Solstad Offshore secures payment suspension with lenders

Solstad Offshore secures payment suspension with lenders

Solstad Offshore has secured from lenders a suspension and deferment of the payment of both principal and interest on the company’s loans until June 20, 2019.

The suspensions take effect immediately, and means that bondholders will also accept the suspension and deferment of interest payments for the same amount of time as agreed earlier this week.

Solstad decided to commence discussions with lenders to restructure its finances in October, and took the step to seek a payment suspension to allow it time to finalise negotiations on its long-term financial position.

Lars Peder Solstad, CEO of Solstad Offshore, commented: “We appreciate the continued support to Solstad Offshore ASA. During the period leading up to today’s milestone our employees have maintained focus on daily operations and enabled us to continue to deliver quality service to our clients. This will be our priority also going forward.”

Additionally, Solstad has entered into a six-month standstill period with compatriot owner Ocean Yield for the interest, instalments and charter hire of AHTS pair Far Senator and Far Statesman.

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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