Oil prices have rebounded, but the offshore supply vessel sector is still in trouble. The market is saturated with vessels, while massive new supplies of shale have structurally changed the oil industry. It is doubtful if the sector will return to health – and it certainly won’t be doing so anytime soon. OSV operators wanting to stay in the game must get cost-competitive and restructure their balance sheets. Lenders to the sector may find a better outcome if they offer flexibility on the restructuring solution and facilitate consolidations as and when they make good financial sense.