I admit I know nothing about offshore activities other than oil...

I admit I know nothing about offshore activities other than oil and gas. I assume though through common sense engineering ships are needed for other activities such as building wharfs and jetties. Humans will be ever expanding into the sea with hotels offshore, man made islands and piping... If other offshore companies are overgeared maybe this could be a positive for MMA with decent debt levels. Would take only one or two competitors to go bankrupt for utilization to increase. I doubt any trucking, shipping, airplane or earthmoving company in the world has low debt levels, or many as good as MMA. This is a capital intensive business after all.