The invention relates to a polyurethane dispersant resin having a polyurethane backbone having pendant hydrophilic polyalkylene oxide based side groups, the pendant side groups being linked to the polyurethane backbone via covalent bonds, and wherein the content of polyalkylene oxide in the polyurethane dispersant resin is at least 45% by weight, characterized in that the polyurethane additionally has pendant hydrophobic side groups which are linked to the polyurethane backbone via covalent bonds.