Singapore: Sensationally proving that not every OSV venture is paved with gold, Hallin Marine has closed down. Just four years after Superior Energy Services bought the company from its founder, John Giddens, for more than £100m, the American firm has decided to ditch it, citing its unprofitability. All staff of the Singapore-based firm have been laid off and a newbuild order has been cancelled.
The irony of the decision to close the company is that Giddens, who built Hallin Marine into a global subsea services player after starting it from a container in his back garden, has just re-entered the industry with the announcement this August of an order for a 105 m subsea operations, diving and ROV support vessel. [10/10/14]