Concern has been rising most of this year as oil companies have struggled with negative cash flows after dividend payments. This heightened sense of “capital discipline” among the offshore sector’s primary clients has also thrown a spotlight on the ultra-expensive subsea sector, which provides work to scores of offshore shipowners.

While subsea projects have been re-evaluated to reduce costs by lowering project specifications, charterers have also been looking to employ more marine assets that are fit-for-purpose instead of the absolute highest-spec vessels.

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