Oil Debt Woes Reach Malaysia as Offshore Rig Bonds in Distress
- Perisai Petroleum notes due Oct. at 60 Singapore cents: DBS
- Comes after Swiber Holdings placed under judicial management
This article is for subscribers only.
Bonds of a Malaysian offshore oil rig contractor have dropped to distressed levels, the latest sign that crude’s rebound this year hasn’t been enough to stave off pain in an industry beset by prices still about half their decade average.
Perisai Petroleum Teknologi Bhd, which contracts out drilling rigs and charters vessels for towing equipment, said on Thursday it will start discussions with holders of its Singapore dollar notes, without providing further details. Its S$125 million securities due Oct. 3 have dropped 17 cents this month to a record low 60 cents, according to prices from DBS Group Holdings Ltd.