Island Offshore Shipholding has outlined today how it intends to go about restructuring its balance sheet.
Citing the “general deterioration in the offshore service market” Island Offshore has initiated discussions with its finance providers and has temporarily halted all payments of amortisation to its secured finance providers. The company will, however, continue paying interest on the debt to the finance providers as it falls due.
Island Offshore is controlled by the Ulstein and Chouest families and is one of many Norwegian OSV operators in deep financial trouble at the moment.
