"When the underlying commodity of the business drops so significantly it's pretty tough and I think the thing about it is that it has been unexpected for a lot of people," he told the Australian Financial Review.

"This kind of environment impacts company behaviour. Wherever there is a discretionary spend they are the ones that attract the most [cost reduction] focus at this time. I think both cost cutting and consolidation will happen."

While MMA's share price fell by more than 60% last year, Weber revealed that its revenues were not impacted by low oil prices yet.

"From our perspective, we obviously look at the price because it is part of our business but a lot of our vessels are being utilised in the construction phase of projects at the moment and those projects will continue on," he told the newspaper.

However, he was focused on securing more long term contracts.

"In Australia we have four major projects that are happening at the moment; post that certainly I don't see any major greenfields developments in the oil and gas side of things," he said.

"Australia was naturally going to move from a construction phase to a production phase over the next couple of years."