An oversupply of vessels has resulted in average dayrates for the 3D seismic fleet plunging to an estimated $175,000 this year, compared with $290,000 two years ago, amid a drop in demand driven by low oil prices, Oslo-based research firm Pareto Securities stated in a report.
The depressed market has seen increasing lay-ups by contractors in a desperate effort to rebalance the market and support their sagging balance sheets.
Oslo-listed
