Siem Offshore has gained more time to finalise its new $1bn financing agreement in the North Sea downturn.
On Monday, the Norwegian offshore vessel owner agreed with its secured lenders in Norway and Europe to extend the current standstill agreement on debt repayments until 29 May.
"The company and the lenders have, conditional on credit committee approvals, reached principal agreement on the terms of a long-term standstill with an aim to agree a comprehensive plan to take the company through the prolonged downturn," the company added.
