Viking Supply Ships said it has reached a restructuring deal with a bondholders committee that will see them swap bonds for equity and cash.
In so doing, the Christian Sveaas-backed offshore vessel owner says it will reduce its total interest-bearing debt in by approximately $50m and can stay afloat until 2020.
The agreement comes as offshore vessel owners are anticipating a multi-year recovery in oil prices before deepwater drilling activity picks up again and offshore vessel utilisation recovers from the current lows.
