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.
