Siem Offshore close to sealing restructuring plan

Norwegian offshore vessel operator Siem Offshore has announced that it has made good progress in its restructuring discussions with both secured lenders in Europe and leading bondholders.

The restructuring plan involves conversion of debt to equity and a reduction of future scheduled interest and amortisation payments. 

The company expects the restructuring plan to be approved in January 2021, although the plan depends on participation by the company’s Brazilian banks, including BNDES and Banco do Brasil, with several alternative solutions presented. The solutions would ensure continued performance of the existing contracts in Brazil and support the credits provided by the banks.

Siem Offshore’s fleet currently consists of five PSVs, 10 AHTS vessels, 6 OSCVs, 3 well intervention vessels and one research vessel.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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