Solstad Offshore ASA - NOK 34bn - Financial restructuring

On 20 October 2020, the financial restructuring of Solstad Offshore ASA (“SOFF”) was finally approved by the shareholders on an EGM, after more than two years of challenging negotiations with creditors, shareholders and other key stakeholders. Through this comprehensive restructuring SOFF has reduced its debt burden by approx. NOK 12 billion, significantly simplified the corporate structure and debt structure, high-graded its fleet through sale and scrapping of more than 40 vessels, and established a liquidity runway of four years. As SOFF re-emerges as the industry leader for high-end offshore vessels, Arctic thanks for the vote of confidence and congratulate the company with a successful completion of this long and challenging restructuring process.