Oceanteam Secures Majority Nod to Refinance Its Current Bond Loan

Norwegian-Dutch offshore service provider  said it has reached an agreement with a qualified majority of its bond holders on the main terms of the bond loan concerned.

The agreement encompasses the repayment of the bond in full, the extension of the loan maturity and a major adjustment of interest costs concerned. However, it does not include any equity offering.

As announced earlier this year, both the company and its bondholders have also agreed that the upcoming proceeds from the sale of shares in the company’s vessel North Ocean 105 will go towards repayment of vendors and of secured lenders of Oceanteam.

“The progress and developments made so far including the continued support provided by the Halbesma family as main shareholders, show the commitment and strong belief in the future success of Oceanteam. It will allow the company to further develop its current market activities, to take advantage of new business opportunities and allow us to build long-term value for the benefit of all Oceanteam’s stakeholders and employees,” the Oslo-listed company said on Wednesday.

Oceanteam noted that the next steps forward to complete and effectuate the agreement with bondholders include a bondholder meeting scheduled on 2 May 2017 and a EGM on 9 May 2017.

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 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 31 1 2 3 4 5

BLACK SEA OIL AND GAS

Black Sea region continues to impose as a key area for the future of energy in Europe in reaching the diversification of supply and the energy…

read more >

SUBSEA POWER CABLES

2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >