As the North Sea offshore vessel sector struggles with its latest downturn, major player Solstad Offshore has signed a refinancing deal that will see its banks take over in a NOK 10.9bn ($1.07bn) debt-for-equity swap.
The offshore vessel owner said all of its creditors had now agreed to the plan, except for three financiers involved with its Solship Invest 3 and Farstad Shipping units.
