The offshore service provider Oceanteam missed interest payments on senior unsecured bonds and entered into negotiations with the banks and largest bondholders for restructuring of the debt. The company is currently planning the capital restructuring and business optimization, against several contract cancellations, reduced rates and the overall crisis in the sector, which lead to drop in number of service orders during the last year. The offshore service provider aims to achieve flexible and reliable capital structure, reducing costs and optimizing the business model, reaching a long term growth.
“The deferral of the company’s interest payments is the immediate result of our short term cash position that has been depleted by reduced rates and costs related to the recent extensions of vessel contracts of CSV Bourbon Oceanteam 101 and CSV Southern Ocean and SPS for CSV Bourbon Oceanteam 101”, said the CFO of Oceanteam, Wilhelm Bohn. “Due to these events we are enduring unexpected delays in the first payments on charter hires on the above mentioned contracts and are not in a position to meet the interest payment obligations that are due on 24 October 2016 according to bond agreement”, added he.
Oceanteam provides support to offshore contractors all over the world through its fleet of large and advanced offshore vessels, and its expertise in (rental) marine equipment, cable logistics and design engineering. Oceanteam Shipping exclusively owns, charters and manages three deepwater offshore support vessels and four fast support vessels.