Embattled OSV builder Nam Cheong has urged noteholders to support the company’s financial restructuring involving approximately $220m of unsecured debts.

Pacific Radiance, owner and operator of OSVs, has commenced discussions with its bank lenders to restructure its debts.

Bureau Veritas (BV) reports that it has issued new rules for the classification of offshore service vessels and tugs, including new class notations for pipelay vessels, accommodation units, offshore construction vessels and OSVs.

Fleet utilisation for Topaz Energy & Marine was 62% in the first six months of 2017, however, levels were much higher for its key Azerbaijan operations.

Offshore vessels builder ASL Marine has warned investors of an anticipated loss for its full financial year ended 30 June 2017 amid severe slump of the global offshore industry.

Offshore services provider Marco Polo Marine has provided close to SGD300m ($220m) in impairments and allowances during its third quarter of financial year 2017 on the back of a protracted downturn in the oil and gas sector.

Embattled Nam Cheong has made asset impairments and writedowns of MYR1.88bn ($444m) during the second quarter, sending the OSV builder into a first half loss of MYR2.07bn.

Singapore’s OSV player Vallianz is continuing to ride on offshore activities coming from the Middle East market as the company looks to deploy more vessels into the region this year amid a globally challenging offshore market.

Singapore-listed Ezion Holdings has suspended the trading of its shares as it revealed that the company is in talks with various stakeholders for a financial restructuring.

Topaz Energy and Marine has clinched a new $100m contract with Emirates National Oil Co upstream unit Dragon Oil in the Caspian.

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