You are on: newsweb.no
newsweb.no
Issuer
IssuerID
Instrument
Category
From date
To date
Choose market
Show only active issuers Info...
  Empty search
Message: 417713
Date/time 11.01.2017 14:02
Issuer Oceanteam ASA
IssuerID OTS
Instrument
Market OB,ABM
Category INSIDE INFORMATION
Subject to information requirements   Mandatory notifications   OAM announcement
Attachment
Title OCEANTEAM ASA - REACHES UNDERSTANDING WITH BOND HOLDERS ON REFINANCING CURRENT BOND LOAN AGREEMENT
Text


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
possible.


Also read:
http://www.oceanteam.nl/newsitems/article/oceanteam-asa-initiates-financial-
restructuring
http://www.oceanteam.nl/newsitems/article/oceanteam-manages-to-extend-two-
vessel-contracts
http://www.oceanteam.nl/newsitems/article/growing-demand-for-offshore-wind-
power-solutions-in-europe

* * *

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,    wilhelm@oceanteam.no

  CEO Haico Halbesma:   +31 20 5357570,     haico@oceanteam.nl




This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act


 
    

Read our disclaimer and copyright notice.