OCEANTEAM ASA - REACHES UNDERSTANDING WITH BOND HOLDERS ON REFINANCING CURRENT BOND LOAN AGREEMENT
Today, Oceanteam ASA ("Oceanteam" or "Company") announced it has reached an
understanding with its bond holders on the main terms of the bond loan. As part
of a financial restructuring announced in October 2016, the company entered into
constructive talks with its banks and its bond holders.
"We expect to need another few weeks to finalize our talks with the bond
holders. This is good news for our employees, suppliers, clients, creditors and
for our business partners. A final agreement will be the most critical milestone
to create a strengthened financial foundation and to align Oceanteam with
today's market dynamics", says Oceanteam's CFO Wilhelm Bohn. "We have reached an
understanding to repay the bond in full, to extend the loan maturity and to
reduce the cash interest costs enabling."
The new terms will not include any equity offering by the company's current
shareholders. However, significant cash compensation due to (a.o.) CEO Mr. Haico
Halbesma, also one of the company's main shareholders, will be deferred as part
of the agreement. Furthermore, there is an understanding for the use of proceeds
from the sale of North Ocean 105 for repayment of vendors and of secured lenders
of Oceanteam as well as an understanding of a mechanism for repurchase of bond
on an on-going basis.
"The progress and developments made so far and the continued support provided by
the Halbesma family as main shareholders, confirms the commitment and strong
belief that we have in the future success of Oceanteam. The understanding
reached with the bond holders is a key step forward. It will allow the company
to further develop its current market activities, to take advantage of new
business opportunities, and thus to allow us to build long-term value for the
benefit of all Oceanteam's stakeholders and employees", says CEO Haico Halbesma.
Oceanteam ASA will further detail its capital restructuring plan as soon as
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About Oceanteam ASA
The Company is comprised of two operating segments, Oceanteam Shipping and
Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water
offshore support vessels and fast support vessels. Oceanteam Solutions focus is
to provide its clients with complete offshore solutions. Oceanteam ASA has been
active in the industry as an offshore solutions provider for over twelve years.
For more information: www.oceanteam.no
For further information about Oceanteam ASA please contact:
CFO Wilhelm Bøhn: +47 47 23 64 34, email@example.com
CEO Haico Halbesma: +31 20 5357570, firstname.lastname@example.org
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act