Global utilisation for offshore support vessels (OSVs) has improved sufficiently over recent months for Pareto Securities to call the bottom of the deep sector crisis.
But further improvements, especially in OSV day rates, will take some time and come from cuts on the supply side and not from demand in the short and medium term.
However, the large overhang of vessel supply may be significantly lower — by about 28% — than it appears on paper, according to a fresh overview this week from Pareto analyst Synnove Gjonnes.
