Tidewater and GulfMark are both set to emerge from debt reorganisation with strong values, long debt runways and solid balance sheets, which means they represent “interesting opportunities” for bets at today’s distressed prices for a market recovery for offshore support vessels (OSVs), says analyst Turner Holm.
Holm, the director for equity and credit research at Clarksons Platou Securities, believes new GulfMark equity could see a 15% upside on liquidation values, equal to about par value for bondholders.
