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New York, 27 February 2015 DNB Group: Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1
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Page 1: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

New York,

27 February 2015

DNB Group: Oil-related portfolio update by Berit L. Henriksen Global head of Energy

1

Page 2: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

DNB Markets’: Long Term Oil Price Forecast Stabilising at $65/bbl for 2015 and $80/bbl for 2016, $90/bbl long term

2

Historical Historical

Nominal $/b Real (2015) $/b

2001 24.4 32.2

2002 25.0 32.4

2003 28.8 36.5

2004 38.3 47.2

2005 54.5 65.0

2006 65.1 75.3

2007 72.4 81.3

2008 97.3 105.2

2009 61.7 67.0

2010 79.5 84.9

2011 111.3 115.2

2012 111.7 113.3

2013 108.7 108.7

2014 99.5 99.5

Forecast Forecast

Nominal $/b Real (2015) $/b

Q1-15 55 55

Q2-15 63 63

Q3-15 69 69

Q4-15 74 74

2015 65 65

2016 80 79

2017 84 81

2018 88 84

2019 90 84

2020 90 82

0

20

40

60

80

100

120

140

160

1995 1998 2001 2004 2007 2010 2013 2016 2019

$/b

Spot Brent History & FWD looking

FWD (nominal) Forecast nominal

Historical Forecast real (2014 USD)Source: Reuters, DNB Markets

Forecast by DNB Markets. (The forecast is for the average of the rolling 1st month ICE Brent future contract)

Page 3: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Credit strategy for the DNB Group

3

• We are a long term relationship oriented bank

• Focus on quality of management

• We have a low-risk portfolio strategy

• We finance corporate risk based on debt service ability (cash flow), not assets alone

• Exposure to non-investment grade companies is secured and followed up by covenants

• We finance industry sectors where we have institutional industry sector competence,

and we have been in the oil related industries since oil was discovered on the Norwegian

Continental Shelf

Page 4: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Other corporate43%

Oil & Gas3.9%

Offshore2.8%

Oilfield services1.8%

Households48%

DNB has a well diversified oil-related portfolio - 8% of total Group EaD to oil related portfolios

4

EaD: Exposure at Default, IG: Investment Grade, NOCs: National Oil Companies, RBL: Reserved Based Lending, E&P: Exploration &

Production, F(P)SO: Floating (Production) Storage Offloading, LBO: Leverage Buyout, OSV: Offshore Supply Vessel, LNG: Liquid Natural Gas

Refining & petchem 6.0%

Midstream incl LNG 10.3%

Upstream / integrated large-

caps and NOCs (IG) 17.2%

Upstream mid-caps (sub IG)

3.7%

RBL and other structured E&P

6.1%

Exploration Financing Facilities

2.5% Other Oil & Gas

1.6%

OSV 15.7%

Rig 10.5%

FPSO/FSO 2.8%

Subsea construction 2.6%

Other Offshore 1.5%

Large cap oilfield services co

11.5% LBO-portfolio 4.9%

Seismic 0.7%

Other Oilfieldservices

2.4%

Total DNB Group loan exposures

EaD of NOK 1909n as of 31 Dec 14 In per cent of total

Total oil-related portfolios

EaD of NOK161bn as of 31 Dec 14 (FX adj NOK144bn) In per cent of NOK 161bn

Page 5: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Oil & Gas, Offshore and Oilfield Services – An overview

DNB Group as of 31 Dec 2014 Oil & Gas Offshore

Oilfield

Services

Total portfolio, EaD, NOK billion 74 53 33

Total portfolio, drawn amount, NOK billion 31 31 11

Average grade* 3.5 4.9 4.7

Expected loss 0.07% 0.19% 0.15%

Number of client groups 85 63 75

Number of employees in sector 24 23 17

No. of clients in grade 8-10 (PD > 3%) 3 4 2

EaD of clients in grade 8-10, NOK billion 0.2 0.3 0.3

10 largest client groups in % of total segment 36% 42% 51%

20 largest client groups in % of total segment 56% 64% 74%

5 * DNB’s risk grade system: 1 represents the lowest risk and 10 the highest risk. EaD: Exposure at default, PD: Probability of default

Page 6: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Proactively handling the uncertainty & market turbulence

• Monitoring of our portfolio is given top priority in the current situation with oil price

turbulence

• We have reviewed our oil, gas, offshore and oilfield service portfolios

• We actively manage our credits/clients

• Those who are performing, but not in accordance with their business plans require

additional attention, and are placed on (the so-called) «Watch-list»,

it’s our early warning tool!

• Watch-listed companies are reviewed quarterly, as a minimum

• We allocate additional expertise and resources to clients and

sub-portfolios with higher risk

• We are continuously evaluating which clients to put on “Watch-list”,

and what actions to be taken

6

Page 7: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

No negative migration by year-end 2014 - 65% of portfolio is low risk and 33% is medium risk

7 EaD: Exposure at Default, PD: Probability of default. Risk grade system, please see back up slide for details.

DNB's risk classification system, where 1 represents the lowest risk and 10 the highest risk.

DNB’s oil-related portfolio split by sub-segment in exposure (EaD) and by risk grade

NOK 161bn (FX adj. NOK 144bn) as of 31 Dec 2014 (and NOK 144bn as of 30 Sep 2014)

NOK billion

54 64

14 10 0.20 0.20 0.00 0.00

17

18

29 33

1.47 0.31 0.00 1.17

19

23

8 10

0.61 0.30 0.20 0.30

0

20

40

60

80

100

120

Sep-14 Dec-14 Sep-14 Dec-14 Sep-14 Dec-14 Sep-14 Dec-14

Grade 1-4 "Low risk" Grade 5-7 "Medium" Grade 8-10 "High" Grade 11-12 "Doubtful & NPL"

Oilfield Services Offshore Oil & Gas

Page 8: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Outstanding loans to oil, offshore and oil service are 46% of EaD - Large part of remaining exposure is guarantees and revolving facilities to IG

8

DNB’s oil-related portfolio: Drawn loans split by sub-segment and risk grade, total exposure by risk grade (EaD)

NOK 74bn (FX adj. NOK 65bn) and exposure (EaD) NOK 161bn (FX adj. NOK 144bn) as of 31 Dec 2014

NOK billion

19 25

6 6 0.14 0.20 0.00 0.00

6

9

19 21

1.45 0.31 0.00 1.17

4

4

6 7

0.47 0.20 0.19 0.20

91

105

51 53

2.28 0.81 0.20 1.47

0

20

40

60

80

100

120

Sep-14 Dec-14 Sep-14 Dec-14 Sep-14 Dec-14 Sep-14 Dec-14

Grade 1-4 "Low risk" Grade 5-7 "Medium" Grade 8-10 "High" Grade 11-12 "Doubtful & NPL"

Oilfield Services (34% drawn loans)

Offshore (59% drawn loans)

Oil & Gas (42% drawn loans)

Exposure (EaD)

EaD: Exposure at Default, PD: Probability of default. Risk grade system, please see back up slide for details. DNB's risk classification system, where

1 represents the lowest risk and 10 the highest risk. Doubtful & NPL = Non performing loans, IG = investment grade companies

Page 9: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Highly profitable portfolio - within DNB’s Oil & Gas, Offshore and Oilfield Service sectors

9 * Oil, offshore and oilfield services units are all part of the business unit Large Corporate & International in DNB.

DNB’s oil-related portfolios - profit before impairments and tax for financial years 2011 till 2014 NOK billion

1.52

2.00 1.86 1.86

2011 2012 2013 2014

Page 10: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Historical low impairments in absolute levels - Oil & Gas, Offshore and Oilfield Services sectors

159 155 108 126 132

18 6 0

200

400

600

800

1000

1200

1400

1600

1800

2000

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

NOK million

10

Page 11: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Oil & Gas - It‘s a well diversified portfolio – robust to oil price movements, 60% of lending to investment grade

11

RBL: Reserve Based Lending, IG: Investment grade, E&P: Exploration & Production, NOC: National Oil Companies, EFF: Exploration financing facilities.

LNG: Liquid Natural Gas. All figures as of 31 Dec 2014. FX NOK/USD as of 31 Dec 2014: 7.39 and as of 30 Sept 2014: 6.43, hence FX adjusted volume per

31 Dec 2014 was NOK67bn, if we used 30 Sept 2014 FX rates by 31 Dec 2014.

Large IG E&P /

Integrated oil co's and NOCs 23.9 32%

Midstream incl LNG

23.9 32%

E&P midcaps

4.0 6%

RBL and other

structured E&P 8.4

11%

Refining & pet.chem

11.0 15%

EFFs 3.2 4%

• Large IG E&P/ integrated and national oil companies:

In general large, diversified companies with robust balance sheets and

ample liquidity that can sustain a significant drop in oil price.

• Midstream incl. LNG:

Mainly companies with infrastructure (pipelines, terminals, etc.) assets.

58% of EaD is IG. Limited sensitivity to commodity price movements.

• Exploration & Production (E&P) mid-caps:

Typically more robust than RBL.

• Reserved based lending (RBL) :

Bank debt is based on certain assumptions (reserves/ production

volumes, commodity prices, capex, etc). Well structured, i.e. “very early”

covenants and collateral-based. Semi-annual re-determinations of

borrowing base and revision of price decks used for lending purposes.

• Refining & Petrochemical:

Cyclical, but primarily margin based business. 51% of EaD is IG.

Less sensitive to commodity price movements.

• Exploration financing facilities (EFFs):

Secured financing of tax refund (related to exploration) from

the Norwegian State. No direct oil-price risk.

Oil & Gas exposure - NOK74bn (3.9% of total Group EaD)

NOK bn and per cent of NOK74bn

Page 12: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Offshore - solid companies and high contract coverage - The direct risk factor is not oil price, but the activity level and day-rates

12 OSV: Offshore Service Vessels, F(P)SO: Floating (Production) Storage Offloading. All figures as of 31 Dec 2014. FX NOK/USD as of 31 Dec 2014:

7.39 and as of 30 Sept 2014: 6.43, hence FX adjusted volume per 31 Dec 2014 was NOK46bn, if we used 30 Sept 2014 FX rates by 31 Dec 2014.

OSV 22.7

42.7%

Rig 17.6

33.0%

FPSO/FSO 5.2

9.8%

Subsea construction

4.2 7.9%

Other 3.5

6.6%

Offshore exposure - NOK53bn (2.8% of total Group EaD)

NOK bn and per cent of NOK53bn

• Offshore service vessels (OSV):

Mainly corporates with modern fleets (6-8 years) and good

contract coverage (60% for 2015)

Substantial part of the fleet supports existing infrastructure

as well as activities related to inspection, maintenance &

repair (IRM)

• Rig:

More than 40% of EaD are either investment grade (IG)

companies or have full contract coverage. Primarily latest

generation rigs. 75% weighted average contract coverage

for 2015 (61% for 2016 and 43% for 2017).

• FPSO/FSO:

Primarily full contract coverage to strong counterparties

Mainly full amortisation during contract period

• Subsea constructions:

Low short term oil price dependency, as it’s linked to

approved field development projects

Page 13: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Oilfield Services exposure - Mainly low risk exposure

13 IG: Investment grade, LBO: Leverage Buyouts, All figures as of 31 Dec 2014. FX NOK/USD as of 31 Dec 2014: 7.39 and as of 30 Sept 2014: 6.43,

hence FX adjusted volume per 31 Dec 2014 was NOK31bn, if we used 30 Sept 2014 FX rates by 31 Dec 2014.

Large-caps, investment

grade companies

19.1 58%

Non IG / Other mid-

cap 5.3

16%

Seismic 1.2 4%

LBO-portfolio 7.4

22%

Other 0.1 0%

• Large caps investment grade companies:

~60% of EaD in large cap, global investment grade

companies. Primarily US based.

• Non-investment grade oilfield services/other

midcaps:

Wide range of companies through the oil and gas service

value chain. Medium/small caps only close to home.

• Seismic:

Limited exposure and dominant part is short-term

working capital financing.

• Leveraged buyout (LBO):

Mainly related to development and production. LBO

financing only close to home. Careful selection of

sponsors in the LBO space. Acceptance of higher financial

risk only if coupled with low operational risk. Prefer clients

with less dependence on oil companies’ CAPEX budgets.

Oilfield Services - NOK 33bn (1.8% of total Group EaD)

NOK bn and per cent of NOK33bn

Page 14: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Q & A

Page 15: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Appendix

15

• The offshore and oilfield service value chain

• Macro economy forecast by DNB Markets for • Norwegian economy

• Oil price outlook

• Economic scenarios if the oil price would stay at $50/bbl..

• DNB Grading vs external ratings

Page 16: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

The offshore and oilfield service value chain

16 AHTS: Anchor Handling Tug Supply, PSV: Platform Supply Vessel, MMO: Maintenance and modifications, MPU: Multi Purpose Unit

Indication of operational volatility Low High

Exploration Field development

Operation Decommissioning

Seismic

Exploration drilling

Appraisal drilling

AHTS + PSV

Engineering

Construction

Installation Heavy lift, subsea

Production drilling

MMO

PSV, AHTS

MPU

Engineering

Construction, heavy lift

Higher risk: Marginal fields, frontier areas

Lower risk: Large fields, benign areas

Activities within the early

phase of value chain are

the first to be cut in a time

of low oil prices.

Page 17: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Norway: Soft landing - Consumption and non-oil exports up, as oil and housing investment pull down

17 Forecast by DNB Markets

-2

-1

0

1

2

3

4

5

6

7

1990 1995 2000 2005 2010

Norway: Key indicatorsPer cent

Mainl.-GDP y/y CPI, y/y Unemploym.

Source: Statistics Norway/DNB Markets

70

80

90

100

110

120

130

140

150

160

Q1 2008 Q3 2010 Q1 2013 Q3 2015 Q1 2018

Norway: Demand components2008Q1=100. 3 quarter moving average

Private cons. Public cons. Oil inv.Business inv. Housing inv. Trad. exports

Source: Thomson Datastream/DNB Markets

Page 18: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Norway: A robust economy - Oil investments 7% of GDP. Ample fiscal leeway.

18 Forecast by DNB Markets. GPFG: Government Pension Fund Global (The Norwegian Petroleum Fund)

0

20

40

60

80

100

1995 1998 2001 2004 2007 2010 2013

Norway: Shares of GDP1995-2014, per cent

Private consumption Public consumptionNon-oil investments Oil investmentsTrade surplus

Source: Statistics Norway/DNB Markets

-100

-50

0

50

100

150

200

250

1985 1990 1995 2000 2005 2010 2015

Public Net AssetsPercent of GDP

Norway GPFG EMU OECDSource: Ministry of Finance, NB2015/DNB Markets

Page 19: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Oil: Trend Line Growth Favors Supply – Not Demand

19

-2.5

-1.5

-0.5

0.5

1.5

2.5

3.5

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mill

ion

b/d

YoY Non-OPEC Supply vs Global Oil Demand- 12 month mavg

Non-OPEC supply growth Global demand growthSource: IEA, DNB Markets

Forecast by DNB Markets

Page 20: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

Oil: How can anyone doubt that the market is over supplied? - Global oil stocks (excl. Chinese strategic stocks) are building massively. This is a function of supply being larger than demand.

20

5300

5350

5400

5450

5500

5550

5600

5650

5700

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Mill

ion

barr

els

Global Crude & Product Stocks - JODI-dataJODI-data are adjusted for countries w ith irregular reporting - and China is added w ith Xinhua New s Agency Data

2011 2012 2013 2014Source: JODI, DNB Markets

Forecast by DNB Markets

Page 21: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

DNB Markets’: Long Term Oil Price Forecast Stabilising at $65/bbl for 2015 and $80/bbl for 2016, $90/bbl long term

21

Historical Historical

Nominal $/b Real (2015) $/b

2001 24.4 32.2

2002 25.0 32.4

2003 28.8 36.5

2004 38.3 47.2

2005 54.5 65.0

2006 65.1 75.3

2007 72.4 81.3

2008 97.3 105.2

2009 61.7 67.0

2010 79.5 84.9

2011 111.3 115.2

2012 111.7 113.3

2013 108.7 108.7

2014 99.5 99.5

Forecast Forecast

Nominal $/b Real (2015) $/b

Q1-15 55 55

Q2-15 63 63

Q3-15 69 69

Q4-15 74 74

2015 65 65

2016 80 79

2017 84 81

2018 88 84

2019 90 84

2020 90 82

0

20

40

60

80

100

120

140

160

1995 1998 2001 2004 2007 2010 2013 2016 2019

$/b

Spot Brent History & FWD looking

FWD (nominal) Forecast nominal

Historical Forecast real (2014 USD)Source: Reuters, DNB Markets

Forecast by DNB Markets. (The forecast is for the average of the rolling 1st month ICE Brent future contract)

Page 22: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

What if the oil price would stay a $50/bbl? (i) - Scenarios by DNB Markets’ economists

22

Oil price development USD per barrel. Main assumptions and

a downside $50/bbl.-scenario by DNB Markets

Oil investments in Norway 2013 prices, NOK billion. Main assumptions and

a downside $50/bbl.-scenario by DNB Markets

112

47

65

80

90

50

1995 1999 2003 2007 2011 2015e 2019e

Oil price

DNB Markets' forecast

$50/bbl-scenario

98

205

155

123

1997 2000 2003 2006 2009 2012 2015e 2018e

Oil investments

DNB Markets' forecast

$50/bbl-scenario

Source: Statistic Norway, forecast by DNB Markets

Page 23: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

What if the oil price would stay a $50/bbl? (ii) - Slower economic growth in Norway is expected, however exports, private and public consumption will ensure a soft landing

23

98

205

155

1997 2000 2003 2006 2009 2012 2015e 2018e

Oljeinvesteringer Prognose

98

205

155

1997 2000 2003 2006 2009 2012 2015e 2018e

Oljeinvesteringer Prognose

2.5 2.5

0.6

4.3

5.2

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

20

04

20

05

20

06

20

07

20

08

20

10

20

11

20

12

20

13

20

14

20

15

e

20

16

e

20

17

e

20

18

e

Mainland GDP GDP 50$/bbl-scenario Unemployment Unempl. $50/bbl-scen.

Mainland Norway GDP growth and unemployment Year-on-year, per cent

Main assumptions and a downside $50/bbl.-scenario by DNB Markets

Sources: Statistics Norway, Norges Bank, Forecast and scenarios by DNB Markets as of January 2015.

.

Page 24: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

DNB Grading vs external ratings

24

DNB Grade Pd S&P Moody's

1.a 0,015 % Investment grade AAA - AA+ Aaa - Aa1

1.b 0,035 % ↓ AA - AA- Aa2 - Aa3

1.c 0,050 % ↓ A+ A1

1.d 0,070 % ↓ A A2

1.e 0,090 % ↓ A- A3

2.a 0,130 % ↓ BBB+ Baa1

2.b 0,220 % ↓ BBB Baa2

3 0,390 % ↓ BBB- Baa3

4 0,670 % ↓ BB+ Ba1

5 1,170 % High yield BB Ba2

6 1,630 % ↓

7 2,030 % ↓ BB- Ba3

8 3,510 % ↓ B+ B1

9 6,080 % ↓ B B2

10.a 10,540 % ↓ B- B3

10.b 18,270 % ↓ CCC+ Caa1

10.C 25,000 % ↓ CCC og lavere Caa2 og lavere

10.D 40,000 % ↓

11 Doubtful

12 Non-performing

Page 25: DNB Group: Oil-related portfolio update · Oil-related portfolio update by Berit L. Henriksen Global head of Energy 1 . DNB Markets’: ... Nominal $/b Real (2015) $/b Q1-15 55 55

25

The statements contained in this presentation may include forward-looking statements such as statements of future

expectations. These statements are based on the management’s current views and assumptions and involve both

known and unknown risks and uncertainties.

Although DNB believes that the expectations reflected in any such forward-looking statements are reasonable, no

assurance can be given that such expectations will prove to have been correct.

Actual results, performance or events may differ materially from those set out or implied in the forward-looking

statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic

conditions, (ii) performance of financial markets, including market volatility and liquidity (iii) the extent of credit

defaults, (iv) interest rate levels, (v) currency exchange rates, (vi) changes in the competitive climate, (vii) changes in

laws and regulations, (viii) changes in the policies of central banks and/ or foreign governments, or supra-national

entities.

DNB assumes no obligation to update any forward-looking statement.

DISCLAIMER

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


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