I think youre being a bit harsh on Pardner. Instead I believe...

I think youre being a bit harsh on Pardner. Instead I believe his fundamentals are more realistic and that your optimism in the longer term oil price and demand is perhaps a bit dreamy.
Why?
I dont think its about  fyr/ebitda and more likely related to debt ratio and significant oversupply of offshore vessels ordered during the days of greed (that used the formula of yesterday - FYR/EBITDA and some strange obsession with the price of oil).
Instead, perhaps some of the asset value (including dampier supply base that was significantly improved for all that Gorgon work) needs to be very carefully looked at.
In dry bulk shipping the oversupply of vessels is resulting in many applications for court protection as companies with large debts seek to restructure.
In offshore there are finance institutions seeking a return of capital (rather a return on capital) that is probably going to result in cheaper competitive vessels driving rates still lower ahead (as the asset values will likely be cheaper).
Imho there is significant downward pressure still ahead, irrespective of FYR/EBITDA etc etc
It may stand to reason that a takeover prospect is attractive - probably need some revisiting of the asset values and effect on the balance sheet before that happens tho.

lets wait and C - meantime just dont have the stomach for any of these just yet

meantime - here is some media commentary on a peer - POSH offshore
Maybulk noted that the dry bulk market continued to be weak and that it was uncertain when it would recover.
The Robert Kuok-backed company also said it was also making a provision for an impairment on its investment in PACC Offshore Services Holdings (POSH).
“The current depressed state of crude oil prices has had an adverse impact on the global offshore marine industry in which POSH operates,” it said.
“The group carried out a preliminary assessment of its investment in POSH and is of the view that the fair value of the investment in POSH is likely to be lower than the carrying value and an impairment loss provision has to be made.
“While the amount of the impairment is yet to be determined, it is expected that this will have a significant adverse impact on the financial results of the group for the fourth quarter and full-year.”