Maritime consolidation may be key

Despite a recent uptick of crude oil prices, the off-shore oil exploration business has been very near in the tank for a number of years, especially in the Gulf of Mexico, where painful Chapter 11 filings and a sobering specter of vessels rolling off shipyard assemblies and go directly into cold iron layup. Some shore-based shale drillers haven’t found ways to reduce operating costs, or which way to turn the valve in response to market conditions. Industry consolidation, say some, may be a key to survival within the next year. (Source: Marine Link 10/12/17)