OSV market all set for consolidation, say owners

Oslo

A GLUT of offshore supply vessels (OSVs) and falling demand from oil firms will trigger a restructuring of the still-fragmented industry, two of the largest owners of the specialty ships told Reuters on Tuesday.

With crude prices down more than 70 per cent since mid-2014, energy firms have sharply cut their exploration spending, leaving a rising number of vessels to be mothballed.