Long-term crisis forces Siem Offshore to new debt plan

Siem Offshore plans to raise upwards of USD 100 million in the capital markets to bolster the carrier in a crisis-stricken offshore market. The crisis will last for years and the company needs outside capital to meet its debt payments.

Photo: Siem Offshore

Norwegian offshore carrier Siem Offshore plans a large-scale share issue on the Oslo Stock Exchange in an effort to raise upwards of USD 100 million in fresh capital.

The carrier needs the money in order to pay debt installments and comply with its financial covenants, says Siem Offshore in a statement to the stock exchange, adding that the current crisis looks set to last several years.

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