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Siem Offshore allowed to partially postpone its debt by one year

Strained offshore carrier Siem Offshore has reached agreement with its European lenders on postponing its debt until next spring. However, the deal is contingent on the shipping line also finding a solution with its remaining creditors.

Photo: PR / Siem

Strained Norwegian offshore shipping line Siem Offshore, headed by Kristian Siem, has agreed with both its European and Norwegian creditors to postpone debt payments by nearly one year from tomorrow, May 29, to April 30, 2021.

The deal ensures sufficient capital to operate in a tough offshore market for the coming 11 months, according to a notice to the Oslo Stock Exchange.

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