Rem Offshore ASA restructuring update

 

Reference is made to the stock exchange announcement made on 27 June 2016 and 28 July 2016 by Rem Offshore ASA (the "Company").

 

 

The Company and a majority of its secured lenders have on 28 July 2016 entered into a standstill and deferral agreement. Pursuant to the agreement, the relevant lenders have agreed to a postponement of all amortisations of the Company and its subsidiaries falling due to them in the period from and including 1 July 2016 until 12 September 2016, and a defeasance of all financial covenants during the same period of time. The Company will otherwise continue its operations in their ordinary course, subject to certain restrictions to ensure the interest of its lenders.

 

 

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For more information, please contact:

 

Åge Remøy (Chairman), [phone] / [phone]

 

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

 

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

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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#2032156