Norwegian owner Siem Offshore is starting negotiations with bondholders to force through a refinancing of $1.5bn of debt.
The Kristian Siem-controlled supply ship and anchor-handler company agreed a new financial plan with lenders last summer, but this remains conditional on approval from holders of two bond issues to extend their maturity.
If it can get the refinancing through, all mortgage debts will be extended for three years and anchor-handler instalments will be deferred for two and a half years.
