Top Norwegian Rainmaker Predicts Oil Crash Is Nearing Bottom
- Arctic CEO says shipping business to recover before offshore
- Arctic also working on IPO mandates for this year, CEO says
An oil tanker passes near DCOR LLC's Edith offshore oil and gas platform in the Beta Field off the coast of Long Beach, California, U.S., on Tuesday, May 18, 2010. Senators from California, Oregon and Washington introduced legislation last week to ban offshore oil drilling off the West Coast amid mounting concern about the BP Deepwater Horizon rig spill spreading in the Gulf of Mexico.
Photographer: Tim Rue/BloombergShipping is about to lead a recovery in global offshore markets that have been battered by plunging oil prices, according to one of Norway’s biggest dealmakers over the past three decades.
Mads Syversen, the chief executive officer at Oslo-based investment bank Arctic Securities, said he’s seeing the first signs of a pick up in activity as benchmark North Sea oil prices have rebounded about 60 percent since hitting a 12-year low in January.