Adviser: Swiber troubles show urgency needed in fixing debt

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 in an interview.