Subsea cost-cutting to the tune of about 30% is often hailed as a key way to see more projects go forward in the severe downturn — but one clear side-effect is a reduced need for the growing fleet of large subsea ships, say analysts.
The issue has been gathering steam for a while. Warnings from some shipbrokers, such as Fearnley Offshore Supply, began to emerge at least a year or more before the current crisis started.
