Oceanteam begins restructuring talks with lenders and soon bondholders

By Marisa Wong

Morgantown, W.Va., Oct. 20 – Oceanteam ASA has initiated talks with its banking group and will immediately do the same with its bondholders to establish a revised capital structure, according to a press release.

The company said it is in the process of developing a restructuring plan to secure a capital cost and structure that will “support the value preservation and financial flexibility while enabling value creation for all stakeholders.”

The company said it is facing serious financial restraints by its current capital cost and structure and said it needs financial flexibility to further advance the business while coping with the market.

The company is in discussions with banks and will be in discussions with bondholders to come up with a solution for long-term growth.

Oceanteam is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions’ provides offshore solutions. The company is based in Bergen, Norway.

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