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.