GulfMark Offshore has secured an additional loan of $10m in its effort to combat the dire offshore market.
The company’s lenders have agreed to make the extra funding available, given that GulfMark will pay certain fees and retain a financial advisor for the Royal Bank of Scotland (RBS), acting as agent.
GulfMark added its lenders have also agreed to waive any default or event of default under the multi-currency facility agreement.
The US offshore vessel owner is prohibited from requesting any additional loans under the facility without the consent of RBS.
In order to get the additional loan, GulfMark will provide RBS with a revised budget and forecast along with weekly financial information.
Evercore Group and Alvarez & Marsal North America have been retained as financial advisors.
GulfMark failed in its attempt to secure extra funding through a bond buyback in January.
It controls a fleet of more than 70 ships, including platforms supply vessels (PSVs) and anchor handlers.
