Norwegian owner Island Offshore has not yet gained waivers for financial covenants as its financial restructuring continues.
The shipping company said its refinancing plan is still being evaluated by financial and legal advisors, but is taking longer than expected.
Its target date for a deal is 30 June.
Island remains in breach of covenants and said: "To date the group has not received formal waivers as requested from the lenders; to the contrary all the lenders have sent reservations of rights letters.
