DNB’s executive vice president for corporate customers, Harald Serck-Hanssen, says rescue operations in the oil market only in “infancy” and will affect the market very negatively by summer, newspaper Dagens Næringsliv.
– Many companies within Offshore ship and rig have been hit harder, and loan loss provisions have come faster than expected this year. Especially in the rig market has been loss we thought was going to be first next year. Work on restructuring is in its infancy, he said.
Serck-Hanssen think both banks, shareholders and bondholders must give in order to get the companies in the offshore service vessels and rigs through the downturn, and it can last several years.
– It will be a demanding autumn for all parties. DNB and other banks have already taken large writedowns, but there is no doubt that there will be more restructuring is in goal, he says, but he believes the losses are isolated to a limited part of the market.
– For example, oil companies and other providers in the industry fared better than we thought. There has hardly been a spillover effect to other industries or retail market, said Serck-Hanssen told DN.
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