Olympic Ship gets more time

Norwegian offshore shipowner Olympic Ship has managed to agree yet another stand-still extension with its lenders, in the wake of its efforts to restructure the company’s debt.

The company had on Tuesday said it had been given a one-day stand-still extension, however in an update on Thursday, Olympic Ship informed that it has now been granted an extended stand-still from the Secured Lenders up to and including December 21, 2016.

According to Olympic, the extension will provide further time to secure a long term solution for the benefit of all stakeholders.

“The liquidity of the Group remains stable for the period to come in anticipation of an amended financing arrangement,” Olympic Ship said.

This is now an ninth extension to the original standstill agreement reached in July 2016.

Since the oil prices fell in mid-2014, all offshore vessel owners, not just Olympic, have found themselves in a tight spot, with revenues falling due to the lack of work and overcapacity,  with debt covenants approaching.

Thus, many have been forced to try and reach a deal with shareholders to revise the debt terms in order to stay afloat, and Olympic Ship is hoping for the same.

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! …

read more >

Offshore Technology Conference (OTC) 2017

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific…

read more >

Middle East Offshore Support Journal Conference

The 4th Annual Middle East OSJ Conference in Dubai brings together leading shipowners, oil and gas majors, shipbuilders, investors…

read more >

Future Conference: Wind & Maritime

The sixth Future Conference: Wind & Maritime – the conference in north-eastern Germany that connects wind wnergy with maritime industry…

read more >

Jobs>

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply