Albeit the negotiations for the restructuring of the Solstad Offshore ASA group are progressing, more time is required to find a sustainable solution to the financial situation of the Solstad Offshore ASA group. Ocean Yield has therefore agreed to extend the standstill period up to and including 31 October 2019.
The terms of the standstill will remain unchanged, and to the extent the cash in the subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis.
