Norway: Oslo-listed SCAN Geophysical has announced that it has filed for bankruptcy.
The geophysical company, which conducts seismic surveys in both deep and shallow waters, last week asked for a delay on its payment of its US$9 million debt which accrued a 15 percent interest rate. The company was also in talks to extend its US$20 million bank overdraft facility.
"The company has, over some period, been working with such financial restructuring of the company, but has not succeeded to find acceptable solutions with all stakeholders to secure a robust basis for further operation," said SCAN.
"Therefore the board of directors of SCAN has today decided to file a petition for bankruptcy which will be handed over to the city courthouse in Oslo as soon as possible."