As the offshore marine industry struggles with the dramatic drop in oil prices a leading Singapore lawyer has warned of “spectacular casualties” to come.

Speaking at Mare Forum Singapore, Jude Benny, senior partner Joseph Tan Jude Benny noted that there were around 1,300 OSVs idle at the moment and that the number of rigs stacked was “frightening”.

Benny, who is also a director of OSV owner PACC Offshore, warned, “In my view we will see some spectacular casualties in the next 12 – 18 months, some big names.

However, he also said there were “a lot of opportunities”.

Christos Tskaonas, regional head of Asia – shipping, offshore & logistics for DNB Bank said, “It looks like this is only the beginning and it will get worse over the next two years.”

Tsakonas said there would be a lot of refinancing and that a number of companies would not make it. In addition there would be a lot of M&A in the offshore and marine sector.

He said that in two years time it would be a “very different landscape”.