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.

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