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that is not where the reductions are com- ity for overbuilding the market, and that to ? nd work for all of them, even if it tunities in spot markets.” But Walde is ing from.” the oversupply might be an exacerbating means cold-stacking, selling or taking less optimistic. In many cases, he says, factor in making the current [downturn] a lower rate for an older vessel. There you can’t just move a vessel to another

New Builds, New Trouble? more dif? cult,” he says. have been reports of some companies locale. Different countries have different

New builds coming into delivery are a According to Bennett, though, the delaying acceptance of new builds or cabotage rules, and different regions have potential hot potato for some companies, offshore vessel industry has just about moving them right into cold storage, but different geographical issues to contend as most were ordered two or more years worked its way through a major new he doesn’t see this being an issue. Spec- with. A deep water vessel would have ago when oil prices, and the demand build cycle, disposing of much its older ulative orders might have to take lower trouble, for example, navigating through for equipment, were high. Billings says assets over the last 10-15 years. Prior rates, but new builds feeding into long- the Middle East’s shallow waters. there have been more OSVs delivered to that, the last new build cycle was in term contracts should do okay. The rig Other options with older assets include in the last couple of years than he’s seen the 70s. Excluding new builds, today industry, on the other hand, is not so far contracting them out at lower rates; sell- in a long time. It’s big money, and big the industry tends to have a mix of ei- long in its updating cycle and that could ing them for a variety of uses, including debt for many owners. A new platform ther 15-year-old vessels or 30-35-year- send even more rigs off line as new ones as ? shing, crabbing or cargo boats; cold supply vessel, for example, can cost old vessels with a small number of enter the market. stacking them; or selling them to salvage $15-$50 million to build, cost $4,000 20-25-year-old boats. Bennett sees relocating vessels to an- yards.

to $18,000 per day to run, and cost oil Tidewater will take possession of 28 other part of the world as a viable option Right now, Tidewater has 16 boats companies $5,000 to $42,000 per day to new ships over the next year and a half. and something that helps his company’s cold-stacked, which involved little more rent. “There has been some publically “There could be better times to take de- survival, whether for long-term contracts than removing the crew, ? nding a place expressed concern about the possibil- livery,” Bennett admits, but he expects or what Billings calls “short-term oppor- to drop anchor and taking the key. It’s

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