Norwegian shipowner Kristian Siem will have his stake cut in Siem Offshore as part of its latest restructuring move.
The company offered to buy back bonds in its NOK 600m SIOFF01 series, after holders rejected amendments to the five-year issue due this year.
It said it would exchange any tendered bonds for notes in its NOK 700m SIOFF02 tranche, due in 2019.
