Volstad Maritime freed itself of its defaulted NOK 498m ($62.4m) bond this week after bringing in Norwegian shipowner Per Saevik as a white knight.
Saevik has purchased a 50% stake in the private offshore shipping company owned by Ola Volstad, confirms Volstad chief financial officer Eirik Syversen.
The investment is believed to be about NOK 290m ($36.4m). This relatively modest amount gives half-ownership in nine mostly subsea vessels with a book value of NOK 4.3bn
