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Tales from the Offshore Industry

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".

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