Norway’s DOF and DOF Subsea have each entered into suspension agreement with secured lenders to further defer the company’s loan payment.
The lenders represents 91% and 88% of DOF and DOF Subsea’s secured debt respectively.
The companies signed a similar agreement with lenders last month. The latest agreement will suspend the companies’ payment to lenders until September 30.
“The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the group’s bond loans regarding a long-term financial restructuring of the group,” DOF said in a release.