Low seismic tendering activity, which is so far about half the level this year when compared with 2014, has caused a sharp reduction in contract vessel coverage for the industry as a whole, which is down to about 60% for the second quarter from 83% in the same quarter last year, as TradeWinds reported last week.
Seismic vessel owners are said to be prioritising utilisation over day rates, which is adding downward pressure on rates.
