EuropeFinance and InsuranceOffshore

Siem Offshore secures new financing deal

Norwegian OSV operator Siem Offshore has received approval from its banks for a revised finance plan, which it says is in preparation for a prolonged downturn in the offshore supply market.

Bank lenders have agreed to extend all final bullet payments of all mortgage debt to December 2022. Additionally, a 30% deferral of installments for the fleet was agreed for most of Siem’s vessels with a cash sweep mechanism and easing of certain debt covenant requirements for the next 4.5 years.

“The agreement reached with the banks provide the Company a stronger financial platform to meet challenges for an extended downturn in the offshore supply market,” Siem Offshore said in a release.

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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