Idling drilliships and semi-submersible platforms at Las Palmas, Gran Canarïa, Spain, may have a story of destruction of value to tell, but again, the offshore drilling industry may stand at an inflection point and at the cusp of a structural recovery, at present.
While on a business trip to Las Palmas, Gran Canaría to survey offshore assets for the purposes of marine valuations and appraisals for banks, we run into chilling images of six drillships docked together idle with four more drillships and semi-submersibles were sighted in close proximity.
Thoughts on valuations, Fair Market Value (FMV), Orderly Liquidation Value (OLV), Forced Liquidation Value (FLV), curable functional obsolescence, incurable functional obsolesce, economic obsolesce, technological obsolescence, and also visions of shrewd entrepreneurs come to mind....
Our article was originally published in The Maritime Executive on June 28, 2019 under the title: "View from Las Palmas: Six Drillships at a Dock".
IMPORTANT DISCLAIMER: Access to this blog signifies the reader’s irrevocable acceptance of this disclaimer. No part of this blog can be reproduced by any means and under any circumstances, whatsoever, in whole or in part, without proper attribution or the consent of the copyright and trademark holders of this website. Whilst every effort has been made to ensure that information here within has been received from sources believed to be reliable and such information is believed to be accurate at the time of publishing, no warranties or assurances whatsoever are made in reference to accuracy or completeness of said information, and no liability whatsoever will be accepted for taking or failing to take any action upon any information contained in any part of this website. Thank you for the consideration.