Oslo-listed floatel owner Prosafe is eyeing a debt for equity swap as part of its financial restructuring.
The company said it remains in constructive dialogue with key stakeholders to boost its situation.
It is evaluating, together with advisors, different options to secure a “robust solution and sufficient runway...throughout 2020, which may include a deleveraging of the balance sheet.”
Prosafe is aiming for a “balanced solution” involving new capital, amortisation relief and covenant easing from lenders, plus the conversion of bonds into shares.
It is also working to find an amicable solution regarding the delivery of the Safe Eurus newbuilding to better fit contracts and cut 2016 capital expenditure from its $700m guidance.
The owner also continues the work to optimise its operating model, fleet composition and utilisation, as well as cost and spend levels, it added.
“The board currently anticipates that a solution is within reach during the summer,” it said.
EBITDA is forecast to be between $170m and $220m in 2016.
The figure for 2017 is forecast to be in the $110m to $140m range, depending on the outcome of contractual discussions with counterparties.
