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S'pore oil borrowers asking bondholders to cut them some slack

Published Tue, Nov 24, 2015 · 09:50 PM

Singapore

BORROWERS in Singapore, so far spared from a wave of defaults in the oil services industry, are starting to ask creditors to cut them some slack.

Three companies including Dyna-Mac Holdings Ltd, part-owned by Keppel Corp, this month are asking bondholders to alter certain debt limits or profit targets as contract delays wreck firms' earnings. The issuers are among 28 oil services firms listed in Singapore with more than S$1.8 billion of notes maturing next year.

"If the oil markets remain depressed beyond 2016, you're going to see some problems," Joel Ng, an analyst at KGI Fraser Securities Pte in Singapore, said. "Some of the oil and gas players will probably have to…

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