Viking Supply Ships Completes Restructuring

Maritime Activity Reports, Inc.

February 2, 2018

Odin Viking. Photo: Viking Supply Ships AB

Odin Viking. Photo: Viking Supply Ships AB

 Swedish OSV owner Viking Supply Ships (VSS) has signed a final agreement to complete the restructuring of its finances as credit committees of all its senior lenders have approved the completed programme.

According to the agreed and approved restructuring, VSS loan facilities will carry significant less cash interest and instalments until maturity on 31 March 2020. Limited cash interest and instalments will be paid until Q4 2018.
Financial covenants on the loan facilities are amended to provide Viking Supply Ships A/S with ample room to operate under the present challenging market conditions.
Cash at hand exceeding a certain level will through a cash sweep mechanism be distributed as repayment of the bank facilities.
The bareboat charter in respect of the vessel Odin Viking will be amended to reflect that the charter hire of USD 10,000 per day will not be payable in cash, but added to the principal amount outstanding under the charter party as payment in kind.
Further VSS will have the right to exercise the previously agreed purchase option in respect of Odin Viking before the end of the charter party. If the option is exercised, the bareboat charter will be terminated against a termination compensation equal to the accumulated and remaining charter hire and VSS will replace Odin Viking SPV AS as borrower under the Odin Viking SPV AS facility with DVB Bank SE.
VSS has received new capital in the amount of MUSD 15.0 through a rights issue in Viking Supply 
Maritime Reporter Magazine Cover Apr 2019 - Navies of the World

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News