Solstad Offshore today announced that its subsidiary Solstad Shipholding AS has successfully completed the refinancing as outlined in the stock exchange announcement dated 23 October 2023.

Highlights

• Successful refinancing of Solstad Group’s NOK 11.4 bn secured debt maturing 31 March 2024.
• Postponed maturity for the NOK 1.8 bn residual claim from the 2020 restructuring.
• Preserves shareholder values in a highly challenging situation for the Solstad Group, through avoidance of reconstruction, debt conversion and high equity raise dilution.
• Ensures a solid financing solution at attractive terms and creates a robust industrial platform for value-creation for all shareholders going forward.

“The Board has throughout the refinancing process done its utmost to safeguard the values of the Solstad Group for the benefit of all its shareholders and creditors. The Board remains convinced that the Refinancing represents the best available alternative to safeguard shareholder values. I cannot stress strongly enough that no shareholder or other third party to date has presented a fully financed alternative solution to Solstad Group’s NOK 13.2 bn financing needs which matures in two-and-a-half months. In addition, the market has confirmed that it is a good solution for the company,” says Harald Espedal, chairman of Solstad Offshore ASA. 

The completed Refinancing includes equity contributions to Solstad Maritime Holding AS ("SMH") of NOK 4 bn in total, consisting of a NOK 2.25 bn contribution and a NOK 750 million underwriting commitment from Aker Capital, plus NOK 1.0 bn contribution-in-kind from AMSC for the acquisition of 100% of the entity owning the CSV Normand Maximus. 

“The importance of this successful refinancing should not be underestimated by our approximately 13,000 shareholders and 2,500 employees. Through this process, we have secured a refinancing that repays our creditors and preserves values for all our shareholders. Aker, who has been a supportive shareholder since 2016, has been the key to this. We can now look forward to a fresh start from a robust financial platform that will allow us to capitalise fully on a projected strong offshore market going forward,” says Lars Peder Solstad, CEO of Solstad Offshore ASA. 

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