The "won" work does not matter when an oversupplied market is seeing high carrying value vessels not earning enough to sustain returns. ie: winning work to make announcements about winning work.
The fundamental problem, unrelated to oil prices and balance sheet formula's, is that there are an increasing number of these previously high carry vessels being sold off to lighten bank debts.
These are starting to come back into the market as potential competitive boats.
The competition is increasing and the earning ability remains under pressure
The water level is rising fast.
Opportunity in this offshore space is in buying competitive boats to compete on all this "won" work.
Wonder if we see Toll develop a fleet?
Ann: Change of Director's Interest Notice, page-8
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