Olympic Ship has extended its standstill agreement with its secured lenders by a further two weeks.
The Oslo-listed operator of offshore support vessels entered into the original agreement on July 5, which was due to terminate on September 16. With the extension, the standstill will end on September 30.
Olympic said it will continue to pay interest to its finance providers during the period, and its secured lenders have agreed to postpone all amortisation and maturities until the period is up.
“In anticipation of the successful outcome of the discussions with the secured lenders and bondholders, the group will continue to operate normally in all respects, upholding the highest level of service to all its customers and continue to pay all its trade creditors,” Olympic said in a filing today.
The group said its liquidity “remains stable for the period to come in anticipation of an amended financing arrangement.”