Maersk Supply Service has unveiled plans to reduce its fleet by up to 20 vessels over the coming 18 months.
However, the moves, according to the firm, has nothing to do with Nigeria.
The divestment, according to a statement made available to The Guardian, is a response to vessels in lay-up, limited trading opportunities, and the global over-supply of offshore supply vessels in the industry.
It stated that the first 10 vessels are expected to exit the fleet in 2016.
Chief Executive Officer of Maersk Supply Service, J?rn Madsen, said: ?One of Maersk Supply Service?s prime objectives is to attempt to restore the supply demand balance in the offshore supply market. This is why the vast majority of the divested vessels will be recycled or modified by their new owners to compete outside their present segments,?
Maersk Supply Service will flag its four ?Stringray? new buildings to the Isle of Man registry. A commercial hub will be established in the United Kingdom consolidating ownership and operation of the company?s project vessels that will also be flagged to the Isle of Man registry.
As a consequence of the flet reduction and the flagging of existing project vessels to the Isle of Man registry, around 400 crew members will be made redundant.
?We are facing unprecedented market conditions, and regrettably we have to further adjust our crew pool. It is an unfortunate, but necessary step to safeguard the future of our company,? he added.
The redundancy process will be covering all nationalities and is expected to be finalised by the end of September 2016.