Fred. Olsen Energys acquires its drilling equipment

Fred, the company of crippled platforms. Olsen Energy announced Tuesday night that a potential buyer of "Bolette Dolphin", the only modern platform in the company's fleet, had retired. According to the report, the price of oil and shares fell sharply, as did uncertainty about the restructuring and sales process of the drilling company.

Fred. Olsen Energy writes therefore that the rescue proposal submitted on November 22 this year is not viable. The company then announced that it was negotiating a binding deal for the sale of "Bolette Dolphin" to a buyer named for $ 340 million.

New options

The sale of "Bolette Dolphin" is a key part of the company's bailout package and will give money, especially to mortgaged lenders. In the message, he must now consider other alternatives in the diagnosis with the key players in society.

If Fred. Olsen Energy does not propose a solution, it must seek bankruptcy, decided the company last week.

An oil spill, light oil leaks and a rigging in circulation plunged the Norwegian platform company into its greatest crisis ever, and the company has struggled for months with the various creditors and owners for save society.

Fred. Olsen Energy has long struggled to find a solution and presented a solution proposal a few weeks ago in Oslo Børs. The solution has neither received nor received sufficient support from all creditors.

Bort-shaven

The sale of the modern platform and a solution that attracts more than one billion crowns in new capital and several hundred million crowns in loans are at the heart of the company's project. The solution will mean that current shareholder values ​​will be almost completely eliminated and lenders who have no collateral will also have a sharp discount to their values. Mortgage lenders want to make the most of their values.

With this proposal, the owners today, Fred. Olsen and the Bonheur family investment company are the largest companies, with 1% of the shares of the refinanced company. According to the report, the company itself sent a few weeks ago about $ 1.5 million, or NOK 12.6 million.

The owners of unsecured corporate bonds, that is, those who have no collateral for their claims, will return as per the proposal with a value of approximately $ 15 million. , in the form of a stake of about ten percent of the shares of the company.

No mortgage

The company currently has two loans: a bank loan of 12.2 billion Swedish crowns and an unsecured bond loan of 1.1 billion Norwegian kroner. The fact that a bond is not guaranteed means that the owners of the loan have no collateral for their debts.

The owner and the investor Fred. Olsen and his family are the main shareholder of Happiness in Fred. Olsen Energy with more than half of the shares outstanding.

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