Siem Agree to Extend the Standstill Agreement

Source: www.gulfoilandgas.com 5/18/2020, Location: Europe

Reference is made to the stock exchange announcement of 1 April 2020. The Company has agreed with the secured lenders in Norway and Europe to extend the current standstill agreement until 29 May 2020. The Company and the lenders have, conditional on credit committee approvals, reached principal agreement on the terms of a long-term standstill with an aim to agree a comprehensive plan to take the Company through the prolonged downturn. The discussions with the banks are positive and we expect to execute a final agreement shortly.


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