Volstad Maritime seeking solution to bond crisisCompany News // May 26, 2016
Volstad Maritime in Norway says it recently conducted a roadshow to holders of the bonds issued by its subsidiary Volstad Subsea. Following the roadshow the company says it has been and is in constructive dialogue with certain of Volstad Subsea's largest bondholders.
On 1 May 2016 Volstad Maritime took delivery of the subsea vessel Grand Canyon III. The vessel entered into a seven-year charter with Canyon Offshore Ltd, a subsidiary of Helix Energy Solutions Group, commencing with a one year cold stack period subject to activation notice provisions.
Volstad Maritime said it is also engaged in constructive discussions to adapt to current offshore service vessel market conditions and remains well positioned for stronger markets.
The company also has ongoing discussions with Bibby Offshore regarding the vessel Bibby Topaz. The current contract on Bibby Topaz expires on 1 July 2017, and the option for the vessel has to be declared by June 30 2016.
Volstad Subsea NKr 600 million bonds mature 5 July 2016. Assisted by its advisors ABG Sundal Collier, SpareBank 1 Markets and Wikborg, Rein & Co, the company is in discussions with all relevant stakeholders to find a solution on the upcoming maturity.