Delays to Esvagt's three new SOVs

By: Sue Allen
In: Vessels
Esvagt has set out a financial strategy to reduce costs to manage the consequences of decreasing energy prices and the impact of COV-19. Measure include pay cuts, reductions in investment and delays to the delivery of three new Service Operations Vessels (SOVs).
Currently, three SOVs are under construction at the Havyard shipyard in Norway. The vessels are due for delivery in early 2021 and have 15 year contracts with MHI Vestas on Borssele II&IV, Triton Knoll and Moray East.
Pay cuts range from 15% for directors and top management to a voluntary 5% for onshore staff. All measure are to protect the liquidity of the company.
‘We need the backing and support from our subcontractors to ensure that we, from a cost perspective, can regulate our activities with the financial reality we are in. It is my impression that the strong public spirit, which has been a solace during the corona pandemic, also applies across the industry. I am witnessing an understanding that we need to stand together in order to get through the current challenges’, says Esvagt CEO Peter Lytzen.

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