One of DOF Group's banks has demanded repayment of a $47m loan after the Norwegian shipowner imposed a repayment freeze on the company amid a restructuring effort.
The outfit, hit by a severe downturn in the offshore vessel sector, had forged standstill deals with some banks in May, pushing out payments to 30 September.
But the offshore vessel owner had also warned that it halted some principal and interest repayments unilaterally, and could not guarantee it would not face action from banks that had refused to sign up.
Now the company, with total debt of $2bn, has revealed one such unnamed lender has requested repayment of money loaned to its DOF Subsea Rederi unit.
DOF has also provided notice of repayment to subsidiary DOF Subsea under its guarantee for the debt.
The group said: "Pursuant to the suspension agreement, neither DOF Rederi nor DOF Subsea is permitted to make any payment to such secured lender, but the group will, together with its other secured lenders, continue the dialogue with the secured lender to seek to resolve the situation."
No further action yet
None of the other lenders who have not entered into the suspension agreements have taken any similar steps under their loans, the company added.
Rivals like Solstad Offshore and Havila Shipping have recently clinched refinancing deals, but DOF remains some way off doing the same.
The outfit has banks representing 91% of its debt signed up to the temporary freeze, and 88% of those holding debt in DOF Subsea.
DOF also banked an emergency loan of NOK 100m ($10.4m) in March to cover short-term liquidity needs.
This was due to expire on Tuesday, but has now been extended to 30 September.
DOF will pay back NOK 15m at the end of each month.
"With this continued support from the secured lenders, the standstill under DOF Subsea's bond loans will also continue until 30 September," DOF added.
This means the company can continue its dialogue with secured lenders and bondholders regarding a long-term financial restructuring.
Early last month, Brazilian subsidiary Norskan Offshore won a standstill deal with all its lenders bar one.
The unit did not have to pay instalments on principal loan amounts or interest until 30 June.
