Recently, U.S. Marine owner Harvey Gulf International Marine LLC filed for Chapter 11 bankruptcy protection in Houston. The Harvey Gulf, which owns 65 ships, including two new ships under construction, is the fourth largest operator of the U.S. Marine corps (OSV).

The company, which has debts of more than $1 billion, has reached a deal with lenders to reduce its debt, in return for a stake in the company after bankruptcy protection. After that, the company will pay the full payment to other creditors, such as suppliers.

Since the oil price collapse in 2014, the demand for offshore drilling platforms has been greatly reduced, and the demand for Marine auxiliary ships has decreased. In the past few years, many Offshore drilling services companies, including Seadrill Ltd and Ocean Rig UDW, have filed for bankruptcy protection. In addition, U.S. Marine owner Tidewater and GulfMark Offshore have filed for bankruptcy protection. While the current oil price is stabilizing, the downturn in the offshore market will not change much in the short term, and the market situation will be more severe.