Norway's DOF has won a debt standstill deal from most of its lenders, but has also halted payments to those banks that have not signed up.
The company admitted it could not guarantee it will not face default action, but said it had not received any indications that any proceedings would be initiated.
The offshore support vessel owner said agreements to halt principal and interest instalments are in place until 30 June for 93% of the debt.
DOF's fourth-quarter results' statement revealed interest-bearing liabilities of about NOK 21bn ($2bn).
The deal does not include payments on the NOK 100m credit facility provided to the DOF Subsea unit as an emergency loan on 27 March.
The move has been made to enable continued dialogue with banks and bondholders for a long-term financial restructuring.
All group companies are included, except for Norskan and DOF Subsea Brasil Servicos in Brazil. Norskan is carrying out a separate negotiation.
Unilateral action
Regarding the lenders who have not signed up, DOF said it had decided to impose a "unilateral standstill".
"Although no assurance can be given to this effect, DOF and DOF Subsea have not received any indications that the secured lenders in question will invoke the event of default-provisions in the relevant loan agreements as a result of such [a] decision," the shipowner added.
In March, DOF said it had been forced to ask for more help from banks and bondholders as its cash position deteriorated.
The Oslo-listed company said the coronavirus, the fall in oil price and "extreme" currency moves have all had a direct negative impact on its liquidity.
DOF was already trying to push through a refinancing plan with creditors that had envisioned injections of NOK 700m in new equity while stretching bond maturities.
Talks were taking place about a new and larger credit facility to cover short-term liquidity needs, covenant waivers and interest deferrals.
Meanwhile, Norwegian shipowner and investor Frederik Mohn is separating his shareholding in the group from that of former chairman Helge Mogster.
His Perestroika company is exiting a joint venture — Mogster Mohn Offshore (MMO) — that controls 48.95% of the company.
Mogster owns the other half of MMO.
Mohn stood down from the DOF board last year. The demerger will see Perestroika own 16.45% of DOF.
But this is dependent on Mogster's Laco company deciding whether or not to acquire a portion of DOF's shares to be distributed to Perestroika so that it can retain a 40.45% shareholding in DOF.
"Laco has not yet decided whether to exercise such [an] option or not," DOF said.
