While Åge Remøys Rem Offshore was raided by Kjell Inge Røkke Aker to be merged into Solstad, brother Stig worked intensely to save his own offshorerederi.
Since the summer Olympic Shipping lived on kreditorenes grace under a so-called “get out, when im-agreement”. It means that the company has released to pay the installment on loans, in anticipation of trying to find a financial solution for the company.
Like so many other offshorerederier also has Olympic Shipping worn heavy with a pressure market in the wake of the oljeprisfallet. E24 wrote last month how Olympic could end in a situation where they would default on its debt before the new year. The company has in fact consumed by cash his in record time since last year. Without a solution or a powerful increase in revenues, it is only a matter of time before the company no longer has money to operate milliardgjelden its longer.
Friday afternoon, it looks, however, seem to brighten for the company, the shareholders and the employees. Management and storaksjonær Stig Remøy has namely come up with a plan. Scheduled for release the same day as “get out, when im-agreement” go out.
- A group of local investors, including the Stig Remøy, though, is willing to invest 500 million in the company in connection with a restructuring. 400 million is fresh money, according to børsmeldingen.
- The existing shareholders will be invited on the restructuring, on equal terms.
According to the børsmeldingen the group consists of local investors, by people who either directly or indirectly have a link to the maritime cluster at Sunnmøre.
– director AND OWNER: Stig Remøy is the ceo of Olympic Shipping, which he also owns 90.1 percent of the shares in the holding company in rederikonsernet.
don’t agree with the creditors yet
Stigs brother, Åge Remøy, has made it clear that he is not satisfied with the control of Rem Offshore will disappear from Sunnmøre and down to Rogalandsbaserte Solstad Offshore.
– I’m happy with the fact that after a comprehensive process has been successful in establishing a local group of investors that have faith in the Olympic and the company’s fleet. It is very positive that the maritime cluster at Sunnmøre once again proves its ability to find local solutions, ” says ceo and storaksjonær Stig Remøy in børsmeldingen.
the Company’s survival and the whole redningsplanen, however, requires that the creditors agree to the proposal.
Olympic-shipowner Stig Remøy took millionutbytte
Then Rem Offshore should be saved, had Kjell Inge Røkke Aker bought up enough bonds to block the redningsplanen from being adopted. That was how they demanded that Rem was merged with Anders. A number of well-known investors, including Kristian Siem, Johan H. Andresen and John Fredriksen, is also on the oppkjøpsjakt in offshorerederiene a day. It has been speculated in whether someone has bought up in the Olympics bond issue, but currently it has not been confirmed that someone has done it.
Chief financial officer at Olympic Shipping, John Arne Winsnes, emphasizes the opposite E24 that it is still not reached an agreement between the company, the banks and the bondholders.
– the Investors are here willing to invest in a restructured Olympic. It is difficult for me to give any more comments other than that we had to educate about these investors, ” says Winses.
He goes on to say that he can’t disclose who investorgruppen consists of.
– Important items remaining
Even if one now has launched a plan and investors are willing to go in with hundreds of new millions in the company, according to the børsmeldingen still “important items” that remain. In børsmeldingen opened it also for the fact that the structure of the group can be changed in a larger restruktureringsprosess.
Olympic Shipping has both the banks and bondholders on kreditorsiden, and to collect these and shareholders ‘ interests together in a compromise.
– No guarantees can be given that such agreements are found within a reasonable time, asserts the company in børsmeldingen.
In the meantime, will Olympic continue to drive on as usual, and they write that liquidity remains stable in anticipation of a solution. Olympic has hired Ernst&Young and Fearnley Securities as advisors in the process.
the Olympic has a fleet of 22 different types of offshoreskip, as well as one vessel under management. At the end of June was five of the company’s vessels in the circulation.
After a solid result in 2014, went fishing vessel sharply in the red in 2015. The company used up 611,5 million of cash on 886,1 million that year. In 2016 have the cashier become even slimmer, and at the end of June, they had 204 million again in kontantkassen.
the Company’s cfo has pointed out to E24 that the fall in cash among other things, that they received two new subsea vessels in 2015.
the Company has a total of nok 4.9 billion in secured loans (with collateral in ships). In addition to the two unsecured bond loans of mnok 300 and 500 million, according to data from the Oslo stock Exchange.
the Problem with Olympic is that both bond loans sets a requirement that the company must have a egenkapitalgrad of at least 30 percent and at least 100 million in free cash on the book.
If the company does not meet these terms, the creditors can claim their money back, and in the worst case turn the company bankrupt. The latter is, however, a step get want to take.
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