Deep Sea Supply has made amendments to its loan facilities and an agreement with DPC Serviços de Óleo e Gás (DPC) relating to a roll-up of DPC’s 50% stake in the joint venture DESS BTG currently owned 50/50 between DPC and the company.
“The refinancing will preserve the company’s liquidity position and better position the company through the current market downturn,” Deep Sea Supply said in a release.
Through a roll-up of DPC’s stake in the DESS BTG joint venture, Deep Sea Supply exchanges the remaining 50% ownership in the joint venture’s fleet of 21 OSVs at what it described as “favourable terms”, for limited cash proceeds and dilution through the issuance of DESS common shares and warrants to DPC.
