OSV Industry Faces Further Restructuring -Nordea
Thorodd Bakken, head of Nordea Norway's Corporate & Investment Bank, expects more restructuring to take place in the offshore supply shipping industry in 2017, he told Reuters on the sidelines of a business conference on Thursday:
* Markets remain very demanding for offshore supply ship owners and it will continue to be so in 2017, he said
* Expect several restructurings to be completed, though they may be followed by a second or even a third round of restructuring as the market does not seem to improve
* It's important that consolidation continues, it has started and it will continue
* Hopes Nordea's loan impairments from oil related industry peaked in 2016
* Some of the key players in the Norwegian offshore supply industry are Farstad, where a refinancing process with Siem Oil Service Invest was terminated on Thursday, Solstad Offshore and Havila Shipping
* Nordea is the Nordic region's largest bank and the second largest in Norway
Reporting By Stine Jacobsen
