Bondholders back Bergen Group

Project overruns: the Bergen Group Fosen yard

BERGEN GROUP

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Steve Marshall

 04 December 2012 14:16 GMT

Bergen Group has gained bondholder backing for a financial restructuring of its offshore and services divisions to relieve liquidity pressure on the loss-making Norwegian fabricator.

The group is now in breach of covenants on a Nkr330 million ($58.7 million) bond loan due in July 2013 after it reported a third-quarter net loss of Nkr147 million, versus a gain of Nkr14 million a year earlier, largely due to losses at its shipbuilding division.

It has racked up losses of Nkr215 million in the first nine months, compared with a negative result of Nkr109 million for the whole of 2011.

The shipbuilding division contributed an EBITDA loss of Nkr221 million during the quarter as it has suffered delays and cost…

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