Restructuring OSV owner Solstad Offshore is trying to gain more time from bondholders to reorganise its finances.
The biggest global owner of high-end offshore ships said it had called a meeting on 18 December in Oslo seeking an extension of its deal to defer and suspend payments and interest.
The agreement was put in place last December and expires on 20 December this year.
Management does not consider it likely that a new refinancing deal to boost liquidity will be sealed before that date.
It wants the standstill stretched to 31 March, in line with an extension already agreed with major secured creditors.
Debt reduced
Last week, Solstad reduced its debt in a deal with John Fredriksen.
It agreed to sell its remaining 20% holding in well boat joint venture DESS Aquaculture Shipping (DESS Aqua) to a company affiliated to its partner Fredriksen's privately held Hemen Holding.
Fredriksen's Deep Sea Supply, together with Farstad Shipping, was merged into Solstad in 2017.
The new deal will see Solstad book a gain of NOK 50m ($5.44m) in the fourth quarter.
The sale will have limited cash effect and reduce the company’s debt by NOK 280m, Solstad said.
In the three months to 30 September, its net loss was reduced to NOK 1bn, from NOK 1.3bn in the same quarter of 2018.
The 136 ships brought in revenue of NOK 1.48bn, up from NOK 1.4bn a year ago, mainly due to higher activity in the North Sea.
