Offshore ship owners Bourbon and Oceanteam have pushed back loan payments for two jointly owned offshore construction support vessels (CSVs) for two years.
Oslo-listed Oceanteam said instalments related to debt on the 118-loa Bourbon Oceanteam 101 (built 2007) and the 133-loa Southern Ocean (built 2010) will be halted until 2022, when the whole facility falls due.
Payments had been scheduled for this month, but the owners took advantage of a clause in the loan agreement allowing the delay.
The move will not incur extra costs or endanger covenants.
"The owners chose to create greater cash flexibility at an early stage whilst vessels are on hire," Oceanteam said.
Maintenance funds available
"The funding that becomes available as a result of the deferral will allow for greater cash flexibility and can be used to perform the operational maintenance programme on both vessels later this year if and when the vessels become available."
Instalments have been paid without interruption since 2012 and the average loan to value is now 27%.
The duo is on hire in Angola and India respectively.
Both companies have been through financial restructurings in the last couple of years.
Oceanteam sealed an agreement with bondholders and lenders in 2018, while France's Bourbon has been taken over by its banks this month in a debt for equity swap.
It was previously owned by shipowner Jacques de Chateauvieux.
The Commercial Court of Marseilles had been due to rule on the potential liquidation of the former holding company Bourbon Corp on Monday.
But the hearing convened and then postponed the decision until another session on 3 February.
