Polarcus has defaulted on US$130 in debt repayments and announced that it was halting all interest and instalment payments to lenders.
On the Oslo Stock Exchange, Polarcus shares dived 30% as the company went into a trading halt, before emerging to announce that lenders had taken over six of its vessels.
The lenders are now in control of Polarcus’ Shipholding and the seismic vessels; Polarcus Asima, Polarcus Amani, Polarcus Adira, Polarcus Nadia, Polarcus Alima and Polarcus Naila.
Polarcus said the lenders had appointed their own directors controlling the vessels, but had “made it clear to the company that their intention is not to jeopardise or destabilise the Polarcus organisation.”
“The lenders have intentionally not made any demand for payment from guarantors of the facility agreements, not have the lenders sought to enforce any other collateral which they hold,” Polarcus added.
Discussions are underway for a standstill period to allow continued operations and awarded projects to continue without disruption.