Horizon Offshore Offers Finance Update

Thursday, January 29, 2004
Horizon Offshore, Inc. said that due to its inability to collect any of its outstanding claims against Pemex or obtain financing on acceptable terms with an institutional lender prior to January 31, 2004 it has reached agreement with the lenders on two of its existing revolving credit facilities to amend its loan agreements. These amendments remove a condition that would have reduced its borrowing capacity under these agreements from an aggregate of $50 million to $20 million on January 31, 2004. As of January 28, 2004, $50 million was outstanding under these revolving credit facilities. Each of these facilities mature on April 3, 2004. Horizon is currently pursuing additional debt and equity sources of financing to replace these facilities prior to their maturity and to reach long-term agreements with the lenders on all of its credit facilities. If Horizon does not obtain long term financing on acceptable terms and does not collect on its Pemex claims prior to April 3, 2004, it will need to obtain another extension from the lenders on the revolving credit facilities mentioned above. Horizon also reported that it and its consultants continue to negotiate with and use their best efforts to collect its outstanding claims against Pemex, but the ultimate amount and timing of payment of its claims is uncertain at this time. The possibility exists that Pemex could pay a portion of the claims and require Horizon to submit the remainder of its claims to arbitration, or, if agreement cannot be reached with Pemex, Horizon may have to submit all of its claims to arbitration. Because of the uncertainty associated with the timing of any payments, the Company is currently evaluating the amount to be reserved for accounting purposes for the Pemex receivable and reflected in its fourth quarter 2003 results.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Asia Tankers-VLCC Rates Expected to Soften

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs)

Boskalis Bags Aberdeen Offshore Windfarm Deal

Royal Boskalis Westminster N.V. (Boskalis) has been appointed the preferred Offshore Balance of Plant contractor by Vattenfall for the construction of Aberdeen Offshore Wind Farm,

Gibdock Overhauls Solstad Cutter Propulsion System

Gibraltar’s Gibdock shipyard has completed an extensive package of work on Solstad Shipping’s Normand Cutter. The 127m long, 10,979grt construction support vessel

Offshore

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0739 sec (14 req/sec)