Players in the fragmented sector are struggling with highly leveraged balance sheets amid a severe downturn in offshore activity that has hit utilisation and dayrates, crippling their cash flow to service debt.
As a result, a number of vessel owners have carried out a financial restructuring to get them through the slump, while others such as Havila Shipping and Farstad Shipping remain engaged in delicate refinancing talks with banks, bondholders and other stakeholders - and risk going to the wall.
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