Kristian Siem's Siem Offshore is attempting to push through another bond refinancing against a bleak outlook for the offshore vessel sector.
It believes the downturn will last several years and wants to change bond issues worth a combined NOK 1.3bn ($166m) due in 2018 and 2019 to five-and-a-half-year convertible issues.
It will exchange the notes at 80% of par value.
