Rokke’s refinancing deal costs drag on Solstad Offshore earnings

Costs related to Solstad Offshore’s refinancing effort hit its bottom line in the fourth quarter, the last before its new structure kicks in.

The Norwegian company reported a loss of NOK 46.2m ($4.4m) for the final three months of 2023, as administrative expenses more than doubled to NOK 169m and it took NOK 499m in impairment charges.

It said the growth in administrative expenses was due to one-off increases stemming from payments to advisers to vet the deal from Kjell Inge Rokke-backed Aker Capital, and that it had to write down vessels held for sale.