Norwegian shipowner SD Standard Drilling (SDSD) has painted a grim picture for offshore support vessels in the beleaguered North Sea market.
But it sees rays of hope for owners in the third quarter.
The platform supply vessel (PSV) and VLCC player said the sector had "rapidly come to a standstill" due to Covid-19 restrictions and oil price falls.
This has reversed a potential deficit of vessels required this summer to an oversupply, it added.
