Olympic Ship granted another stand-still extension

Olympic Zeus loading WaveEL device (Photo: Waves4Power)

Norway-based shipowner, Olympic Ship, has been granted an extension to the stand-still agreement in an effort to address the long-term financing solution for the company.

Olympic Ship informed that the secured lenders granted the company an extended stand-still up to and including November 30, 2016, in order to provide further time for Olympic Ship to secure a long term solution for the repayment of the financial debt for the benefit of all stakeholders.

This represents the eighth extension to the original stand-still agreement reached in July 2015.

As part of the stand-still agreement, Olympic Ship will continue to pay interest to the finance providers, and the secured lenders have agreed to postpone all amortization and maturities during the stand-still period, the company said.

However, Olympic Ship gave no guarantees that a solution can be found with the relevant stakeholders in a timely manner, adding that even with the continued support the company might from time to time be in breach of certain of the covenants in its financing agreements.

Through its subsidiary, Olympic Shipping, the company provided vessels for several wave and tidal energy projects, including the multi-purpose vessel Olympic Zeus for Waves4Power’s wave energy demonstrator in Norway.

More recently, Olympic Shipping’s multi-purpose vessel Olympic Ares was used for the installation of MeyGen tidal turbines in the Pentland Firsth, off Scotland.

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