Norway's DOF Group has edged closer to a long-term refinancing of its $2bn debt as another lender agreed to a standstill of repayments.
The Oslo-listed owner said it has sealed a settlement agreement with a rebel bank that was blocking an account linked to a ship owned by subsidiary DOF Subsea.
As a result, the share of DOF Subsea's secured lenders that have now agreed suspensions of instalments has risen from 88% to 95%.
The groupwide standstill deal expired on 31 August, however, and DOF has said it is in talks about extending this.
The bank had demanded repayment of a $47m loan for an unnamed vessel.
DOF is now repaying the loan at a "substantial discount".
But the owner still has to settle another dispute with a second DOF Subsea lender.
Proposals for a long-term financing solution include conversion of borrowings to equity, which will have a significant adverse effect for current shareholders, DOF admitted.
New contract
DOF also announced a new contract for its 106-loa diving support vessel Skandi Achiever (built 2007).
The ship has been awarded an extension of a deal with Petrobras for remotely operated vehicle and diving services until the fourth quarter of 2022.
Rival Solstad Offshore also said it has won a new two-year firm contract for the 95-loa construction support vessel Normand Tonjer (built 2010) until October 2023.
The ship has been working for the same unnamed client since 2018.
Reaching new markets
And compatriot Reach Subsea has been busy adding deals.
It said two new clients have signed up vessels in the renewables sector, and another charterer has taken a ship under an existing call-off agreement.
The projects involve inspection, maintenance, repair and construction work in multiple regions, and will be performed by the 76-loa Stril Explorer (built 2010) in co-operation with Sweden's MMT, and the 88-loa Olympic Artemis (built 2015), as well as a third-party vessel.
Reach chief executive Jostein Alendal said: "We are pleased to have secured contracts with new key clients in the renewables market and call-offs under existing contracts, and it shows that we are closer to achieving our key ambition in terms of increasing our footprint in the renewables market."
