Siem Offshore has gained more time to finalise its new $1bn financing agreement in the North Sea downturn.
On Monday, the Norwegian offshore vessel owner agreed with its secured lenders in Norway and Europe to extend the current standstill agreement on debt repayments until 29 May.
"The company and the lenders have, conditional on credit committee approvals, reached principal agreement on the terms of a long-term standstill with an aim to agree a comprehensive plan to take the company through the prolonged downturn," the company added.
"The discussions with the banks are positive and we expect to execute a final agreement shortly."
On 1 April, the offshore support vessel player had said a financing deal had been worked out to avoid liquidity problems during the enduring slump, which has been exacerbated by the coronavirus and oil price plunges.
The shipowner has won two more years to pay back its $1bn of borrowings.
Siem Offshore has been able to cut its debt from $1.6bn over the past five years.
Banks not leading in crisis
Later in the month, it said it seemed that banks had been unwilling to take a leading role in driving consolidation in the sector to help owners get through the slump.
"Most of our lending banks are lenders to several, if not all, of the competing OSV owners, and are in the position to influence this required development. Disappointedly [sic], the banks do not appear willing or prepared to assume this vital role."
The company, chaired by investor Kristian Siem, posted a net loss of $23.8m for the first three months of 2020, a slight improvement compared to the $24.1m loss in the same period of last year.
The fleet totalled 33 vessels as of 31 March, including partly-owned units and one ship hired on a bareboat contract.
This is three vessels fewer than at this point last year, after two were sold for scrap in December.
Five ships were laid up at the end of the first quarter this year.
