Offshore shipowners’ crucial clients have been turning in strong figures and delivering fairly positive sentiment to the market.
The crisis in the sector gutted demand for offshore support vessels (OSVs) from late 2014 onwards as oil companies cut capital expenditure (capex) for exploration and production, which is the lifeblood of the market.
Before the crash in energy prices, oil companies were spending well beyond cash flows and some of the largest were still overspending by as much as 145% in 2015.
