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Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

marinesalvage by marinesalvage
March 1, 2024
in News
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Norwegian Investment Banks Touting Oil Rigs at Firesale Prices
Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

By Luca Casiraghi and Mikael Holter

(Bloomberg) — Pareto Securities AS is amongst banks concentrating on debt funds and private-equity corporations to purchase oil rigs at firesale costs to carry till demand for offshore-drilling rebounds, in line with individuals acquainted with the matter.

Norwegian funding banks are sounding out curiosity in special-purpose funding autos that will purchase rigs from distressed firms, mothball them and promote them when the market picks up, mentioned the individuals, who declined to be recognized as a result of the plans are non-public.

Drillers could also be pressured to promote rigs at a reduction as they wrestle to repay debt amid a greater than 50 p.c fall in oil costs since August 2014. Almost a 3rd of rigs are and not using a contract this week after oil producers canceled or renegotiated contracts as a glut of new-builds come on-line, in line with a Pareto word on Nov. 12.

“There are now more funds interested in investing in rigs as values have fallen significantly,” mentioned Nigel Thomas, a companion at Watson Farley & Williams in London, a legislation agency that makes a speciality of the delivery and offshore industries. “The risk is that prices will bump along the bottom for quite a long time.”

Pareto Chief Executive Officer Ole Henrik Bjoerge declined to touch upon the funding autos.

“I expect some of the banks, which sit on a large amount of rig debt in distress or which may come in distress, will try to push for asset sales,” mentioned Eirik Rohmesmo, a credit score analyst at Clarksons Platou Securities AS in Oslo. “Funds alone would not be able to run a fleet and they will need an industrial operator to manage it.”

Chartering charges for essentially the most superior gear have dropped to as little as $250,000 a day from as a lot as $650,000, in line with the Pareto word.

“It’s hard to calculate the price of a rig these days, because you don’t know how long you’ll remain without cash flow,” mentioned Janne Kvernland, an analyst at Nordea Markets in Oslo. “So it’s anybody’s guess what a rig is actually worth.”

©2015 Bloomberg News

Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

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