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Singapore lawyer: Showdown underway after oil collapse

The drop in oil price has obliterated the foundation for numerous contracts, particularly in the offshore sector. But who will book the losses? This showdown has now begun, a Singapore-based shipping lawyer tells ShippingWatch.

Photo: Øyvind Hagen - Statoil

SINGAPORE

With an oil price slashed in half in just one year, there are many good reasons to delay or call off projects, particularly within the offshore industry. This means that a range of signed contracts within the industry are not being respected, and this kind of contract breach is expensive, says Danish lawyer Steffen Pedersen:

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