Norwegian vessels owner and operator Solstad Offshore said it has secured extension with a number of its key creditors for the suspension and deferral of payments.
In December 2018 and April 2019, a number of the companies in the SOFF group entered into agreements for the suspension and deferral of payments until June 20, 2019.
According to Solstad, the company creditors have now agreed to an extension of the suspension until the expiry of October 31, 2019.
Albeit the negotiations for the restructuring of the SOFF group are progressing, more time is required to find a sustainable solution to the financial situation of the SOFF group, the company noted.
SOFF said it is experiencing continued support from its creditors and stakeholders in this process which is conducted in a co-operative manner with a view to find a consensus based overall solution.
It is acknowledged by all involved parties that securing contracts and operating the business in its ordinary course is a key priority, and the parties are acting accordingly.
Alongside the agreed Suspension extension, Solstad Invest 3 AS upholds its unilateral suspension of debt servicing towards its one creditor that did not agree to the initial Suspension.