In order to complete the group restructuring, Norway-based shipowner Olympic Ship has once again agreed with its secured lenders to extend the stand-still agreement.
For the purpose of finalising the restructuring process, including in particular final documentation and agreements, the stand-still is extended to January 31.
“While the restructuring is in its final phase and the Company expects the Restructuring to be completed shortly, the Company can offer no guarantees that final approvals, agreements and documentation will be reached or consummated,” the company said.
This stand-still extension follows the one from the end of the last year, and represents the eleventh extension to the original stand-still agreed back in July 2015.
Olympic Ship received the approval for restructuring on December 9, 2016.
Through implementation of the restructuring, a new pure-play subsea structure will be created and NOK 400 million injected in new equity.
Also, a new company Olympic Subsea, currently named Olympic Offshore, will be capitalized with new equity to be provided by existing owners of Olympic and new investors. The newly created company will acquire 11 vessels from the Olympic Offshore, which will become a subsidiary of Olympic Subsea.
Through its current subsidiary, Olympic Shipping, the company provided vessels for several wave and tidal energy projects, including Waves4Power’s wave energy demonstrator in Norway, and Atlantis Resources’ MeyGen tidal energy project off Scotland.
On January 21, the company’s Olympic Ares installed the third tidal turbine at the MeyGen project site.