Havyard has seen a majority of bondholders support its proposed amendments.
Two thirds of bondholders have agreed to extend the maturity date of the HYARD01 PRO bond to 13 June 2020.
In exchange, Havyard is making a one-off payment of NOK 31.4m ($3.6m) at the same time as implementing a revised amortization of NOK 2.5m per quarter.
As a further compensation to bondholders, the interest rate of the bond will be increased by 1.25% to NIBOR three-month plus 8.25%.
Geir Johan Bakke, chief executive of Havyard, said earlier this month that 2017 is going to be “the most demanding year yet within the industry”.
Havyard has taken a hit due to declined ordering activity and has tried to diversify its business by breaking into the fishboat and wind offshore markets.
