The Norwegian credit information institute Experian warns of a significant rise in the number of bankruptcies in the oil industry within the near future.

"The oil region in Stavanger is not number one in the statistics of bankruptcies in August. This is probably because of inertia. I project a massive increase in the number of bankruptcies in this region," Director Frode Berg tells Norwegian business daily Dagens Næringsliv. This region is home to many of the suppliers and subcontractors to the offshore and oil industry.