Fred. Olsen Energy edges closer to financial restructuring [Reuters]
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Source: Reuters
Fred. Olsen Energy edges closer to financial restructuring | Reuters 2 Min Read OSLO, Aug 7 (Reuters) - Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said. With debt and liabilities of more than $840 million at the end of June, Fred. Olsen last month stopped paying its creditors to preserve liquidity, making it the latest victim of a slow recovery in the oil and gas exploration sector. The owner of seven drillships and rigs, as well as Belfast’s Harland & Wolff yard, has now received indicative, non-binding proposals from equity investors valuing its current shares and bonds at just $10 million, it said in a statement. The company’s largest owner, Bonheur, which holds a 51.9 percent stake, separately said it had not decided whether to take part in the proposed refinancing. Fred. Olsen’s shares traded 15.9 percen
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