Oceanteam reaches deal with bondholders

Offshore service provider Oceanteam has sealed a deal with its bondholders as it pushes ahead with restructuring.

The bond agreement includes the repayment of the bond in full, the extension of the loan maturity, use of proceeds of the sale of its 25% share in  North Ocean 105 and a major adjustment of interest costs concerned without offering any equity.

As part of the deal a management consultant will be appointed to review the company’s cost structure.

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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