GulfMark Offshore sees a return of global offshore vessel rates above all-in cash costs as the first sign that the market is on its way to recovery.
But the US offshore vessel owner’s chief executive, Quintin Kneen, said today that the market is still a way off from rates that are sustainable.
“We see the market is off the bottom but we also envision the journey back to earning an acceptable return will be longer than what we have experienced in other recovery cycles,” he said during a conference call with investors.
After New York-listed GulfMark reported a second-quarter loss that was in-line with predictions, Kneen said the offshore vessel market is in what he called the “downturn equilibrium”...
