Viking Supply Ships anticipates swift restructuring

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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