Seems like hornbeck are in a good position,
"Cash-rich Hornbeck Offshore Services (HOS) has been backed to survive the offshore downturn better than its other US rivals.
Clarksons Platou said the company is its preferred pick of stocks, due to the $300m of cash on the balance sheet.
Even after paying $140m of remaining capital expenditure, it should have plenty left to fund any potential cash burn, "which we don’t currently anticipate," the analyst said.
"Moreover, HOS faces no maturities before 2019 and has not drawn on the $300m revolver."
Clarksons Platou is estimating a fourth quarter loss of $1m for the owner.
It said it was reluctant to "bang the buy button", but said that "at some stage the downside becomes limited," raising its outlook from sell to neutral.
"Ample liquidity, even in deep and prolonged downturn, gives us comfort that HOS is here to stay," it added.
Turning to GulfMark Offshore, which was also moved to neutral, it estimates a Q4 loss of $10m.
"Importantly, we see no liquidity issues through 2017 with current bank agreements. To its credit the company has aggressively cut costs and favorably renegotiated bank facilities," it said.
The analyst also raised Tidewater to neutral from sell, as it said the owner should, if necessary, be able to renegotiate terms on its $1.5bn debt and retain access to sufficient liquidity.
It said it could post a $32m loss for the final quarter, which will be impacted by the cancellation of 10 vessel contracts in Brazil, as well as additional stacking and the continued rollover of vessels on to reduced rates."