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Deep Sea Supply makes loan changes

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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