Thursday, June 20, 2019

OSV Industry Faces Further Restructuring -Nordea

Posted by January 5, 2017

File Image: a typical offshore support vessel. Much of Harvey Gulf's fleet remains on long term time charter (Image: Harvey Gulf)

Thorodd Bakken, head of Nordea Norway's Corporate & Investment Bank, expects more restructuring to take place in the offshore supply shipping industry in 2017, he told Reuters on the sidelines of a business conference on Thursday:
 
* Markets remain very demanding for offshore supply ship owners and it will continue to be so in 2017, he said
 
* Expect several restructurings to be completed, though they may be followed by a second or even a third round of restructuring as the market does not seem to improve
 
* It's important that consolidation continues, it has started and it will continue
 
* Hopes Nordea's loan impairments from oil related industry peaked in 2016
 
* Some of the key players in the Norwegian offshore supply industry are Farstad, where a refinancing process with Siem Oil Service Invest was terminated on Thursday, Solstad Offshore and Havila Shipping
 

* Nordea is the Nordic region's largest bank and the second largest in Norway

 

Reporting By Stine Jacobsen 

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