Banks and bondholders are taking over at Norway's struggling Solstad Offshore as a $946m debt deal was agreed in principal.
The world's biggest owner of high-end offshore support vessels (OSVs) said the converted debt will constitute at least 65% to 75% of the equity if a final deal is signed before the end of this month.
The new owners of the company will then look to sell or scrap 37 ships to leave a core fleet of 90 units.
