Gulf of Mexico OSV sector gets reacquainted with reality

摘要

Offshore support vessel (OSV) operators active in the Gulf of Mexico are finally acknowledging that the 'golden dawn' many had taken for granted might not arrive on schedule in 2015 after all. Though it may be risky to say so, the equation underpinning this realism is simple. Too many OSVs have materialised in the region's offshore drilling sector, and there will not be enough rigs for them to service for the foreseeable future. (By one leading chief executive's count, there are already 200 more OSVs than are needed globally.) Another early warning sign is that the Gulf of Mexico spot market has become quite a tricky one to negotiate, with owners losing out on potential contracts for seemingly trivial reasons. Is this a sign that the market is about to rebound or a clear sign of one that is about to go to seed?