Volstad thrashes out deal with creditors

Norwegian offshore support company Volstad Maritime has managed to thrash out a deal with creditors to ensure its survival. In a release to the Oslo Bors today, the Alesund-based company said it has fixed a fully funded refinancing plan that is supported in principle by its secured bank lenders.

Volstad had a deadline of today to fix the redemption on a bond issue, something it now says it should be able to handle by the middle of next month.

Volstad, founded initially as a fishing enterprise in 1952, made its first offshore foray 30 years later. Today its 9-strong fleet comprises a mix of OCVs, DSVs and seismic exploration vessels.

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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