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'Inevitable cascade' of O&G defaults seen

Oil-related firms face S$1.4b of S'pore dollar bonds maturing through 2018, with sustained weakness in crude raising risks

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Published Mon, Aug 8, 2016 · 09:50 PM

    Singapore

    SINGAPORE bondholders and lenders, already stung by Swiber Holdings Ltd's woes, face mounting pain as a drop in oil leaves more companies in the industry starved for cash.

    Investment bank UOB Kay Hian warned last week that the sector may suffer a "cascade" of defaults. Bank of Singapore Ltd said that sustained weakness in crude prices could increase risks. Oil-related firms face S$1.4 billion (US$1 billion) of Singapore dollar bonds maturing through 2018, with S$325 million due by the year-end, according to Bloomberg-compiled data.

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