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    Stolt Offshore secures waiver on financial covenants relating to credit facilities

    News // July 4, 2003
    Stolt Offshore has announced that it had received approval from its bank syndicate to a waiver of certain financial covenants on its two primary bank credit facilities.

    The waiver amends Stolt Offshore's bank covenants through to November 30, 2003 and as a result, Stolt Offshore is in compliance with its main banking covenants as of May 31st, 2003.

    Commenting on the agreement, Tom Ehret, Chief Executive Officer, said, "We are very pleased that the banks have shown their continuing support for Stolt Offshore. This provides the new management with the time necessary to commence implementation of theBlueprint for financial recovery that we are on track to deliver in July."

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