Page 14: of Marine News Magazine (April 2022)

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Insights

For U.S. oil and gas, how would you describe How has the COVID-19 pandemic materially the state of the offshore vessel market overall? impacted your business to date?

SG: It’s off the charts like everything else in America. We SG: Like all companies we were hurt for 12-18 months. are seeing record day rates in every class of vessel. What we Globally, we were affected in Africa, Suriname, Mexico aren’t seeing is long-term contracts, which would allow for and Trinidad in particular. Cost went up and business record spot rates. opportunities went down, thus hurting our returns. The good news is we are now making record pro? ts just like everyone else is, so it’s all good.

How might the recent con? ict in Ukraine and moves by the U.S. and others to curb Russian energy imports affect your business? Do you What do you count as your greatest challenge foresee increased O&G activity in the U.S. today, and what are you doing to overcome it?

Gulf, for example?

SG: The greatest challenge today is the cost of newbuilds.

SG: I don’t see any reason as to why we wouldn’t see a We can’t grow without being able to afford to build new huge increase in drilling in the U.S.A. and become energy vessels. I think the only way for us to overcome it is for oil independent. If we drill more, it will allow more pro? ts to companies to be allowed to drill and produce more so that be earned so oil companies can then have more pro? ts to they can afford to pay more for newbuilds.

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