Oslo-listed Siem Offshore is closing in on a long-term financial restructuring that will almost wipe out existing shareholders.
European lenders will own 96% of the offshore support vessel company through a debt swap.
Largest shareholder Kristian Siem's Siem Industries will see its stake cut from 83% to 30%, as it converts some bond debt into stock.
The company has been working on a "consensual" financial restructuring since the first quarter of last year in dire OSV markets.
