ShippingWatch

DNB: Offshore rehabilitation could stretch into 2020

With a combined lending exposure of USD 6.7 billion in offshore, DNB feels the downturn in the sector big-time. Global Head of Shipping and Offshore, Kristin Holth, projects that the industry will have to get beyond 2020 before it finds a new foothold, she tells ShippingWatch.

Photo: Pressefoto

With no less than USD 6.7 billion in lending exposure to the offshore sector, major Norwegian bank DNB is one of the foremost players feeling the downturn in, first, the oil price, and since then the crisis among the many carriers and suppliers to the offshore sector.

This applies to rig companies as well as the many supply carriers who are hit hard by the reduced budgets at the major energy companies. Or as the bank's Global Head of Shipping and Offshore, Kristin Holth, tells ShippingWatch, "most of them are facing some form of restructuring," and this situation could become short-term or it could stretch out over a long time.

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