In International Shipping News 17/10/2016
Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, out of which approximately 400 million is new liquidity.
* The investment is contingent on a restructuring of the group, which must be agreed with lenders.
* The current shareholders will be invited to participate in the share issue on equal terms.
* Companies controlled by the main shareholder of the company, Stig Remoey, are among the investors in the consortium, while the remaining parties in the consortium are investors with direct or indirect connection to the maritime cluster in Norway’s Sunnmoere region
* The shipping firm has a fleet of 23 oil services vessels.
* Interest-bearing debt related to the long-term financing of the fleet amounts to 4.9 billion Norwegian crowns at the end of second quarter.
* In addition, Olympic Ship As has net bond obligations amounting to 690 million crowns.
Short-term debt, excluding current liability of long-term debt and bonds, amounted to 237 million crowns.
* Norway’s oil services industry is undergoing a comprehensive financial restructuring after big cuts in spending among oil companies since late 2014.
* The spending cuts were triggered by the collapse in the oil price.
Source: Reuters (Reporting By Ole Petter Skonnord, editing by Terje Solsvik)
