Norway's Olympic Subsea has agreed a NOK 2.7bn ($306m) debt restructuring with most of its banks.
The Stig Remoy-led offshore support vessel company said a final agreement must be signed off with all lenders before the end of August as it clears loan maturities until March 2023.
"The terms of the transaction will result in a significant reduction in annual debt service, a sufficient cash balance and, in sum, an improved financial flexibility," the Oslo-listed shipowner said.
