Banks approve Siem Offshore's debt plan

The banks backing Siem Offshore have approved a new debt plan from the Norwegian offshore carrier, which will thus get some breathing room to handle the significant pressure from the market.

BY KATRINE GRØNVALD RAUN

Published: 02.07.15 at 12:05

The offshore industry brings very little good news these days. Siem Offshore, however, can relax a little, after the carrier's banks have approved a new financing plan. The approval contains a three-year extension of a credit facility for USD 316 million for six Anchor Handling Tug Supply Vessels (AHTS), which otherwise would have expired in November, writes Siem Offshore in a statement.

In the beginning of June, Siem Offshore announced another issue of shares on the Oslo Stock Exchange which could generate USD 12.6 million. The expansion has been approved by the board and now awaits the shareholders go-ahead at an extraordinary general assembly, and Siem expects to launch the issue in August. When the share issue was mentioned in the beginning of June, management wrote:

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Container vessels spend more and more days waiting off major ports

There are no signs that the congestion issues affecting major container ports near Los Angeles and Long Beach are on the verge of resolution. On a global level, the time spent in port for vessels has increased by 11 percent in the last six months, according to analyst firm.