Company update – 22.10.2018

Despite signs of an improved market for offshore service vessels and being in compliance with main financial covenants as per 3rd quarter 2018, it is expected that the coming North Sea winter season will be challenging for the Company’s liquidity position.

It has therefore been decided to commence negotiations with lenders and other stakeholders to improve the overall liquidity situation and to create a robust long-term platform for the Company. 

Initiating these negotiations will have no impact for operations, customers, employees or suppliers. 

The Company has appointed financial and legal advisors.

Skudeneshavn, October 22nd, 2018

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