Oceanteam ASA reaches agreement with majority of bond holders on refinancing of bond loan agreement

Following the announcement of Oceanteam ASA ("Oceanteam" or "Company") on 12 January 2017 having reached an understanding with its bondholders on refinancing its current bond loan agreement, the Norwegian-Dutch offshore service provider with a listing on the Oslo Stock Exchange, today announces it has made the next step forward by reaching an agreement with a qualified majority of its bond holders on the main terms of the bond loan concerned.
This final agreement is the end result of the constructive talks the Company has had with its banks and its bond holders as from the moment it announced its financial restructuring in October 2016.  The agreement encompasses the repayment of the bond in full, the extension of the loan maturity and a major adjustment of interest costs concerned. However, it does not include any equity offering. As announced earlier this year, both the Company and its bondholders have also agreed that the upcoming proceeds from the sale of shares in the Company's vessel North Ocean 105 will go towards repayment of vendors and of secured lenders of Oceanteam.

Oceanteam's board and management say it is a critical milestone towards creating a stronger financial foundation. "The progress and developments made so far including the continued support provided by the Halbesma family as main shareholders, show the commitment and strong belief in the future success of Oceanteam. It will allow the Company to further develop its current market activities, to take advantage of new business opportunities and allow us to build long-term value for the benefit of all Oceanteam's stakeholders and employees."

The next steps forward to complete and effectuate the agreement with bondholders include a bondholder meeting scheduled on 2 May 2017 and a EGM on 9 May 2017.

Also read:

Bondholders' summit

Notice of EGM

Press releases:

Oceanteam ASA reports revenues of US$ 11.2 million in fourth quarter 2016

McDermott to exercise its option to purchase PLV North Ocean 105

Oceanteam ASA reaches understanding with bond holders on refinancing current bond loan agreement