Solstad Offshore moves to restructure finances

Solstad Offshore moves to restructure finances

Solstad Offshore, formed as Solstad Farstad last year by the merger of Farstad Shipping, Solstad Offshore and Deep Sea Supply, has initiated discussions wth lenders and stakeholders as it looks to restructure its finances.

“Despite signs of an improved market for offshore service vessels and being in compliance with main financial covenants as per 3rd quarter 2018, it is expected that the coming North Sea winter season will be challenging for the Company’s liquidity position,” the company said in a statement on Olso Bors.

Solstad said negotiations were aimed at improving its overall liquidity situation and creating a robust long-term platform for the company.

In a letter to clients (see below), CEO Lars Peder Solstad said that negotiations will take some time to conclude due to the complex financial structure of the company, however operations will continue as normal and will not have an impact on customers, employees or suppliers.

 

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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