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Local investors willing to keep Olympic torch burning

Troubled Norwegian offshore line Olympic Shipping has revealed a consortium of local investors are willing to invest into the restructuring company.

The consortium is willing to invest approximately NOK500m ($60.73m), out of which approximately NOK400m is new liquidity.

The investment is contingent on a restructuring of the group, which needs to be agreed with the finance providers, Olympic said in a statement to the local Oslo Bors.

Companies controlled by the main shareholder of the company, Stig Remøy, are among the investors in the consortium, while the remaining parties in the consortium are investors with direct or indirect connections to the maritime cluster in Sunnmøre, Norway.

“I am happy with the fact that we after a comprehensive process have succeeded in establishing a local consortium that believe in Olympic and the fleet of Olympic. It is very positive that the maritime cluster in Sunnmøre again proves its ability to find local solutions,” said Remøy, who is the ceo of the company, whose fleet today boasts 23 OSVs.

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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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