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Island Offshore bondholders approve restructuring

Island Offshore’s bondholders have approved the Oslo-listed company’s restructuring plans.

Some 96.34% of the voting bonds represented at a meeting today voted in favour of the scheme.

The approval will allow Island and its subsidiaries to extend its indebtedness and contribute new equity worth up to NOK 100m ($11.64m) from shareholders, and will allow easement of financial convenants and amendments to Island’s newbuilding schedule.

On February 24, Island’s main lenders and an ad hoc group of bondholders approved in principle the terms of the company’s proposed restructuring. The bondholders hold stakes in the company’s NOK 700m senior unsecured open callable bond issue 2013/2016.

Island Offshore is controlled by the Ulstein and Chouest families. The company currently has four PSVs, three LWI vessels and one ROV/construction vessel in layup.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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