The Oslo-listed rig contractor was facing maturity in November of the $525 million loan facility for semi-submersible rigs Deepsea Atlantic and Deepsea Stavanger as lower utilisation and falling dayrates have hit its cash flow to service debt.
However, Odfjell has now secured a new three-year loan facility for an equivalent sum to be repaid in quarterly instalments of $12.5 million, starting in the first quarter of 2017, it said in a statement.
This
