Havila Shipping said it will lay up two vessels and one anchor handler resulting in 70 job losses.
The Norwegian offshore vessel operator revealed the move in an Oslo Stock Exchange filing on Ruesday.
It said as a consequence of the market conditions, the firm has decided to lay up two platform supply vessels, the Havila Fortune and Havila Borg as well an anchor handling tug and supply vessel, the Havila Mercury.
Earlier this month, Havila was awarded contract extensions for the PSV Havila Aurora and for the Rapid Response Vessel (RRV) the Havila Troll.