Almost nobody operating platform supply vessels (PSVs) or anchor-handling tug/supply vessels - let alone really expensive assets such as diving support ships - is making money on them at the moment. Most deals see vessels contracted to operate at or below opex, but in the emergency response and rescue vessel (ERRV) segment in the North Sea, it seems the market is holding up reasonably well. What differentiates it is that they're not a 'nice to have' asset and likely to be culled in a downturn - the regulations mean you have to have them — and secondly, ERRVs work under long-term contracts, many awarded before the downturn.
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