Siem Offshore seeks debt relief from banks, in talks to sell cable lay business

Norwegian shipping company Siem Offshore is seeking help from banks to ensure its survival through the downturn. The shipowner is also looking to sell its cable lay business. 

In preparation for an extended downturn in the offshore supply market, Siem Offshore Inc. has issued a request to its banks for installment relief and certain other changes to its bank loan facilities to ensure that the company is able to service its debt obligations through the downturn, the company informed in a statement on Monday.

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