• EKSPLORASI.ID
  • MONETER.ID
  • BANTEN.CO
Minggu, Juni 1, 2025
  • Login
EKSPLORASI.ID
  • HOME
  • BERITA
  • INDEPTH
  • RAGAM
  • ENGLISH NEWS
  • OPINI
  • VIDEO
  • FOTO
  • INFOGRAFIS
  • INDEKS
No Result
View All Result
  • HOME
  • BERITA
  • INDEPTH
  • RAGAM
  • ENGLISH NEWS
  • OPINI
  • VIDEO
  • FOTO
  • INFOGRAFIS
  • INDEKS
No Result
View All Result
EKSPLORASI.ID
No Result
View All Result
Home ENGLISH NEWS

Stresses for Singaporean Energy Firms Deepening, OCBC CEO Says

by Eksplorasi.id
28 Oktober 2016
in ENGLISH NEWS
0
Pak Presiden, Ternyata Harga Gas di Singapura Lebih Mahal

Singapore | Photos : Specials

0
SHARES
77
VIEWS
Share on WhatsappShare on Facebook

Eksplorasi.id – 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.

Singapore | Photos : Specials
Singapore | Photos : Specials

“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.”

OCBC had earlier reported a 10 percent jump in provisions for soured assets for the third quarter, taking some of the gloss off the better-than-estimated profit the lender announced for the period. Its nonperforming assets surged 34 percent to S$2.59 billion ($1.9 billion) by September from a year earlier, driven by loans to oil and gas services firms that had soured, the bank said in a statement.

More Singaporean companies tied to that industry are facing difficulties repaying debt as demand for their services falls amid lower exploration activity. Swissco Holdings Ltd., which supplies rigs and support vessels to oil and gas explorers, signaled last week that it may face default, due to its failure to pay interest due earlier this month. Companies including KS Energy Ltd. and AusGroup Ltd. have sought more lenient repayment conditions from their debt holders.

OCBC’s allowances for impaired assets rose 10 percent to S$166 million in the third quarter. Oil and gas represented a third of the bank’s so-called specific allowances of S$99 million, Chief Financial Officer Darren Tan told reporters. Charges for soured oil and gas loans also dragged on OCBC’s earnings in the second quarter, when it reported a 15 percent profit decline.

bad loan

Tsien did provide one positive signal for the industry: since the third quarter of last year, the bank hadn’t seen any new companies emerging as “distressed names,” he said.

“The problem in the oil and gas sector for our portfolio has not broadened but has deepened, with those companies that are under stress continuing to be under stress,” Tsien said.

The travails in the energy industry and a weak regional economy made it “difficult” to call a peak for nonperforming assets, Tsien said, adding that the bank will need to monitor the situation for another quarter.

OCBC was the first of Singapore’s three large banks to report quarterly profit. United Overseas Bank Ltd. is due to post its results on Friday, while earnings from DBS Group Holdings Ltd., Southeast Asia’s largest lender, are scheduled for Oct. 31.

OCBC shares rose 0.1 percent to S$8.56 as of 12:44 p.m. in Singapore. The stock has dropped 2.8 percent this year, on course for its second straight annual decline.

Source : Bloomberg

Tags: gasheadlineOCBCOilSingapore
Eksplorasi.id

Eksplorasi.id

Next Post
Gagal Tetapkan Kuota Produksi Minyak, Ini Kata OPEC

OPEC May Need Help to End the Global Glut of Oil

Tinggalkan Balasan Batalkan balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Pertamina Adakan Karsa di Bali

Tidak Punya Dana Hingga Rp 53,2 Triliun, Hak Eksklusif Pertamina di Proyek Kilang Bontang Hilang

9 tahun ago
Luar Biasa, Pertamina Miliki Utang Hingga Rp 337,35 Triliun

Ini Dia Utang PLN yang Masuk Jatuh Tempo

8 tahun ago

Sering Dibaca

  • Ini Dia, Sumber Daya Alam Unggulan 11 Negara ASEAN

    Ini Dia, Sumber Daya Alam Unggulan 11 Negara ASEAN

    0 shares
    Share 0 Tweet 0
  • PLN Kembangkan Energi Mikro Hidro Di Sumba

    0 shares
    Share 0 Tweet 0
  • Kapal Riset Geomarin 3 Lakukan Survei Gas Biogenik di Bali dan Lombok

    0 shares
    Share 0 Tweet 0
  • Ikut Berperan Atas Pembubaran Petral, Totok Nugroho Kini Jabat SVP ISC Pertamina

    0 shares
    Share 0 Tweet 0
  • Potensi Uranium Indonesia 77 Ribu Ton, Bisa Penuhi Kebutuhan Listrik 40 Tahun

    0 shares
    Share 0 Tweet 0

RSS Moneter.id

EKSPLORASI.ID

© 2020 Eksplorasi.id - REFERENSI BERITA ENERGI

Navigate Site

  • REDAKSI
  • KETENTUAN LAYANAN
  • PEDOMAN SIBER
  • HUBUNGI KAMI

Follow Us

No Result
View All Result
  • HOME
  • BERITA
  • INDEPTH
  • RAGAM
  • ENGLISH NEWS
  • OPINI
  • VIDEO
  • FOTO
  • INFOGRAFIS
  • INDEKS

© 2020 Eksplorasi.id - REFERENSI BERITA ENERGI

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In