The offshore industry is set for a second "once in a generation" downturn, according to Maritime Strategies International associate director Greg Brown.

Brown said on a conference call Thursday the one-two punch of Covid-19 and the oil price war was pushing oil companies to cut their budgets, with offshore companies — having barely recovered from the last downturn — set to feel the pain.

"We expect offshore activity to return to the depths of the last downturn," Brown said.