Norway's Boa Offshore is spending surplus liquidity on a bond buy-back.
A bondholder director of subsidiary Boa OCV had proposed that some of the NOK 134m ($14.9m) in the bank be used to redeem NOK 25m of its NOK 1.36bn, 9.75% issue due in 2024.
The company said it also has "certain contract employment" for the two offshore construction vessels it owns.
Bondholders have now voted in favour of the move.
In March, Boa Offshore restructured loans and bonds to try to put its business back on an even keel and stop staff leaving.
The owner of 20 offshore support vessels, dredgers and tugs underwent a financial reorganisation in 2017, but had to revisit this agreement.
Cash to bondholders
The refinancing involves more than NOK 1.8bn of bonds and NOK 2.5bn in loans and guarantees.
Lenders were to discharge guarantees of NOK 1.16bn to increase cash distribution to bondholders.
In September, the shipowner said its short to medium-term outlook had worsened dramatically over the first six months of 2020 due to the Covid-19 pandemic and oil price falls.
Net profit in the second quarter was NOK 272m, up from a loss of NOK 50,000 in the same period of 2019, after it cut operating costs to NOK 148m from NOK 173m.
The result was also boosted by unspecified financial income of NOK 277m, taking the six-month profit to NOK 247m.
