Ocean Yield, a ship-owning company with investments in vessels on long-term charters, has agreed an extension of the standstill agreement with Solstad Offshore for the Far Senator and Far Statesman anchor handlers.

Solstad and Ocean Yield extend standstill for anchor handling duo
Caption: Offshore Tug/Supply Ship Far Senator - Image courtesy of Graeme Waller

Ocean Yield said on Friday that the standstill agreement was extended up to and including March 31, 2020.

The companies initially entered into the standstill agreement back in December 2018. At the time, Ocean Yield secured lenders to certain subsidiaries of Solstad Offshore that previously were part of the Farstad Shipping Group and entered into a six-month standstill period with respect to payment of interest, installments and charter hire.

During the standstill period, Solstad Offshore intended to implement a financial restructuring of the company.

However, as Solstad’s restructuring negotiations were not completed during the six-month period, the two companies in June 2019 entered into an extension of the standstill period up to and including October 31, 2019, which has now expired.

Source: Ocean Yield