Norway's Boa Offshore is restructuring its loans and bonds in a bid to put its business back on an even keel and stop staff leaving.
The owner of 20 offshore support vessels, dredgers and tugs underwent a financial reorganisation in 2017, but now has to revisit this agreement.
Boa said: "In general, and in particular for the OSVs, the recession seems substantially longer and deeper than anticipated back in 2017."
