Offshore struggling despite oil recovery: "There are simply too many vessels"

Close to one fifth of the North Sea offshore fleet is stacked, and the tough times look set to continue even though the oil price has increased significantly. The same scenario applies globally. "There are simply too many vessels," says analyst.

Photo: /ritzau/AP/Mark J. Terill

The better days in the energy sector, which is benefiting from the highest oil price in years, do not necessarily help the offshore service ship operators.

Even though oil companies have started to spend more money again, there are still far too many offshore ships in the market to handle even a growing demand, says an analyst from Vessels Value.

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