Norway's largest law firm, Wikborg Rein - which has offices in several countries around the world and specializes in shipping and offshore - notes in an update that there are good possibilities for acquisitions for cash-rich investors in the distressed assets in the struggling offshore sector.

The low oil prices have hit stakeholders in the oil and gas industry across the board, as oil companies are making huge cuts in operational costs and investments, and the service companies as well as subcontractors are clinging to the few orders that are still out there in the dry market.