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The crippled platform company Fred. Olsen Energy fell 20% on Oslo Børs Wednesday morning, before the stock price picks up somewhat during the day. The price finished 12 percent and ended at 5.98 crowns. The case so far this year is about 70%.
The company announces that it will no longer pay interest and repayment on the debt.
The rigging company closes the crane to keep the money and will not cover the obligations it has towards its financial creditors.
– We Experiment Communication is good and constructive, and negotiations are still ongoing, says Ivar Brandvold, Fred's CEO. Olsen Energy
He says the company will not pay any repayments or interest until a long-term solution is in place.
– We are in negotiations and they continue as long as they unfold, "says Brandvold
Fred. The boss of Olsen Energy does not want to start closer negotiations with the lenders, or if the company gave the creditors a proposal – or a deadline.
Milliardgjeld
The oil smelter and the cuts in the oil company's 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 earned enough money compared to the loan.
This relief was granted until June 30, but was not extended by the lenders. on the market "
Fred. Olsen Energy has made it clear that a refinancing solution would mean that lenders would provide a bit of debt reduction, as well as better bank and bond loan terms, but also by increasing share capital.
The main shareholder of the company is Bonheur, controlled by Fred. Olsen and his family. Happiness is also the majority owner of DN's owner, DNST Media Group
– We are excited about the idea of a new solution for claiming new equity, "says Brandvold
., And that the company receives more bid solicitations.
– In our case, we respond, and market development is expected in 2019.
Firefight shows that they just mobilize the platform "Blackford Dolphin", which is on behalf of BP on the British shelf
– By the way, we can not comment on future contracts, which we will comment when we have something to report , he says. (Terms)
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