Stresses for Singaporean Energy Firms Deepening, OCBC CEO Says
- Oil & gas sector not in recovery mode yet, Samuel Tsien says
- Fourth quarter will continue to be difficult, bank head says
OCBC Profit Beats Estimates on Wealth, Insurance
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Stresses among Singapore’s oil and gas companies are deepening, the head of Southeast Asia’s second-largest lender said, signaling that more firms grappling with the slump in energy prices may face difficulties repaying their debts.
“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.”