Seismic player Polarcus has gained support from key stakeholders for restructuring of its balance sheet, the company said Wednesday.
According to the Oslo-listed company, the restructuring should reduce Polarcus’ debt level with renegotiated lease terms and the introduction of new call option prices for the bonds corresponding to a potential debt reduction of USD 280 million.
In addition, debt service payments during the next two years would be reduced by approximately USD 140 million.
By securing the stakeholders backing, in addition to six project award announcements in Q4, Polarcus has managed to avoid the faith of another Norwegian seismic player Dolphin, which filed for bankruptcy in December last year.
The main terms of the proposed restructuring can be viewed in more detail here: Polarcus Market Update and Restructuring Information