Despite signs of an improved market for offshore service vessels and being in
compliance with main financial covenants as per 3rd quarter 2018, it is expected
that the coming North Sea winter season will be challenging for the Company's
liquidity position.
It has therefore been decided to commence negotiations with lenders and other
stakeholders to improve the overall liquidity situation and to create a robust
long-term platform for the Company.
Initiating these negotiations will have no impact for operations, customers,
employees or suppliers.
The Company has appointed financial and legal advisors.
Skudeneshavn, October 22nd, 2018
Contacts
Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18
Solstad Offshore ASA
www.solstad.com