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'Spectacular casualties' expected in offshore marine warns Singapore lawyer'Spectacular casualties' expected in offshore marine warns Singapore lawyer

As the offshore marine industry struggles with the dramatic drop in oil prices a leading Singapore lawyer has warned of “spectacular casualties” to come.

Marcus Hand, Editor

February 23, 2016

1 Min Read
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Speaking at Mare Forum Singapore, Jude Benny, senior partner Joseph Tan Jude Benny noted that there were around 1,300 OSVs idle at the moment and that the number of rigs stacked was “frightening”.

Benny, who is also a director of OSV owner PACC Offshore, warned, “In my view we will see some spectacular casualties in the next 12 – 18 months, some big names.

However, he also said there were “a lot of opportunities”.

Christos Tskaonas, regional head of Asia – shipping, offshore & logistics for DNB Bank said, “It looks like this is only the beginning and it will get worse over the next two years.”

Tsakonas said there would be a lot of refinancing and that a number of companies would not make it. In addition there would be a lot of M&A in the offshore and marine sector.

He said that in two years time it would be a “very different landscape”.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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