– I am concerned on behalf of the oil industry and exporters. Business sectors along the coast will through a restructuring, and in the meantime it can be hard for more, says Wenche Nistad, CEO of the Norwegian Guarantee Institute for Export Credits (GIEK) to DN.
She points out that the state guarantee is important for many companies who buy Norwegian goods. Especially offshore vessels on international voyages for Norwegian and foreign shipping companies have secured funding partly with a loan guarantee in Giek. 86 per cent of GIEK portfolio in offshore service vessels, rigs and drilling.
– Here we have made extraordinary provisions this year, because the market is demanding, says Nistad said.
DN printer that avere oil prices and less activity for offshore vessels allows Giek looks possibility that there may be losses.
The newspaper wonders o on when that will happen.
– Most companies have long-term offshore contracts, usually for five years, and ships in operation. I think we’re going a bit into 2016 before some borrowers may have problems. The hope is that they ride out the storm, says Nistad.
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