Island Offshore Halts Debt Amortisation Payments

Posted by Joseph Keefe November 15, 2016

Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing.

Additionally:

Has decided with effect from Nov. 14 to temporarily halt all payments of amortisation to its secured finance providers
Net interest bearing debt stood at 7.02 billion Norwegian crowns ($834.46 million) at end of June 2016, total long term liabilities stood at 8.4 billion crowns and short term liabilities at 431 million crowns, according to Q3 report
Will continue to pay interest on the debt to the finance providers as it falls due
The secured finance providers have been informed of payment halt
Carnegie is retained as financial adviser and Thommessen as legal advisor to assist the group in its process to address the contemplated restructuring of long-term financing
The group has 28 vessels within the segments PSV, AHTS, Well Stimulation (WS), Subsea Construction (SCV) and Light Well Intervention (LWI)
The Island Offshore Group is privately owned and comprises a group of ship owning and management companies