Norway’s DOF Group says it will not be saved by better offshore vessel markets as it tries to reduce its $2bn debt mountain.
The Oslo-listed shipowner is trying to secure a debt-for-equity swap to secure its long-term future.
DOF said in its first-quarter results: “Even though the markets have improved, the group is not in a position to pay its debts without a significant conversion of debt into equity and thereby continue as a going concern.
