Major supply ship operator points to upwards of 700 demolition candidates

Siem Offshore and US-based Tidewater both see a big need for thinning out the global fleet of supply ships. As many as 700 ships could end up being scrapped, Tidewater projects.

Photo: PR/Tidewater

A significant portion of the global fleet of supply ships must be scrapped before the market can move in the right direction for the strained offshore ship operators.

This was the assessment put forth by two major players in the market, Norway's Siem Offshore and US-based Tidewater, in presentations at a conference hosted by Pareto Securities this week.

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