Olympic Ship, a Norwegian provider of inspection, maintenance, and repair vessels, has reached an extension of the standstill agreement with its secured lenders up to and including November 30, 2016.
The initial agreement, running up to September 30, was reached in July this year, and has later been extended to November 25, 2016.
As part of the standstill agreement, the company will continue to pay interest to the finance providers and the secured lenders have agreed to postpone all amortization and maturities during the standstill period.
The company said its liquidity remains stable for the period to come in anticipation of an amended financing arrangement.
Fearnley Securities and EY serve as financial advisors and Wiersholm as legal advisor to assist the company in its process of securing long-term financing solution of the group.