Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

By Luca Casiraghi and Mikael Holter (Bloomberg) -- Pareto Securities AS is among banks targeting debt funds and private-equity firms to buy oil rigs at firesale prices to hold until demand for offshore-drilling rebounds, according to people familiar with the matter. Norwegian investment banks are sounding out interest in special-purpose investment vehicles that would buy … [Read more...]

Blowtorch Beach, Turkey: Where Old Offshore Oil Rigs Go to Die

  By Firat Kayakiran, Naomi Christie and Angelina Rascouet (Bloomberg) -- When offshore oil rigs reach the end of their useful lives, many head for their final resting place at blowtorch beach. There, in western Turkey, ship scrapyards have discovered a new source of income amid the plunge in oil prices over the past 16 months -- tearing apart unwanted drilling … [Read more...]