Key stakeholders in Olympic Ship have come out in support of a new restructuring plan, which will allow the Norwegian OSV firm to carry on operations.
Olympic said new investors, secured lenders, shareholders, and yard creditors have all entered into agreements committing them to support the restructuring.
The company has in addition received voting undertakings and support from bondholders in favour of the restructuring.
The restructuring will create what Olympic described as “a financial runway” for the group through 2020, even in a low case scenario with limited or no utilisation for the vessels without long term contracts.
Through implementation of the restructuring, a new pure-play subsea structure will be created and NOK400m injected in new equity. A new company, Olympic Subsea, currently named Olympic Offshore will be capitalised.