Thoresen Thai Agencies is looking to further diversify away from shipping and offshore. Top management at the company, which controls dry bulk firm Thoresen Shipping and offshore operator Mermaid Maritime, is looking at acquiring renewable energy firms as well as some in the consumer sector to offset the poor shipping markets.

Moreover, Thoresen Thai has put two old rigs, MTR-1 and MTR-2, up for sale. Both rigs were built over 30 years ago. The company claims prospective buyers have been secured and the sale will go through in the second half of this year.

Commenting on the rig pair, a broking source said, "They're worth little more than scrap in today's market."