Golden Energy Offshore Services bondholders agree to extend waiver

By Angela McDaniels

Tacoma, Wash., Feb. 27 – Golden Energy Offshore Services AS received a waiver from the holders of its senior secured callable bonds 2014/2017, according to a notice from bond trustee Nordic Trustee ASA.

Bondholders were asked to waive the asset coverage ratio covenant until Dec. 31, 2017 and the company’s obligation to obtain market valuation reports semiannually from Dec. 31, 2016 until Dec. 31, 2017.

Bondholders voted on the proposal at a meeting held at 7 a.m. ET on Feb. 27 in Oslo. There were enough bondholders present to form a quorum, and the resolution obtained 93.83% of the votes.

As reported on Feb. 10, the company owns two platform supply vessels, the Energy Scout and the Energy Swan. The company said the values of the vessels have been declining, reflecting negative developments in the offshore support vessel industry. In the company’s view, it is not possible to estimate a correct fair value of the vessels in today’s market due to the lack of comparable transactions in the market.

The company was previously granted a waiver of the requirement to obtain market valuation reports from the second quarter of 2015 to Sept. 30, 2015 and then from March 2016 until Dec. 30, 2016.

The offshore services company is based in Alesund, Norway.

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