Norway's Eidesvik Offshore is not pencilling in a recovery for subsea ships until 2020.
But the offshore shipowner is more optimistic on platform supply vessels (PSVs).
In its third quarter report, the company said there has been a positive development in the rate level for larger PSVs signing new medium and long-term contracts.
The spot market has however been weak in the North Sea and the market is expected to be "challenging" this winter, it added.
