A group of Siem Offshore bondholders have rejected a second bid to refinance its debt.

Holders of its NOK 600m five-year issue maturing this year gave a big thumbs-down to the plans, with only 10.14% of the votes going in Siem's favour.

Changes to the NOK 700m five-year series due in 2019 were accepted by 84% of investors, however.

The Kristian Siem company was attempting to push through another bond refinancing against a bleak outlook for the offshore vessel sector.