The Saevik family is to keep its majority stake in Norwegian offshore shipowner Havila Shipping following a reorganisation of its debt.
The Oslo-listed owner of eight platform supply vessels and multipurpose supply ships is converting debt to equity at the request of its lenders and bondholders.
Banks and investors had to decide by the end of September whether they would ask for a settlement of restructured debt by 31 December or for a one-year extension until the end of 2025.
Based on preliminary estimates, interest-bearing debt will amount to NOK 651m ($61.5m) at the end of this year.
The debt is linked to three PSVs, the 3,900-dwt Havila Fano (built 2010), 3,700-dwt Havila Clipper (built 2011) and 3,800-dwt Havila Borg (built 2009), and the 98-loa MPSV Havila Subsea (built 2011).
Banks controlling NOK 500m of borrowings have chosen to convert, meaning they will take a 21.5% stake.
Bondholders will be allocated another 8.7% from converting two bond issues.
Lenders representing NOK 151m of interest-bearing debt have extended the restructuring agreement, however.
This is linked to the 4,800-dwt PSV Havila Foresight (built 2008) and the 93-loa MPSV Havila Harmony (built 2005).
Saevik loan conversion
Saevik family company Havila Holding will also convert part of its liquidity loan to the company into shares to maintain its ownership stake of 50.96%.
Lenders will have 44.8% of the company.
Last year, Havila sold its final anchor-handling tug supply ships as the repercussions of its 2020 restructuring continued to be felt.
Three vessels were offloaded “following demands from lenders”: the super-large 23,066-bhp AHTS duo Havila Jupiter (built 2010) and Havila Venus (built 2009), plus the large 5,500-dwt PSV Havila Commander (built 2010).
Nine ships were sold in 2022 as part of its deal with banks following the offshore slump.
