Reference is made to previous stock exchange notices by Fred. Olsen Energy ASA (the "Company") in which it was informed that the Company's financial creditors have waived the financial covenants of the Company's financing agreements (including the FRN Fred. Olsen Energy ASA senior unsecured bond issue 2014/2019) up until 30th June 2018 (not inclusive).
The waiver period has expired and as of today no extension has been granted by the Company's financial creditors on terms acceptable to the Company. The financial covenants of the Company will be tested on 20 July 2018.
The Company is continuing the dialogue between its stakeholders, including representatives of the secured and unsecured financial creditors and their advisors, with a view to evaluate alternatives to improve the financial situation of the Company. It is expected that a long term solution will require new equity and amendments to the Company's bank and bond facilities, potentially implying impairments of debt, in order to secure a viable financial foundation for the purpose of safeguarding the Company's position in the market.
The Fred. Olsen Energy group's operations will continue in their ordinary course.
Contact:
Ivar Brandvold, CEO, (+47) 22 34 10 00
Hjalmar Krogseth Moe, CFO, (+47) 22 34 10 00
This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section §5-12.