Siem Offshore seeks debt relief in troubled offshore market

MARITIME EXECUTIVE | After years of struggling with oversupply and weak demand, companies in the OSV market are now being further challenged by the economic downturn from the global pandemic. 


Siem Offshore, which operates a fleet of 35 vessels serving the oil and gas industry, announced that it has entered into a standstill agreement with its secured lenders in Europe and Norway to defer payments until April 30, 2021, as a first step toward improving cash flow and liquidity to maintain operations.


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