The Oslo-listed company, which is in the midst of a merger with compatriot Solstad Offshore, is in breach of loan covenants and is awaiting approval of waivers on covenants from bondholders.
REM booked impairments related to the dire offshore market of Nkr898.74 million ($109.43 million) in the three months to the end of June, as against none in the comparable period a year earlier.
