Banks OK Siem Offshore’s revised finance plan

Siem Offshore has received some good news as it prepares for what it says is a “prolonged downturn in the offshore supply market.”

“The bank lenders have agreed that all final bullet payments of all mortgage debt are extended to December 2022. It is agreed 30% deferral of installments for the fleet (except for the Canadian vessels, Brazilian vessels and the two Helix vessels ) with a cash sweep mechanism, and easing of certain debt covenant requirements from the Company’s banks for the next 4.5 years,” Siem Offshore Said in a statement.

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