REM Offshore said that it had entered in to a debt standstill and deferment agreement with the majority of it secured lenders. The agreement covers the period 1 July through to 12 September and the lenders have agreed to suspend all amortisations and financial covenants for the period.
The company said all other operations would continue as normal.
Last week REM Offshore agreed to merge with Solstad with shareholder meetings expected to be held on 1 October, with completion of the merger in December.
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