A lack of transparency in ship values is a main cause of disagreement in the raft of restructurings among offshore shipowners.

But lenders are also facing the prospect of recovering only about 70% of loans, according to analysts at London-based Maritime Strategies International (MSI).

The worst downturn in three decades has forced nearly all owners of offshore support vessels (OSVs) to seek instalment relief or to launch some financial restructuring and many of these actions are dragging on for months.