Olympic Subsea has warned its financial situation is unsustainable and said it is in default after one lender walked out of restructuring talks.
The Oslo-listed company is the latest offshore vessel owner to announce a refinancing in the face of dire spot markets caused by the oil price fall and Covid-19 disruption.
The company, founded by chairman Stig Remoy in 1996 with chief executive Bjorn Inge Kvalsund, said it had started discussions with its creditors to reduce the repayment profile.
