Norway’s Island Offshore is forecasting the stacking of more platform supply vessels (PSVs) against a bleak market backdrop.
It said: “As long as both spot and term day rates remain unsustainable, additional lay-ups will be considered to reduce operational cost and mitigate reduced cash inflow.
“The PSV fleet is particularly exposed upon expiry of existing contracts. Accordingly, we expect the number of vessels in layup to increase through the winter months.”
Island
