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.
