Norway’s Sea1 offshore has clinched refinancings of $89m worth of debt while completing the high-profile sale of nine vessels to a former shareholder in return for stock.
The outfit, controlled by Christen Sveaas, has made final a previously reported deal in which it sold nine vessels to fellow magnate and former majority shareholder Kristian Siem, in return for his 35.7% of the company and $117.5m in debt assumption.
The company formerly was known as Siem Offshore. Following the sale, Siem has placed the nine vessels into his separate Siem Sustainable Energy. Meanwhile, the original company has adopted the Sea1 moniker.
With the closing, Sea1 said it also has been able to repay two tranches of debt.
One relates to $69m owed on seven vessels, which was to mature this year.
The other sees $20m paid towards vessels with longer maturities, even as the loans are amended to remove restrictions and undertakings put in place in a 2021 restructuring.
The company said two new credit facilities had been adopted, but did not go into details.
Sveaas, also the owner of Western Bulk through his Kistefos company, is now the chairman and biggest shareholder after buying Siem’s stock.
In his exit note, Siem said he and Sveaas had “different values, culture and objectives”.
“My job is completed, and I hand over to other owners,” he said in April. “My hope is that the new leadership will stay on a steady course and I wish the company and all my past colleagues well.”
