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The crippled platform company Fred. Olsen Energy released figures for the second quarter of the year
The report shows a negative operating profit of $ 202 million, or NOK 1.6 billion over the period. It is down a loss of $ 104 million or 834 million NOK in the second quarter of last year.
The company records values associated with the Belford Dolphin platform for $ 97 million during the quarter, which corresponds to 778 million Norwegian kroner. The total income was $ 17 million
Børsras
Peace. Olsen Energy is down 71% at a price of NOK 6.29 on Oslo Børs so far this year. The company announced last week that it would no longer pay interest and repay its debt
The rigging company closes the crane to keep the money and will not meet its obligations to its financial creditors . The operation continues as usual and the suppliers are paid as usual
At the same time, the company is fighting to refinance the various creditors.
Milliardgjeld
The foundry and cuts in oil investments hit Fred. Olsen Energy, which lives by drilling wells for exploration and production, is hard. The drilling company, with five rigs and two rigs, has a total debt of $ 118 million, or about $ 1 billion next January.
Last year, the company got concessions. the interest-bearing debt, totaling $ 450 million, could exceed 4.5 times gross operating income (EBITDA). This was a requirement in the loan agreement, so bondholders would be sure that the company was earning enough money in relation to the loan.
This relief was granted until June 30, but was not extended by the lenders.
Olsen Energy has made it clear that a refinancing solution would mean that lenders would provide some debt, as well as better bank and bond loan terms, but also because shareholders would inject more capital.
– We are committed to The new solution will require new equity, CEO Ivar Brandvold told DN last week.
(The principal shareholder of Fred Olsen Energy is Happiness, controlled by Fred Olsen and his family, the owner of the DNST Media Group of DN.) (Terms)
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