Views on MCE?, page-30

That's certainly possible - to be honest, i don't know much about the technical aspects of OSV drilling equipment (i.e. useful life, ability to strip and reuse existing parts from idle vessels as you're suggesting etc.). I know MCE have, in the past, relied on the new build market to drive order volumes, but they are more actively targeting the replacement market with their LGS system (remains to be seen whether they will have success).

A big part of the problem MCE has had over the last two or so years is that just about all its end customers (i.e. the OSV owner/operators) were either bankrupt or in severe financial distress - it's pretty hard yakka selling expensive capital equipment to bankrupt customers (they tend not to buy). On that front, the wheel seems to be slowly turning as the OSV operators are purging themselves of their financial distress via financial restructurings - for example, Tidewater and Gulfmark filed for administration last week (https://www.workboat.com/blogs/oil-patch/different-take-recent-osv-bankruptcies/). Having MCE's end customers recapitalise themselves is a necessary but not sufficient condition to seeing a gain in demand for MCE's products.