Markets for offshore support vessels (OSVs) have been “pole-axed” by the slowdown in oil-and-gas spending but some regions and vessel subsectors are still fundamentally better than others, according to London-based analysts at Maritime Strategies International (MSI).

The budget crash for exploration and production (E&P) is not just a result of lower oil prices but largely because of price uncertainty, as well as the cost competitiveness associated with each global region, according to MSI senior analyst James Frew.