Iran to put further downward pressure on oil could affect service provider Mermaid Marine, page-27

The worrying thing about this cyclic downturn is the emergence of shale oil as a competitor to conventional drilling. The lower capital costs, shorter start up time and vast supply of shale oil makes it a very much a serious threat to offshore E&P. And given the oversupply of offshore vessels it will be tough going for a lot of service providers.

We are very lucky that MRM still has a few years of exposure to construction support otherwise I think it would have been dead in the water.