Middle East shipowner Polarcus has agreed a refinancing package worth $587m as it seeks to secure its future.
The Oslo-listed seismic survey vessel company said discussions with banks, bondholders, creditors and charter parties have been successful, leaving its balance sheet “significantly improved” and debt payments cut by $140m over the next two years under new terms.
Loans have been extended from 2017 to 2022, with no amortisation until 1 January 2018, but interest payments will continue.
Its
