Norway's Ocean Yield is to retain a holding in restructuring Solstad Offshore as part of the latter's $2bn refinancing deal.
The sale-and-leaseback specialist's chief financial officer, Eirik Eide, revealed on a conference call that Ocean Yield will receive about 3.8% of Solstad shares.
This is due to a restructuring of bareboat charters for two anchor handling tug supply ships owned by Ocean Yield.
The 21,454-hp Far Senator and 21,457-hp Far Statesman (both built 2013) were the subject of a redrawn charter agreement in May.
Loss-making ships
The vessels made a net loss of $2m in the second quarter because Ocean Yield received no charter income due a standstill deal with Solstad.
The refinancing will see banks take over Solstad in a $1.1bn debt for equity swap.
Ocean Yield chief executive Lars Solbakken said: "We will basically cancel the existing agreement and that claim will be converted into shares in Solstad.
"Now we will enter into a new agreement with a variable rate for four years and the rate will be set by the average Ebitda in a pool of seven similar vessels".
Ocean Yield previously owned 5% of Solstad.
Ocean Yield owner Kjell Inge Rokke is Solstad's biggest shareholder with a 35.6% direct stake, plus the 5% through Ocean Yield.
Shipowner John Fredriksen owns 24.12% and the Solstad family controls 11.5%.
All existing shareholders will see their combined ownership drop to 0.4%.
Stakes to rise again
But these key "industrial" shareholders have indicated they will take up their option to retain an ownership of up to 33% in Solstad through a new share issue.
Other shareholders will be offered a chance to buy 2%.
This will cost NOK 70m ($7.21m) for the total 35% slice, against a fleet value of $1.32bn, as assessed by VesselsValue.
Solbakken said the Far Statesman has entered into a three-year time charter to Petrobras at an "attractive rate level", and also one of the other vessels in the seven-ship, rate-setting pool has signed a similar contract with the Brazilian oil major.
Norwegian broker Seabrokers said the three-year charters are worth NOK 800m ($83m) to Solstad.
The vessels will be equipped with remotely operated vehicles for operations in water depths of 3,000 metres.
Both contracts are due to start in September.
