Beleaguered Norwegian offshore shipowner DOF Group will ask a court on Friday to open its vital reconstruction proceedings.

The Oslo-listed owner is battling to solve its $2.25bn debt headache and faces bankruptcy if it fails.

Rebel shareholders voted down a negotiated debt-for-equity swap at a meeting last month.

A petition will now be filed at Hordaland district court, with creditor warnings that there is no more time for investors to find a more favourable solution.