Siem Offshore has moved closer to sealing a $1bn debt freeze, but must still work on convincing overseas lenders and its bondholders to sign up.
The Norwegian offshore support vessel (OSV) owner, backed by investor Kristian Siem, said secured lenders in Europe and Norway have agreed a standstill until 30 April 2021.
The deal includes a 100% deferral of principal and interest payments, and a waiver of financial covenants, including loan-to-value provisions.
