Too many offshore shipowners and the creditors propping them up are making decisions based on individual company fleets rather than the deep consolidation that the industry desperately needs, say two Texas-based restructuring and bankruptcy experts.
Blackhill Partners managing directors Joe Stone and Lance Gurley believe that while a wave of bankruptcies will start soon within offshore support vessels (OSVs), there is still a significant disconnect between reality and the thinking of owners and their lenders.
