Norwegian OSV operator Siem Offshore has entered into an agreement with the group’s secured lenders to provide time to secure a long-term financing solution for the company
The company has been in discussions with its banks to alleviate its financial pressure as the extreme fluctuations in the financial markets recently have resulted in a further deterioration in the company’s liquidity situation.
The terms of the agreement includes deferral and suspension of principal and interest and a waiver of financial covenants until May 15.
