Vard had 10.23 billion Norwegian kroner on its order book as at Dec 31, 2015; these comprised 13 offshore subsea-construction vessels, six platform-supply vessels, three anchor-handling tug supply vessels and seven others of various vessel types, Ms Low noted. One broker projected that vessel resale prices may fall by 50 per cent or more, with vessel operating day rates having fallen by up to 60 per cent in the O&M sector. Not helping this are the hundreds of newbuild offshore-support vessels (OSVs) waiting to join the global operating fleet. Mr Palmer estimated that 374 reported OSVs and as many as another 200 unreported units from Chinese yards have yet to be delivered. Vard's client Harkand was forced into administration on the back of its affiliate Harkand Finance defaulting on its US$220 million outstanding bond.