Siem Offshore looks to restructure debt, mulls cable lay business sale

Siem Offshore looks to restructure debt, mulls cable lay business sale

As the downturn in the offshore vessel market continues, Norwegian OSV operator Siem Offshore is looking for ways to get through its financial difficulties.

Siem Offshore has issued a request to its banks for instalment relief and certain other changes to its bank loan facilities to ensure that the company is able to service its debt obligations through the downturn.

In the meantime, the company will issue notices to bondholders for the consideration of a proposal to exchange 80% of par value of two unsecured bond issues to a convertible bond with five and a half years maturity.

In addition, the company is considering strategic alternatives for its cable lay business Siem Offshore Contractors and is in negotiations with a potential buyer for the business.

 

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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