Viking Supply Ships reaches agreement with banks, lacks final approval

Offshore vessel provider Viking Supply Ships (VSS) has finalized the in-principle agreement with the banks regarding the company’s revised long-term financial platform. 

However, the company said, the agreement remains subject to final credit committee approval.

The company also said it will continue its negotiations with its investors and remaining financial creditors with an aim to reach a final agreement with them as well.

In accordance with the principle agreements with the banks, the company will not fully pay interest, amortizations or other commitments to neither its financial creditors nor under the Odin Viking bareboat charter contract, other than where an agreement for a long-term financial platform has been reached.

As a consequence of this, the company has received a notice of default from Nordic Trustee (on behalf of the bondholders). The company has for some time been engaged in a dialogue with a few core bondholders and their advisor.

VSS stated that, if an acceptable solution is not reached with all relevant financial creditors, Viking Supply Ships will consider all structural and strategic alternatives.

Recently, Norseman Offshore, the owner of the anchor handling tug supply (AHTS) vessel Odin Viking which is on a bareboat charter with VSS, filed an application for bankruptcy against VSS with the Maritime and Commercial High Court in Copenhagen only to withdraw it several days later. The petition was made on the basis of unpaid hire in an aggregate amount of approximately $2.5 million.

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
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

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply