Norwegian-Dutch offshore service provider Oceanteam said it is in the process of developing a restructuring plan in order to support the value preservation and financial flexibility while also enabling value creation for its stakeholders.

Oceanteam has started talks with its stakeholders to shape its financial restructuring process and improve the financial flexibility in today’s challenging market situation.

“The company is facing serious financial restraints by its current capital cost and structure, which is restricting its ability to develop in the interest of its stakeholders. This has taken the effect of immediate cash liquidity constraint for various reasons - some of temporary and some of permanent character,” Oceanteam said in a press release.

The company has initiated dialogue with its banking group and said it will immediately do the same with its bondholders with the aim of establishing a revised capital structure and cost of capital supporting the long term growth of Oceanteam.

Oceanteam added it is currently reviewing all alternatives available given the current market conditions and will detail this initiative in near future.