A large majority of the stakeholders of SOFF, including secured lenders, leasing companies, industrial shareholders and key bondholders have established a common plan to finalize negotiations on the basis of a restructuring outline to the benefit of all stakeholders (the "Restructuring Outline"). As such, the relevant stakeholders have confirmed their intention to work together to enter into a binding agreement for the Restructuring Outline within end of April 2020.

SOFF and Ocean Yield has agreed, subject to final terms and documentation, that the existing lease agreements of F-Shiplease AS will be terminated and replaced by new lease agreements with a duration of 4 years, with certain cancellation options in favour of F-Shiplease AS during the term of the charters. The charter rate payable under the new lease agreements shall be a reference rate equal to the average per vessel EBITDA in a pool of seven similar UT731 design vessels. 

The underlying commercial principle of the new lease agreements shall be that F-Shiplease AS will carry all upside/downside from the operation of its vessels during the charter period. SOFF shall only receive cost coverage for its operation of the vessels.

The remaining estimated net claim of F-Shiplease AS following the termination of the existing lease agreements  shall be converted into shares in SOFF using the same conversion rate as that used for the conversion of the debt to the secured lenders of SOFF.