Norwegian offshore company struggles with major debt

Norwegian offshore shipping company Olympic Subsea has accrued major debt and now needs to negotiate with its creditors to secure future liquidity. However, the company's most recent financial statement showed black figures for both operations and bottom line.

Photo: PR-foto/Olympic Shipping

Offshore shipping company Olympic Subsea, owned by Norwegian Stig Remøy, books a profit on both operations and the bottom line, but the company's debt is sky-high, shows the firm's third quarter interim report.

At the end of the quarter, the interest bearing debt amounted to NOK 2.8 billion (USD 306 million), primarily due to long-term financing of the fleet, but it also means the shipping company has reached out to its creditors:

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