Siem Offshore gets breathing room after standstill deal with lenders

Norwegian shipping company Siem Offshore has found a way to improve its cash flow and liquidity to be able to operate in a challenging offshore market by entering into a standstill agreement with its lenders.

Siem Offshore on 26 May 2020 entered into an agreement with the group’s secured lenders in Europe and Norway for a standstill agreement for the period from 29 May 2020 until 30 April 2021.

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