REM Offshore announces financial restructuring

By Tom Eddershaw - June 30, 2016.

Rem Offshore has announced a comprehensive restructuring plan to, “strengthen the company’s balance sheet”.

The company envisages the restructuring improving the company’s liquidity by approximately NOK3.6 billion (US$428 million) over a period of three and a half years and reduce net debt by approximately NOK900 million.

The restructuring will see the company cancel a newbuild order with Vard in exchange for shares in REM, a private placement of NOK150 million committed by the company’s previous owner, Åge Remøy, and striking a deal with bank lenders.

The restructuring is conditional on the necessary decisions and approvals from all the relevant stakeholders as described above.