Financing offshore projects in difficult times

摘要

The offshore support vessel market is creating a difficult situation for shipowners and operators, with the move from a boom time in offshore operations when the oil price was high just a year ago to the price having dropped dramatically and with it a considerable cut back in exploration budgets. The boom led to a considerable increase in orders for new vessels and as these vessels come into work they are now creating over-capacity with a consequent reduction in day rates. This has come at a time when financing packages are proving difficult to find or to renegotiate with the banks, resulting in tough times for owners.