Abu Dhabi's Gulf Marine Services (GMS) wants to raise $75m towards debt reduction after agreeing a new deal with its lenders in tough markets.
The owner of 13 self-propelled, self-elevating support vessels (SESVs) serving the offshore oil, gas and renewables industries said the banks have cut interest on existing loans.
Under the deal, the rates go down from Libor plus 5% to Libor plus 3%, backdated to 1 January this year.
The rate cuts will run through to the end of 2022.
The company has also been given more time to raise equity.
The target is to bank at least $25m through share sales by 30 June, and another $50m or more by the end of 2022. This money will be used to cut debt.
Executive chairman Mansour Al Alami said the new bank deal is on vastly improved terms to what was agreed in June last year.
"As a result, it creates a positive platform on which the future development and growth of the business can be based, allowing the company to benefit from the pick-up across its core markets," he added.
Al Alami also said the revised structure provides the time needed to complete the $75m equity raise, as well as review alternative options to optimise the capital structure, including a refinancing, by the end of 2022.
This is dependent on GMS being able to deleverage the balance sheet and improve its net debt-to-Ebitda profile.
The 247-strong world fleet of SESVs is worth $2.16bn, according to VesselsValue.
