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Norseman Offshore files bankruptcy against Viking Supply

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Norseman Offshore has filed bankruptcy against Viking Supply Ships (VSS) with the Maritime and Commercial High Court in Copenhagen, but VSS has not heard official word of the action. Says the shipping company, “VSS is of the view that there is no basis for the petition and will vigorously defend itself against it.”

Norseman Offshore owns the anchor handling tug supply (AHTS) vessels aboard a bareboat charter with VSS. The two made a transaction deal set for eight years surrounding a bareboat valued at $52.85 million. As a result of over confidence in the poor conditions both in the AHTS and the platform supply vessel markets, they laid up its last two active PSVs this past March.

VSS explains the reason for bankruptcy was due to unpaid hire aggregate totaling about $2.5 million. To no avail, the two companies have been trying to resolve the matter for several months now. They are currently still trying to evaluate their debts by agreeing to a restructuring with lenders. This solution is to improve balancing and reduce debt services needed.

A contingency agreement was pending upon certain requests, including an amended agreement with bondholders in senior, unsecured bonds, in addition to amending the bareboat charter agreement. However, since these conditions were unresolved, the agreement was never finalized.

Article written by HEI contributor Marcela Abarca.

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