Swiber's troubles show urgency is needed in fixing debt: consultancy

Singapore

SINGAPORE'S offshore oil services companies and marine engineering firms are leaving it too late to reorganise finances to survive an industry slump, raising the risk of steep losses on their bonds, a debt restructuring consultancy said.

The lack of urgency means lenders have time to take on more security for their loans, leaving bondholders with poor recovery prospects, Kurt Metzger, a Singapore-based director at GEM Advisory, said.

Swiber Holdings Ltd's troubles mean many weaker issuers from within the industry could struggle to access the capital markets to re…