17:48:43 Europe / Stockholm

Kurs & Likviditet

Kursutveckling och likviditet under dagen för detta pressmeddelande


ListaOB Match
IndustriShipping & Offshore
Solstad Offshore levererar tjänster inom offshore- och oljeindustrin. Idag bedriver och förvaltar bolaget över flera fartyg på global nivå. Fartygen består huvudsakligen av ankarhanterings- samt installationsfartyg. Merparten av kunderna återfinns inom oljeindustrin, men även en del verksamhet utförs inom förnybar energi. Bolaget grundades 1964 och har sitt huvudkontor i Skudeneshavn.


2020-11-19 Kvartalsrapport 2020-Q3
2020-08-26 Kvartalsrapport 2020-Q2
2020-06-29 Ordinarie utdelning SOFF 0.00 NOK
2020-06-26 Årsstämma 2019
2020-05-27 Kvartalsrapport 2020-Q1
2020-02-27 Bokslutskommuniké 2019
2019-11-28 Kvartalsrapport 2019-Q3
2019-08-28 Kvartalsrapport 2019-Q2
2019-06-05 Ordinarie utdelning SOFF 0.00 NOK
2019-06-04 Årsstämma 2018
2019-05-28 Kvartalsrapport 2019-Q1
2019-02-28 Bokslutskommuniké 2018
2018-11-06 Kvartalsrapport 2018-Q3
2018-08-22 Kvartalsrapport 2018-Q2
2018-05-11 Ordinarie utdelning SOFF 0.00 NOK
2018-05-09 Årsstämma 2017
2018-05-09 Kvartalsrapport 2018-Q1
2018-02-22 Bokslutskommuniké 2017
2017-11-09 Kvartalsrapport 2017-Q3
2017-08-30 Kvartalsrapport 2017-Q2
2017-05-10 Kvartalsrapport 2017-Q1
2017-04-26 Ordinarie utdelning SOFF 0.00 NOK
2017-04-25 Årsstämma 2016
2017-04-25 Extra Bolagsstämma 2017
2017-02-23 Bokslutskommuniké 2016
2016-11-08 Kvartalsrapport 2016-Q3
2016-10-10 Extra Bolagsstämma 2016
2016-08-25 Kvartalsrapport 2016-Q2
2016-05-10 Ordinarie utdelning SOFF 0.00 NOK
2016-05-09 Årsstämma 2015
2016-05-09 Kvartalsrapport 2016-Q1
2016-04-18 Bokslutskommuniké 2015
2015-11-09 Kvartalsrapport 2015-Q3
2015-08-24 Kvartalsrapport 2015-Q2
2015-05-19 Ordinarie utdelning SOFF 3.50 NOK
2015-05-18 Årsstämma 2014
2015-05-18 Kvartalsrapport 2015-Q1
2015-04-20 Bokslutskommuniké 2014
2014-11-10 Kvartalsrapport 2014-Q3
2014-08-18 Kvartalsrapport 2014-Q2
2014-05-20 Ordinarie utdelning
2014-05-19 Årsstämma 2013
2014-05-19 Kvartalsrapport 2014-Q1
2014-02-27 Bokslutskommuniké 2013
2013-11-06 Kvartalsrapport 2013-Q3
2013-08-26 Kvartalsrapport 2013-Q2
2013-05-15 Ordinarie utdelning
2013-05-14 Årsstämma 2012
2013-05-14 Kvartalsrapport 2013-Q1
2013-02-26 Bokslutskommuniké 2012
2012-11-07 Kvartalsrapport 2012-Q3
2012-08-27 Kvartalsrapport 2012-Q2
2012-05-10 Ordinarie utdelning
2012-05-09 Årsstämma 2011
2012-05-09 Kvartalsrapport 2012-Q1
2012-02-28 Bokslutskommuniké 2011
2011-11-09 Kvartalsrapport 2011-Q3
2011-08-24 Kvartalsrapport 2011-Q2
2011-05-11 Kvartalsrapport 2011-Q1
2011-04-29 Bokslutskommuniké 2010
2011-03-29 Årsstämma 2010
2010-11-08 Kvartalsrapport 2010-Q3
2010-08-30 Kvartalsrapport 2010-Q2
2010-05-07 Kvartalsrapport 2010-Q1
2010-03-01 Bokslutskommuniké 2009
2020-05-08 23:43:23
Reference is made to the stock exchange notice 31 March 2020 where Solstad
Offshore ASA (the "Company") and its subsidiaries ("SOFF" or the "Group")
informed that it had agreed on a plan with key stakeholders to finalise the
negotiations for an agreement for the financial restructuring of the Group.

In accordance with the said plan, SOFF has today signed a Restructuring
Implementation Agreement (the "RIA") for a restructuring of the Group (the
"Restructuring"). The key features of the Restructuring are:

  · Debt to equity conversion of approximately NOK 10,9 billion
  · New fleet loan maturing after 4 years
  · Financing of additional liquidity
  · Industrial shareholders to retain ownership of up to 33.34%
  · Streamlining of corporate structure

The RIA has been entered into with a majority of the Restructuring's key
stakeholders, including all of its secured finance providers except for three
financial providers in the Solship Invest 3 AS and Farstad Shipping AS silos
(the "Senior Finance Parties")

The RIA reconfirms the key elements of the Restructuring as described in the
notice dated 31 March 2020:

 1. The Group's balance sheet and liquidity will be notably strengthened.
 2. Debt in an amount equivalent to approximately 10,9 billion (based on fixed
foreign exchange rates) will be converted into equity. The debt converted to
equity consists of secured debt, leasing obligations, bond obligations and other
unsecured debt. All debt converted to equity will have the same conversion rate.
 3. The Group's fleet will be refocused, and 37 vessels of the older and less
sophisticated vessels are envisaged to be sold or scrapped over a period of
time. The long-term business of the Group will be based on a core fleet of
approximately 90 vessels.
 4. The Group's financial and company structure will be simplified. Apart from
certain ring-fenced structures, surviving secured debt of the Company will be
included in a fleet loan maturing after four years. The fleet loan will be made
available in NOK and USD. At prevailing foreign exchange rates, the consolidated
surviving debt of the Group will be in an amount equivalent to approximately NOK
9,058 million and USD 886 million.

          A part of the new fleet loan in an amount equivalent to approximately
NOK 0,9 billion, will be secured by the non-core vessels that are likely to be
sold or scrapped within a limited period of time following completion of the
Restructuring. The net proceeds from such sales will be used to repay the
relevant part of the fleet loan, and any remaining amount will subsequently be
converted into equity at the same conversion rate as the debt being converted
into equity at completion of the restructuring.

 5. The SOFF 04 bonds will receive a fee of NOK 50 million financed by new
equity, and the residual claim will be converted to equity in the Company. A
bondholder meeting to resolve the Restructuring will be convened as soon as
 6. The bondholders in Solship Invest 1 AS will be repaid an amount equal to
Solship Invest 1 AS' corporate cash (which amounts to approximately NOK 26
million). The residual claim will be converted to equity in the Company.  A
bondholder meeting to resolve the Restructuring will be convened as soon as
 7. The leasing agreements for five vessels owned by subsidiaries of SFL Corp
Ltd. have been terminated. The relevant lessors will receive a fee of NOK 10
million, and the residual claim will be converted into shares in the Company.
 8. The leasing agreements for two vessels owned by a subsidiary of Ocean Yield
ASA, F-Shiplease AS will be replaced by new lease agreements on amended terms.
Claims under the existing lease agreements will be converted into shares in the
Company. 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
vessels. F-Shiplease AS will carry all upside/downside from the operation of its
vessels during the charter period.
 9. Upon completion of the restructuring, the existing shares will represent
0.4%, and the converted debt will represent at least 64-75% of the Company's
10. Existing industrial shareholders including Lars Peder Solstad and companies
controlled by him ("LPS") will continue to support the Company, and will be
offered to subscribe for shares so as to retain an ownership of up to 1/3 of the
shares in the Company upon completion of the restructuring. The industrial
shareholders will also be offered to subscribe for a convertible loan in the
Company which will be converted into shares in so far as necessary for them to
maintain their shareholding following the conversion of the part of the new
fleet loan that will be converted into equity upon the sale or scrapping of the
Group's non-core vessels (cf. item 4 above).

The remaining shareholders will be offered to subscribe for shares so as to
retain a total ownership of up to 2%.

          The Chairman of the Board Mr. Harald Espedal will be offered to
subscribe for shares representing 0,9% of the shares in the Company. Fausken
Invest AS, a company controlled by board member Frank O. Reite, will enter into
a put/call agreement with Aker for shares with a subscription amount of NOK 1

          The shares to be subscribed by the industrial shareholders and Harald
Espedal will be subject to a three year lock up period.

The total subscription amount for the shares and convertible loan to be issued
in consideration for cash (to represent up to approximately 36% of the shares of
Company upon completion of the restructuring) will be up to approximately NOK
72,5 million.

11. LPS will be granted warrants through an incentive program, to achieve up to
a 10% share of the Company (based on the shares outstanding, and including LPS'
shares, in the Company at completion of the Restructuring).

The effectiveness of the RIA is conditional on credit committee approvals with
the Senior Finance Parties, to be obtained within 29 May 2020 or such later date
that may be agreed with the Company.

The implementation of the Restructuring is further subject to the approval of
the general meeting of the Company and relevant bondholders meetings, agreement
on long form documentation with relevant stakeholders and related customary
condition precedent documentation.

The closing of the Restructuring is expected to take place in July 2020, however
the RIA has a long stop date which can be extended to 8 November 2020 if more
time is required.

Some creditors in subsidiaries of Farstad Shipping AS and Solship Invest 3 AS
have not yet acceded to the RIA. The inclusion in the restructuring of these
companies and their debtors in the Group remains subject to further negotiations
between the stakeholders. The Company expects that the Restructuring can be
consummated in all material respect even if these creditors ultimately decide
not to accede to the RIA.

All liabilities towards the financial creditors will be subject to standstill
provisions in the period leading up to the closing of the Restructuring. Until
the Restructuring is implemented, the Group continues its unilateral standstill
towards certain creditors. In the bondholder meetings to be held in May, the
bondholders will be asked to waive the current defaults in SOFF 04 and the
Solship Invest 1 AS bond loan as were advised in the notice by the Company 31
March 2020.

To make the board quorate when deciding on the Restructuring, Mrs. Ellen Solstad
has today stepped down from her board position.

CEO Lars Peder Solstad says in a comment:

"We are very pleased to announce this restructuring agreement today. It has been
a long process leading up to this important milestone, and we are grateful to
the stakeholders for their continued support and trust in our company. This
agreement will be important for our clients, employees, financial creditors and
shareholders, as it reduces uncertainty and will allow us to focus even more on
our core activities which are delivering high quality services to our clients.
Our industry is facing challenging times in light of the Covid-19 pandemic and
the reduced oil price, but a restructured Solstad Offshore ASA will be in a much
better position to handle these challenges."

Skudeneshavn, May 8th 2020

Lars Peder Solstad CEO, at +47 91 31 85 85
Anders Hall Jomaas CFO, at +47 40 04 29 18

Solstad Offshore ASA

This information is subject of the disclosure requirements according to the
Norwegian Securities Trading Act section § 5-12.