PSV Normad Skipper

Offshore Supply Vessel Market Faces More Restructuring in 2017 -Nordea

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January 5, 2017

Normand Skipper. Photo: Solstad Offshore

ReutersOSLO, Jan 5 (Reuters) – 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, writing by Ole Petter Skonnord, editing by Terje Solsvik)

(c) Copyright Thomson Reuters 2017.

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