Oceanteam 2012/2017 bondholders adopt amendments to bond agreement

By Caroline Salls

Pittsburgh, June 21 – A request by Oceanteam ASA, formerly Oceanteam Shipping ASA, to amend its bond agreement via written resolution was approved by a requisite majority of the holders of its senior callable bond issue 2012/2017, according to a notice from bond trustee Nordic Trustee ASA.

Under the amendments, the book equity ratio will be amended to a minimum of 28.5% from a minimum of 35% from April 1 to July 1 and increase by 1% on each day falling one day after each quarter date.

The market-adjusted equity ratio will be amended to a minimum of 20% from a minimum of 25% from April 1 to July 1 and increase by 1% on each day falling one day after each quarter date.

In addition, the gearing ratio will be amended to a maximum of 7.5 times from Oct. 1 to Dec. 31, 2017, 6.5 times from Jan. 1, 2018 until March 31, 2018, 5.5 times from April 1, 2018 until June 30, 2018 and 5 times from July 1, 2018 to the final maturity date.

The gearing ratio is currently at a maximum level of 5 times.

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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