Norway's Boa Offshore believes an upturn in oil and gas activity is coming in 2022 to boost a difficult offshore vessel market.
Chief executive Helge Kvalvik said in the company's second-quarter report that current oil demand is still below the 2019 level and is not expected to return to pre-pandemic levels until the end of 2022.
"The situation remains fragile despite recent improving trends, and the recovery is highly dependent on Covid-19 vaccines being delivered to the market in a significant scale throughout the year and that these vaccines prove effective," he said.
