Siem Offshore secures new financing deal

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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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