Siem Offshore is asking its bondholders to extend the maturity date of two bonds by 2.75 years.
The Norwegian owner has proposed certain amendments in its effort to complete a refinancing of $1.5bn of debt.
Besides the maturity extension, Siem has proposed to reduce the interest on the bonds by 0.75%.
The company will be entitled to settle interest payments by issuing additional bonds, it said.
A US dollar tranche will be established and each bondholder will get a one-time offer to convert notes into the new tranche, if they take up units worth $20m.
Eystein Eriksrud, chairman of Siem Offshore, explained to TradeWinds the proposed amendments are a further step towards the company’s restructuring following an equity issue in 2015 and an agreement with banks last year.
Siem also intends to carry out a rights issue with gross proceeds of NOK 190m ($22.3m).
Like many other offshore vessel owners, Siem is facing a depressed market, with an increase in the number of vessels in layup.
