Oceanteam Shipping misses Oct. 24 interest payment on 2012/2017 bonds

By Caroline Salls

Pittsburgh, Oct. 24 – Oceanteam Shipping ASA did not make the cash interest payment due Oct. 24 on its senior callable bond issue 2012/2017, according to a notice released Tuesday by bond trustee Nordic Trustee AS.

Oceanteam has five business days to make the payment under the bond agreement.

According to the release, the company is working to secure the necessary funds and expects the payment, including 12% default interest, to be made within that time period.

Oceanteam consists 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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