Clarksons Platou Securities believes loss-making Hornbeck Offshore (HOS) will need a financial restructuring in depressed markets.
The shipowner missed profit expectations for the first quarter with a loss of $27.9m this week.
Clarkson Platou said: "Cash burn shows no signs of slowing. We fully expect that HOS will require restructuring and that the current equity stands little prospect of maintaining its value absent a significant near-term recovery in the US Gulf of Mexico market."
It has a sell rating on HOS, with a $2.50