Extension of Standstill agreement with Solstad Offshore ASA for the vessels Far Senator and Far Statesman
On 20th of December 2018 Ocean Yield ASA (“Ocean Yield”) together with the secured lenders to certain subsidiaries of Solstad Offshore ASA that previously were part of the Farstad Shipping Group (“Subsidiaries”), entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire. Albeit the negotiations for the restructuring of the Solstad Offshore ASA group are progressing, more time is required to find a sustainable solution to the financial situation of the Solstad Offshore ASA group. Ocean Yield has therefore agreed to extend the standstill period