Viking Supply Ships evades bankruptcy court

Shipping company Viking Supply Ships (VSS) informed on Thursday that Norseman Offshore has withdrawn the petition for bankruptcy against VSS. 

Norseman Offshore, the owner of the anchor handling tug supply (AHTS) vessel Odin Viking which is on a bareboat charter with VSS, had filed the bankruptcy petition with the Maritime and Commercial High Court in Copenhagen on June 9, 2016.

The petition was filed on the basis of unpaid hire in an aggregate amount of approximately $2.5 million. At the time, the shipping company claimed there was no basis for the petition and that it would defend itself against it.

In its statement on Thursday, VSS did not reveal if the debt had been settled thus prompting Norseman to withdraw its petition. To remind, in May 2016, VSS agreed the main principles for a restructuring agreement with the bank lenders.

Execution of a final agreement in the form of a term sheet is pending certain conditions precedent, including that an amended agreement is negotiated and agreed with the bondholders in the senior unsecured bond in Viking Supply Ships and that terms for the bareboat charter of Odin Viking are re-negotiated and amended. The agreement has not yet been signed and deemed effective as these conditions have not yet been resolved.

The company also recently posted its financial results for the first quarter 2016 with revenues amounting to $27.7 million, a drop compared to $34.8 million in the same period of 2015.

The company managed to tighten its net loss for the quarter amounting to $4.1 million, compared to a loss of $4.6 million in the year before quarter.

Offshore Energy Today Staff

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