Norwegian broker Westshore does not believe scrapping idle offshore service vessels (OSVs) is the answer to market woes.

In its latest monthly report, the company said 60% of anchor-handlers and platform supply vessels (PSVs) are less than ten years old.

Of the 102 PSVs that were in layup in recent weeks, only around 15% of them were over 15 years old.

With the North Sea over-supplied with tonnage and rates dire, it said it could be argued that as the competition is so much younger and more technologically advanced, these older vessels will really struggle to compete.

But