Olympic to Get $61 Mln Boost

Olympic Shipping, a Norwegian provider of subsea and offshore construction vessels, said that a consortium of local investors is willing to invest into the business of the restructured Olympic group of companies.

According to the Oslo-listed company, the consortium would invest approximately NOK 500 million ($61.3 million), out of which approximately NOK 400 million is new liquidity.

The investment is contingent on a restructuring of the Group, which needs to be agreed with the finance providers.

In that respect, Olympic informed yesterday it has managed to extend the standstill agreement with its secured lenders up to and including October 21, 2016.

Companies controlled by the main shareholder of the company, Stig Remøy, are among the investors in the consortium, while the remaining parties in the consortium are investors with direct or indirect connection to the maritime cluster in Sunnmøre, Norway, Olympic said in its Oslo filing.

“I am happy with the fact that we after a comprehensive process have succeeded in establishing a local consortium that believe in Olympic and the fleet of Olympic. It is very positive that the maritime cluster in Sunnmøre again proves its ability to find local solutions,” said Olympic CEO Stig Remøy.

To Remind, earlier this month, Olympic was forced to let go as many as 60 of its workers, mostly in the offshore fleet.

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