huge debts carried by Singapore-listed offshore firms, page-28

Yes, I have read this article and many others predicting the demise of the Offshore Services sector. I work in the industry, trade magazines and industry newspapers are full of these predictions. The one major benefit of a crash such as this is that the small inefficient players get taken out.....i.e only the strong survive and thrive from the reduced competition. Your attached article was written during peak pessimism on oil prices. OPEC have changed direction and showed a willingness to cut or freeze production, US oil reserves ,at Flushing, are declining with consumption on the rise.
Speaking to colleagues over the past few days there is a distinct air of optimism starting to emerge. Non of us have a crystal ball, but the simple and undeniable fact is that weak oil was the main driver of the industry downturn over the past couple of years, therefore, it is reasonable to assume that strong oil prices will be the driver of a recovery.
In answer to your question, yes, I am calling the bottom but acknowledge it may take some time for this to feed through to MRM and other service providers. If oil starts rising faster the recovery could be dramatic and very steep leaving potential investors behind as they continue to be over cautious.