Offshore vessels operator and owner Olympic Ship has been granted an extended stand-still period from the secured lenders up to and including Oct. 28, 2016 from Oct 21.
The company said it is continuing discussions with the secured lenders to adjust the repayment profile of financial debt, and has initiated discussions with bondholders.
The company is working within the framework provided by the secured lenders, but expects further time to be required to secure a comprehensive solution.
The shipping firm has a fleet of 23 oil service vessels.
Interest-bearing debt related to the long-term financing of the fleet amounted to 4.9 billion Norwegian crowns ($595.46 million) at the end of the second quarter. In addition, Olympic Ship has net bond obligations amounting to 690 million crowns.