DOF Group's Brazilian subsidary Norskan Offshore has won a standstill deal with all its lenders bar one.
The Oslo-listed offshore vessel owner said its subsidiary will not have to pay instalments on principal loan amounts or interest until 30 June.
The agreement with international secured lenders is part of its overall refinancing, but was negotiated separately to a freeze announced in Europe last month.
However, the deal does not include Brazilian development bank BNDES, with which talks continue over a standstill.
"The agreement is part of the efforts of the DOF Group to facilitate the continued dialogue with the secured lenders and bondholders under the DOF Group's bond loans regarding a long-term financial restructuring of the group," DOF said.
Unilateral action
DOF agreed a debt standstill deal from most of its lenders in May, 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.
The company is battling to survive the offshore support vessel (OSV) downturn during the coronavirus pandemic.
DOF's fourth-quarter results' statement revealed interest-bearing liabilities of about NOK 21bn ($2bn).
Norskan's key customer is Brazilian oil major Petrobras.
In September, it won a one-year contract extension with the company.
The 16,820-hp anchor-handling tug supply unit Skandi Fluminense (built 2007) will continue its work until September 2020. The initial contract began in July 2018.
