World Wide Supply contracts terminated; bondholder talks initiated

By Caroline Salls

Pittsburgh, Sept. 21 – World Wide Supply AS received notice of early termination of the current Petrobras contracts for the “World Opal” and “World Peridot” charter vessels, according to a notice released Monday.

The company said that the charterer does not feel it is obligated to pay the $3 million accrued via hire through a “blocking-period.”

A dialog has been initiated with bond trustee Nordic Trustee ASA and an informal committee of World Wide Supply’s senior secured callable bond issue 2013/2017.

As previously reported, World Wide Supply said on Sept. 11 that its available liquidity as of Aug. 31 fell to $5.6 million, below the requirement of $7.5 million as a result of the blocking of two of four vessels on contract with Petrobras and the lack of payment from Petrobras.

World Wide Supply, based in Ulsteinvik, Norway, is an offshore service vessel company providing high quality offshore shipping services for the global petroleum industry.

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