Sea Production bondholders agree to extend maturity date to Oct. 13

By Caroline Salls

Pittsburgh, Sept. 13 – Holders of Sea Production Ltd.’s senior secured callable bond issue 2007/2012 approved a request to extend the maturity date of the bonds to Oct. 13 from Sept. 14, according to a notice released Wednesday by bond trustee Nordic Trustee AS.

The bondholders also waived any event of default related to the failure to repay the bonds on the current maturity date.

According to the notice, holders of 100% of the bonds agreed to extend the maturity date and waive the default.

The trustee said, given the current difficult trading environment in the offshore sector, the company believes it is important to keep its FPSO Front Puffin on-hire and in operation in order to facilitate the repayment and/or refinancing of the bonds.

Nordic Trustee said keeping the Front Puffin online will allow for a more certain review of Sea Production’s financial position and a determination of an appropriate medium- to long-term solution for the bonds.

Sea Production makes floating production storage and offloading units and floating storage and offloading units. The company is based in Oslo.

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