The number of offshore support vessels (OSV) being sent for scrapping has increased by 153%, according to analysts.
Vessels Value says 43 OSV vessels have been sold for scrap so far this year, up from 17 in the first three months of 2017.
Since the oil downturn, relatively few OSVs were sold, which the analysts say is due to owners thinking of how they were “solid earners” in previous years.
Vessels Value said in a statement: “This increase shows owners are biting the bullet and realising that if they are to survive these poor market conditions, they need to think of the future market rather than the market of the past.”
The analysts added that owners are emerging a leaner entity, with a prime example being US-based petroleum service firm Tidewater.
The company has sold 13 vessels for scrap this year