Extension of suspension and deferral agreements

20.06.2019 03:49:39 pm

As set out in the stock exchange communications of Solstad Offshore ASA ("SOFF") of December 19th and 20th, 2018 and April 12th, 2019, a number of the companies in the SOFF group have entered into agreements with a number of their key creditors for the suspension and deferral of payments under the companies' financing agreements until June 20th, 2019 (the "Suspension").

Albeit the negotiations for the restructuring of the SOFF group are progressing, more time is required to find a sustainable solution to the financial situation of the SOFF group. 

SOFF is experiencing continued support from its creditors and stakeholders in this process which is conducted in a co-operative manner with a view to find a consensus based overall solution. It is acknowledged by all involved parties that securing contracts and operating the business in its ordinary course is a key priority, and the parties are acting accordingly. 

SOFF is therefore pleased to announce that all the secured creditors being part to the Suspension have agreed to an extension of the Suspension until the expiry of October 31st, 2019. As per the resolution of the meeting of the bondholders of SOFF's bond issue with ISIN NO 001 0713548 on December 19th, 2019, such extension is also included in the suspension of payments under such bond issue. Alongside the agreed Suspension extension, Solstad Invest 3 AS upholds its unilateral suspension of debt servicing towards its one creditor that did not agree to the initial Suspension.

The SOFF group continues to operate in its ordinary course as it has done for the past six months during the Suspension.

Skudeneshavn, June 20th, 2019

Contact persons
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad Offshore ASA
www.solstad.com 

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section § 5-12