Every sector in the oil and gas industry is feeling the effects of the decline in the oil price, with the offshore support vessel (OSV) market being no different. Companies are well aware of the potential problems caused by the low oil price - production may be reduced, there may be fewer drilling programmes to support and major oil companies could continue to take other measures to reduce their costs. There is already a general oversupply of platform supply vessels (PSVs) and anchor-handling tug/supply (AHTS) vessels in almost every region. Factor in the potential for a reduction in demand, and even more vessels could be left idle at ports around the world.
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