Norseman Offshore files bankruptcy petition against Viking Supply Ships

Norseman Offshore has taken struggling Viking Supply Ships to court in Copenhagen. Norseman is the owner of the vessel Odin Viking which is on a bareboat charter with Sweden’s Viking.

A petition for bankruptcy has been made on the basis of $2.5m unpaid hire.

Viking said in a release it sees “no basis for the petition and will vigorously defend itself against it”.

Viking has been in discussions with its lenders during the past months. On May 2 it entered into an in principle agreement with its lenders.

“The dialogue is still not completed, but Viking Supply Ships is confident that a restructuring will be completed within the foreseeable future,” it said in a release on June 1.

“The deteriorated market conditions within the global oil and gas market have continued to negatively impact the earnings and financial position of the group. The group’s liquidity position is strained and in the current market, the group is unable to fulfil existing covenant undertakings in its loan agreements,” the company warned.

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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