Island Offshore halts amortisation payments

Island Offshore halts amortisation payments

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.

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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