Solstad Seeks Creditor Talks Amid Sluggish Recovery

(Photo: Solstad Offshore)
(Photo: Solstad Offshore)

Norwegian oil service vessels (OSV) firm Solstad Offshore is seeking negotiations with creditors and other stakeholders to boost liquidity ahead of the slow winter season, the company said on Monday, sending its shares down 20 percent.

"We were all too optimistic about when the recovery will happen," Chief Executive Lars Peder Solstad told Reuters. "2019 will probably be a bit better, but we will need to wait until 2020 or 2021 to see the rates rising to reasonable levels."

The largest owners of Solstad are billionaire investors Kjell Inge Roekke and John Fredriksen, who own close to 40 percent of the shares. The company underwent major debt restructuring in 2016-17, merging with several competitors.


(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

Current News

Chinese Wind Turbine-makers Move into Europe as Trade Tensions Flare

Chinese Wind Turbine-makers Mo

SLB Beats Quarterly Profit Estimates on International Drilling Demand

SLB Beats Quarterly Profit Est

India’s ONGC Buys Stake in Caspian Sea Oil Assets from Equinor for $60M

India’s ONGC Buys Stake in Cas

ExxonMobil Selling Malaysia Oil and Gas Assets to Petronas

ExxonMobil Selling Malaysia Oi

Subscribe for OE Digital E‑News

Offshore Engineer Magazine