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Sunday, May 27, 2018

Olympic Shipping to Get Finance

Maritime Activity Reports, Inc.

October 17, 2016

Photo: Olympic Shipping

Photo: Olympic Shipping

 The struggling 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, reports Reuters.

Olympic Shipping is one of the shipping companies that are struggling vigorously. Since summer, Olympic Shipping lived on creditors' grace under a so-called "standstill agreement". This means that the company has released to pay installments on their loans, anticipating that one tries to find a financial solution for the company.
 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. Recently, Rem Offshore, Stig Remøy brother Åges shipping company, merged with Solstad Offshore.
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