EuropeOffshore

Siem Offshore set to reach restructuring deal with European creditors

Norwegian OSV operator Siem Offshore has announced that it is in the final stages of negotiations with its European banks and expects to sign a formal term sheet for the restructuring of the group’s credit agreements shortly.

In the meantime, the company has been working with key bondholders to secure agreement for a restructuring proposal, and it has obtained confirmation from key bondholders representing a substantial share of all bonds that they support the restructuring process and will vote in favour of the proposal.

The deal will see existing shareholders represent around 4% of the restructured company, while the converted debt including bondholders will represent approximately 96%. Kristian Siem’s Siem Industries is expected to hold around 30% of the shares.

The company has now agreed with creditors for a total of $268m of debt.

Siem Offshore said it is still in discussions with the Brazilian banks with the aim of securing their participation in the restructuring, but has so far not been able to reach agreement for a long-term solution.

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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