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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