EnergyWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

New developer has 11GW offshore wind ready from inception

Profiles from European Energy, Ørsted and Centrica team up to found a new company aiming to develop solar, onshore wind, offshore wind and do power trading. Theres a hole in the market for us right now — in five years it will be closed, says director.

CIP hires Dutch profile

Current CFO at TenneT Otto Jager will join CIP as partner, with a primary focus on flagship funds.

Further reading

Related articles

Latest News

See all jobs