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– We are very pleased that we have reached an agreement with the lenders and for their continued support of the group Solstad Farstad, "says Lars Peder Solstad, CEO of Solstad Farstad.
After lengthy negotiations and countless deferrals of interest payments and down payments, he finally reached an agreement with the creditors of Solship Invest 3 AS, a subsidiary of a financial restructuring of the company.
According to an announcement on Friday
Liquidity Issues
Solship Invest 3 AS ships that came from the offshore oil company Deep Sea Supply, dominated by John Fredriksen, as part of the merger the year last, where it was merged with Solstad Offshore and Farstad Shipping. Rem Offshore became a part of Solstad Offshore in 2016.
It was already known last year that a subsidiary of the newly merged offshore giant was having financial difficulties. In the quarterly quarterly report, it was announced that the liquidity of this company had evolved more negatively than expected.
Since then, discussions are under way to find a solution to the capital structure of the company and since late March the deferral of interest and installment payments while the parties have attempted to find a lasting solution, that they have now completed
Runway by 2020
Financial restructuring includes interest exposures, deductions and "naked" payments $ 489 million crowns, or 393 million Norwegian kroner, until 31 December 2019.
Most loan conditions also expire during this period.
As part of the restructuring, Sterna Finance is providing a loan of $ 27 million. rising to NOK 220 million, to be used for general corporate purposes.
A quick search on google shows that Sterna Finance is affiliated to Fredriksen Geveran Trading
If the restructuring meets certain conditions and is set aside, Solship Invest 3 AS will have sufficient leeway to respond to market conditions. "
– The market is still difficult, but it According to Solstad, signs of improvement should be further strengthened, says Solstad.
Third largest
Kjell Inge Røkke is the largest owner of Solstad Farstad with over 20% shares of Aker Capital
Ocean Yield, also controlled by Røkke, holds just over three percent
John Fredriksen is the second-largest owner with a stake of 17 % in Hemen Holding.
Following the merger between Tidewater and Gulfmark Offshore According to the valuation agency Vesselsvalue, Solstad Farstad is the third largest offshore company in the world.
L & # 39 Agency evaluates the company's 100 vessels to 930 million.
See also: Creates a new foreigngigant
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