Measly new contract wins not enough to keep offshore players afloat

Order books are dwindling at a faster pace.

Recent order wins by offshore players such as Otto Marine, EMAS Offshore and Vard are not enough to replenish their rapidly dwindling order books, according to a report by KGI Fraser.

The report noted that these wins won’t rescue struggling offshore players because major customers are still holding back capex until oil finds stability at higher prices.

“ We also note that the intense competition for jobs has affected margins as companies start looking to support utilization at the expense of profitability. This is a result of their need to cover fixed costs and interest payments,” said the report.

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