Norwegian offshore rig company stops paying its debt

The crisis-stricken Norwegian offshore rig company Fred. Olsen Energy will be stopping interest and amortization payments on its debt. "We experience the communication as being good and constructive," says the firms CEO about negotiations with financiers to Norwegian business daily Dagens Næringsliv.

Photo: Colourbox

Fred. Olsen Energy's share price was promptly affected by the company's announcement Wednesday afternoon that it would halt on interest amortization payments on its debt, writes Norwegian business daily Dagens Næringsliv.

The company's share price fluctuated throughout the day but landed at a 12 percent decline. Like many others actors in the offshore market, Fred. Olsen Energy has struggled for some time. By stopping interest and amortization payments to its financial creditors, the company can continue to pay suppliers and remain operational, the media explains.

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