Olympic Ship gets more time

Norwegian offshore shipowner Olympic Ship has managed to agree yet another stand-still extension with its lenders, in the wake of its efforts to restructure the company’s debt.

The company had on Tuesday said it had been given a one-day stand-still extension, however in an update on Thursday, Olympic Ship informed that it has now been granted an extended stand-still from the Secured Lenders up to and including December 21, 2016.

According to Olympic, the extension will provide further time to secure a long term solution for the benefit of all stakeholders.

“The liquidity of the Group remains stable for the period to come in anticipation of an amended financing arrangement,” Olympic Ship said.

This is now an ninth extension to the original standstill agreement reached in July 2016.

Since the oil prices fell in mid-2014, all offshore vessel owners, not just Olympic, have found themselves in a tight spot, with revenues falling due to the lack of work and overcapacity,  with debt covenants approaching.

Thus, many have been forced to try and reach a deal with shareholders to revise the debt terms in order to stay afloat, and Olympic Ship is hoping for the same.