Company update December 20th
20.12.2018, 02:41:13 pm
Reference is made to the stock exchange communications of Solstad Offshore ASA (“SOFF”) of October 22nd, December 5th and December 19th, 2018. As set out in the aforementioned communication, SOFF has commenced discussions with the SOFF-group’s financial creditors and other stakeholders to improve the overall liquidity situation of the group and to create a robust long-term platform for the company.
‘SOFF is pleased to announce that further to these discussions, certain of the SOFF-group companies (the “Companies”) and their secured financial creditors have today agreed (subject to customary conditions) to suspend and defer payments of principal and interest under the Companies’ loan agreements until June 20th, 2019. The agreement satisfies the conditions for the suspension of the interest payable on SOFF’s bond with ISIN NO 001 0713548 referred to in SOFF’s stock exchange communication of December 19th, 2018. The suspensions take effect immediately.
“We appreciate the continued support to Solstad Offshore ASA. During the period leading up to today’s milestone our employees have maintained focus on daily operations and enabled us to continue to deliver quality service to our clients. This will be our priority also going forward” says CEO Lars Peder Solstad.
The suspensions and deferrals will not apply to the financial debt of Solship 1 Invest AS or Solship 3 Invest AS, and their respective silo-subsidiaries. The scope of the suspensions and deferrals may be widened at a later stage.
The SOFF-group will in the months to come continue the constructive dialogue with its financial creditors and provide further updates in due course. The SOFF-group otherwise continues its operations in its ordinary course.
Skudeneshavn, December 20th, 2018
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18