Offshore Sector Roundup: Banks Tighten Grip on Havila Shipping as ADNOC Drilling Lands $315m Kuwait Contracts

## Offshore Sector Roundup: Debt Pressure and Contract Wins Define the Week The offshore energy services sector was in focus this week, with contrasting fortunes on display as a Norwegian vessel owner battles creditors while a Gulf-based drilling contractor books significant new business. ### Banks Escalate Action Against Havila Shipping Norwegian offshore vessel owner Havila Shipping is facing intensified legal pressure from three major Scandinavian lenders in connection with a long-running debt restructuring dispute, according to Splash247. DNB, Swedbank, and Danske Bank have submitted a new request for attachment orders, seeking to establish security liens over the company's assets in relation to approximately $78m in disputed debt. The move marks a significant escalation in what has been a protracted financial standoff between Havila and its banking syndicate. The development underscores the ongoing financial fragility that continues to affect segments of the offshore support vessel (OSV) market, even as day rates and utilisation levels have broadly recovered from the prolonged downturn of the mid-2010s. For Havila, the renewed enforcement action raises fresh questions about the company's near-term operational and financial stability, and will be closely watched by others in the Norwegian OSV sector navigating legacy debt structures. ### ADNOC Drilling Wins $315m Kuwait Offshore Rig Awards In more positive news for the offshore drilling segment, Abu Dhabi-listed ADNOC Drilling has been selected for two offshore drilling rig contracts in Kuwait with a combined maximum value of KWD96.55m, equivalent to approximately $315m, Splash247 reports. Kuwait Oil Company (KOC) awarded both contracts to ADNOC Drilling after the company submitted the lowest compliant bids while meeting the required technical specifications. The dual award represents a meaningful expansion of ADNOC Drilling's operational footprint beyond the UAE, reinforcing the company's stated ambition to grow its international business. The contracts reflect continued upstream investment by Gulf state oil producers as they seek to sustain and grow production capacity. For ADNOC Drilling, securing work with KOC — one of the region's most significant upstream operators — adds both revenue visibility and strategic credibility as the company competes for international mandates. ### Broader Context Taken together, this week's offshore news illustrates the uneven nature of the sector's recovery. While drilling contractors with strong balance sheets and competitive cost structures are well-positioned to capture growing upstream spending across the Middle East, some OSV operators continue to grapple with debt overhangs accumulated during leaner years. Industry observers will be monitoring the Havila situation closely as a barometer of residual financial stress in the European offshore support vessel market.