Singapore: Offshore vessel operator Hallin is looking to enter West Africa and Australia as it grows beyond its traditional operating areas of southeast Asia and the North Sea. 

Singapore-headquartered Hallin has eight ships in its fleet at the moment – three owned, two on bareboat charter, two on long-term charter and one taken from the spot market. On top of that the company has a compact semi-submersible under construction to join the fleet in the second quarter of next year. Speaking to SeaShip News John Giddens, Hallin’s group chief executive, said his medium term business goals were to “return the business to decent levels of profitability after the last two and a half years of drudgery”.

As well as expanding its geographic footprint Giddens wants to employ his ships in heavier construction projects and light well intervention, in addition to Hallin’s traditional IRM and light construction work that its existing fleet carries out. 

On the current market, Giddens said: “The sector has been in huge oversupply for some considerable time, which is the biggest contributing factor to low rates in the industry and poor utilisation against historical averages. This is starting to correct as demand catches up with the oversupply, but the biggest threat to a recovery is an unwarranted newbuilding boom spurred by analysts and journalists unwarranted optimism about future demand.”