Norway's high-yield debt market and the Oslo Stock Exchange have been important sources of funding for both shipping and offshore services, but as both suffer a prolonged downturn, their doors have closed. Figures from the Oslo bourse showed that in the first three months of 2016, no bond issues were contracted by shipping and offshore companies. At the start of 2015 just one issue raised N0K1.15 billion (USD114 million). In the first ^hree months of 2014, offshore service companies raised an aggregate NOK1.92 billion in debt. However, from late March to mid-May 2015, five shipping companies together raised NOK5.64 billion. Such levels seem unlikely this year.
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