EnergyWatch

Top bankers warn offshore oil industry's debt woes aren't over

Offshore oil and gas bankers in Oslo are warning that the industry is far from out of the woods as a recovery is slow to take hold.

Photo: Colourbox

Lender SEB AB is prepared for a potential second round of debt restructurings, following what has already been a wave of debt troubles over the past years. A renewed swoon in crude prices is now tamping down on optimism that the offshore rig and supply vessel operators, which depend on higher investments from oil companies and improved rates, are home free.

"There was always a possibility for a second round," SEB Head of Shipping & Offshore Hans Christian Kjelsrud said in an interview at the Nor-Shipping Conference in Lillestrom, Norway on Tuesday. "I don't think that would be a big surprise."

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