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Friday, 13 January 2017

Energy group marks first default of 2017 - #ShelfDrillingHoldings #Dubai #UAE

Energy group marks first default of 2017:

"It will be a while longer before the recovery in oil prices staunches the flow of defaults from the energy industry.

A Dubai-headquartered oilfield servicer that counts Chevron, ExxonMobil and Saudi Aramco among its clients marked the first default of the new year, according to rating agency S&P Global.

Shelf Drilling Holdings, which operates shallow water rigs, exchanged some of its notes due in 2018 for obligations that mature two years later as part of the group’s effort to restructure its capital stock."



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