AS, not only are some of its major oil and gas companies moving to Malaysia, due to lower cost, it's oil and gas firms are burning a big whole on the Singaporean economy and on its banking system.
Swissco Holdings, is the latest rig supplier, which has sounded the market, that a DEFAULT is about to take shape.
Companies including KS Energy Ltd. and AusGroup Ltd. have sought more lenient repayment conditions from their debt holders.
“I don’t think the oil and gas sector is in a situation where it is in a recovery mode yet, and continues to be under stress,” Oversea-Chinese Banking Corp. Chief Executive Officer Samuel Tsien told reporters at a briefing Thursday.
“I think the fourth quarter of this year will continue to be a difficult quarter for this sector.”