Viking Supply Ships said today it sees its restructuring being completed “within the foreseeable future”. The Swedish company has been in discussions with its lenders during the past months. On May 2 it entered into an in principle agreement with its lenders.
“The dialogue is still not completed, but Viking Supply Ships is confident that a restructuring will be completed within the foreseeable future,” it said in a release today.
“The deteriorated market conditions within the global oil and gas market have continued to negatively impact the earnings and financial position of the group. The group’s liquidity position is strained and in the current market, the group is unable to fulfil existing covenant undertakings in its loan agreements,” the company warned.