Olympic secures standstill agreement

Norwegian OSV firm Olympic Shipping has entered into a standstill agreement with its secured lenders through to September 16.

As part of the standstill agreement, the company will continue to pay interest to the finance providers and the secured lenders have agreed to postpone all amortisation and maturities during the standstill period.

“The liquidity of the company remains stable for the period to come in anticipation of an amended financing arrangement,” Olympic said in a release today.

Another name in the Norwegian OSV sector, Farstad Shipping, also announced a standstill agreement yesterday.

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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