Discomfort Over DBS Energy Exposure
Goldman Sachs Group Inc and Credit Suisse Group AG has issued reports indicating the asset quality remains a concern for DBS, with the latter firm downgrading the stock to neutral from outperform. This comes after DBS handling of loans to Swiber Holdings failed to ease concerns that more losses could emerge. The consensus analyst rating on South East Asia’s largest bank has dropped to lowest in almost seven years.
“Goldman Sachs Group Inc and Credit Suisse Group AG has issued reports indicating the asset quality remains a concern for DBS, with the latter firm downgrading the stock to neutral from outperform.”
Singapore banks loans to oil and gas services providers have been in the spotlight after Swiber sought to liquidate its operations after facing payment demands from its creditors. Companies that specialize in servicing oil and gas producers are suffering due to the fall in crude prices.
About Swiber Holdings
Swiber Holdings Limited (“Swiber” and together with its subsidiaries, “the Group”) is a world-class integrated offshore construction and support services provider for shallow water oil and gas field development.
The Group offers a wide range of Engineering, Procurement, Installation, and Construction (“EPIC”) services, complemented by its in-house marine support and engineering capabilities, to support the offshore field development and production activities of its international clientele base across the Asia Pacific, Middle East, Latin America and West Africa regions.
Visit: Swiber Holdings
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