Norwegian offshore vessel owner Island Offshore has decided to stop amortization payments, citing tough market conditions.The company has said the move is a part of the company’s strategy to address its long-term financing structure with the aim of restructuring its balance sheet.“The Group has, as many others within our industry, during the last two years suffered from the general deterioration in the offshore service market. The Group has taken a number of measures to improve its financial situation but the continued deterioration/lack of improvement to the general market conditions necessitates a more structured approach to the Group’s financial and operational situation,” Island Offshore said.Island Offshore had 28 vessels at the end of the second quarter 2016. At the time, the company had five platform supply vessels in lay-up, with more expected to be stacked through winter months and upon expiry of existing contracts. According to reports, there are some 500 offshore vessels laid up, of which around a hundred in the North Sea alone.Presenting its plan to tackle its financing woes on Tuesday, Island Offshore said that it began discussions with its creditors.“While these discussions are ongoing, the Group has decided with effect from 14 November 2016 to temporarily halt all payments of amortization to its secured finance providers. The Group will, however, continue paying interest on the debt to the finance providers as it falls due. The secured finance providers have been informed of such payment halt,” the company said.It added: “In anticipation of the successful outcome of the discussions with our long-term finance providers, the Group will continue to operate normally in all other respects and on the basis that all trade creditors will continue to be paid in full, and that the negotiations and deferral of amortization described above will not have negative impact on any of the trade or non-finance creditors of the Group.”Offshore Energy Today Staff
Bugle breaks into the New Year with new albumReggae artist Bugle is definitely making a major impact on the New Year by releasing his sophomore album.‘Be Yourself’ a fifteen-track compilation slated for release in early February 2017 is the follow-up to his first and very successful release, ‘Anointed’ which debuted two years earlier. ‘Anointed’ was considered one of the best albums of 2014 and brought him a lot of attention internationally. Other albums out of Jamaica for that year which were considered in the same category was Buju Banton’ ‘Til Shiloh’ and Sizzla’ ‘Da Real Ting’. Earning a spot on MTV Jams with ‘Move Dem’ featuring Julian Marley he collected over a million views online along worth the traction from his extensive tour through Africa, Europe, North America and the Caribbean.“Anointed was a very successful album, but ‘Be Yourself’ I believe is my best work yet, it’s an authentic Reggae album comprising fifteen solid songs (one bonus track) that I’ve put a lot of effort into crafting and definitely shows my growth as an artiste. The album features Tarrus Riley, Sizzla Kolanji, Shaggy, new sensationsRockaz Elements and Shensea. I really believe this project is going to resonate well with the people and therefore I am taking a very strategic approach to the marketing campaign. “‘Be Yourself’ is executively produced by Bugle and will be distributed by Empire, a United States based company who also produced ‘Strictly Roots’, the Grammy Award winning album from Morgan Heritage.