Company Update

In preparation for a prolonged downturn in the offshore supply market, Siem Offshore Inc. (the "Company") has received an approval from the banks for a revised Finance Plan. The bank lenders have agreed that all final bullet payments of all mortgage debt is extended to December 2022. It is agreed 30% deferral of instalments  for the fleet (except for the Canadian vessels, Brazilian vessels and the two Helix vessels ) with a cash sweep mechanism,  and easing of certain debt covenant requirements  from the Company’s banks for the next 4.5 years.
The agreement reached with the banks provide the Company  a stronger financial platform to meet challenges for an extended downturn in the offshore supply market.

Published 02-07-2018 in the Investor category