Norwegian owner GC Rieber Shipping has succeeded in extending a debt reduction deal that will save it $8m next year.
The agreement with lenders to amend the terms of two facilities will see it repay only 20% of instalments until 31 December 2021.
A previous deal had been put in place until the end of 2020.
"The recent amendments will prolong GC Rieber Shipping's financial runway, enabling the company to focus on developing profitable and sustainable maritime projects as a shipowner and project house," said chief executive Einar Ytredal.
As at 30 June, the company had cash and bank deposits of NOK 231.4m ($25.5m), and net liabilities of NOK 1bn.
GC Rieber had warned in its second-quarter results it would not be able to pay 100% of its instalments "should the current challenging market conditions continue".
Norwegian seismic vessel rival PGS said on Friday it was closing in on an agreement with lenders to push out payments on $1.2bn of debt.
Icebreaker agreement to continue
GC Rieber has also clinched a two-year extension for the 3,400-gt ice breaker Polar Pevek (built 2006), starting from September next year.
The vessel began the 15-year contract in 2006.
It is operating off Sakhalin Island in Russia's far east.
The ship is co-owned on an equal basis with Maas Capital.
GC Rieber chief commercial officer Christoffer Knudsen said: "We recently announced a shift in the company's strategy with an increased focus on project developments of sustainable maritime projects."
Ytredal added that the extension serves as recognition that one of the company's core projects remains valuable to a client more than 17 years after its start.
"It's a true testament to our significant development potential," he said.
Earlier this month, Norway's OSM Maritime Group agreed to manage GC Rieber's six-ship fleet.
GC Rieber's net loss in the second quarter was NOK 121m, against profit of NOK 93.9m the year before, when it was boosted by a vessel sale.
