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Yet another Norwegian offshore carrier will be restructured

Deterioration in the offshore market is now triggering a restructuring of long-term financing at Norwegian carrier Island Offshore. As part of this, the company has temporarily suspended all payments on loan installments, whereas operations will continue as usual.

Photo: Island Offshore

Norwegian offshore carrier Island Offshore is now dealing with the effects of the historically weak market and launching a comprehensive restructuring of the company's long-term financing.

Island Offshore, listed on the Oslo Stock Exchange, is thus the most recent offshore carrier to succumb to the horrendous market, where the oil price plunge has caused oil and gas companies to significantly reduce investments since the fall of 2014.

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