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Wintermar Offshore reschedules loan agreements

Wed 17 May 2017 by David Foxwell

Wintermar Offshore reschedules loan agreements
Wintermar says the downturn in the oil and gas market necessitated changes to its financial arrangements

Malaysia-based offshore vessel owner PT Wintermar Offshore Marine says a number of companies in the group have completed loan rescheduling agreements with key lenders.

Loan periods and principal repayments have been amended to more closely align these debt service obligations with cash generated.

“The group considered this process necessary in view of the lower outlook on vessel utilisation and charter rates following the sustained impact of lower oil prices globally and the reduction in spending by its major clients in the oil and gas extraction industry,” Wintermar said in a statement.

Amendments to outstanding bank debt of US$71.4 million have been agreed with the group's major lenders, representing 93 per cent of long-term bank debt outstanding at 31 December 2016. A total of US$31.7 million of loan principal due in 2017 and 2018 has been rescheduled to become due in 2018 to 2022. The agreements are subject to completion of certain matters by no later than 15 June 2017.

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