MMA have still been winning contracts - but nothing major hence...

MMA have still been winning contracts - but nothing major hence why no announcements.

The real turn around for OSVs will come if shale production decreases. As it stands the number of shale oil rigs have fallen dramatically but production just slightly. Every new shale rig that comes online produces almost double what it used to 2 years ago (one could also argue that drillers are only drilling the sweetest spot with oil prices so low - hence the skewed figures).

Cutting of OPEC production would not make material difference as shale can just cover the lost production as oil price increase. MMA has 5 vessels working in the Middle East so if Saudis/UAE were to cut production it would impact MMA and other OSV players in the region.

Opening the Iranian market up will also benefit OSV players as it introduces low cost offshore opportunities.

With the oversupply of vessels and uncertainty around shale production falls I think shorters are and will continue to have a field day. Maybe when all the easy to get shale oil from the Permian is exhausted we'll see a recovery in MMA - but I think that's a good few years away.