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.