Norway’s Biggest Bank Sees Offshore Downturn Lasting to 2020

DNB ASA, one of the biggest lenders to the offshore energy industry, sees the market slump lasting until 2020 as the collapse in crude prices drags down drillers and supply ship operators.

The market crash would resemble a “very long U,” or even an “L,” the bank’s head of Shipping, Offshore & Logistics, Kristin Holth, said in an interview.

“The bottom might be here, but it will be long,” she said. “That’s the challenge facing the companies — they have such a long period with low liquidity ahead.”

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