Yesterday’s offshore buzzwords, such as “deepwater” or “Arctic exploration”, mostly dealt with growth and opportunity for shipowners.
And those positive times were surprisingly not too long ago, given the speed at which the downturn took hold after the bottom fell out of the oil price.
Today’s offshore buzzwords are distinctly dire. The sector is awash with the mention of “oversupply”, “vessel layups”, “cash-strapped owners”, “bond defaults”, “financial restructurings” and “bankruptcies”.
However,
