Denmark-based Maersk Supply Services is planning to cut 400 jobs, and reduce its fleet by up to 20 vessels over the next 18 months.

The changes, which will be carried out from next month, have been made due to tough market conditions.

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The company was quoted by splash247.com as stating: "The divestment plan is a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply vessels in the industry."

"One of Maersk Supply Service’s prime objectives is to attempt to restore the supply demand balance in the offshore supply market."

Maersk Supply Service CEO Jørn Madsen was quoted by the website as saying: “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 also added that as per the present trend of supply and demand, the use of offshore support vessels (OSV) in the upcoming years will decline.

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The company plans to reduce the first ten vessels from its fleet by the end of this year.

The vessels to be offloaded from the fleet account for 33% of the company's fleet.

Madsen also added: “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.”