Offshore support vessel rates will recover but the next upturn will not touch the same dizzying highs as the last boom, Njal Saevik told a conference at Nor-Shipping on Wednesday.
The Havila Shipping chief executive said the OSV market was experiencing a "perfect storm and the worst downturn in its history".
Saevik told the conference that much of the restructuring work undertaken by owners in the offshore arena was based on the belief a recovery would take shape in the coming years.
