Rem Offshore ASA is evaluating strategic alternatives

 

Reference is made to the stock exchange announcement made on 27 June 2016 by Rem Offshore ASA (the "Company"). The Company is facing a continuously challenging market and have as announced entered into discussions with its creditors regarding a refinancing. 

 

 

In a bondholder meeting on 18 July 2016, Bondholders controlling more than 1/3 of the Bonds in the Company's REM04PRO Bond Issue have rejected the terms of the proposed refinancing.

 

 

In order to protect the interests of all stakeholders, including the interests of the Company's creditors and shareholders, the Board of Directors of the Company will initiate discussions with the various stakeholders of the Company, including its creditors. The outcome of such discussions is uncertain and the Company will provide further updates in due course.

 

 

The extraordinary general meeting, scheduled to be held on 21 July 2016, will be postponed. The Company will revert with detailed information as soon as possible.

 

 

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For more information, please contact:

 

Åge Remøy (Styrets leder), [phone] / [phone]

 

Arild Myrvoll (CEO), [phone] / [phone]

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Bondmeeting

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: REM Offshore ASA via Globenewswire

HUG#2029157