OCY – Standstill agreement with Solstad Offshore ASA for the vessels Far Senator and Far Statesman
Ocean Yield ASA (“Ocean Yield”) has together with the secured lenders to certain subsidiaries of Solstad Offshore ASA that previously were part of the Farstad Shipping Group, entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire. To the extent the cash in these subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis. During the standstill period Solstad Offshore ASA intends to implement a financial restructuring of the company. Ocean Yield