announcement Farstad Shipping had laid up two vessels in Norway and another two vessels in Asia.