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Norseman Offshore files bankruptcy petition against Viking Supply Ships

Norseman Offshore has taken struggling Viking Supply Ships to court in Copenhagen. Norseman is the owner of the vessel Odin Viking which is on a bareboat charter with Sweden’s Viking. A petition for bankruptcy has been made on the basis of $2.5m unpaid hire. Viking said in a release it sees “no basis for the petition and will vigorously defend itself against it”. Viking has been in discussions with its lenders during the past months. On May 2 it entered into an in principle agreement with its lenders. “The dialogue is still not completed, but Viking Supply Ships is confident that a restructuring will be completed within the foreseeable future,” it said in a release on June 1. “The deteriorated market conditions within the global oil and gas market have continued to negatively impact the earnings and financial position of the group. The group’s liquidity position is strained and in the current market, the group is unable to fulfil existing covenant undertakings in its loan agreements,” the company warned. http://splash247.com/norseman-offshore-files-bankruptcy-petition-against-viking-supply-ships/

Viking Supply Ships lays up another

Viking Supply Ships has decided to lay up anchor handling tug supply vessel Odin Viking with immediate effect. The move comes as a “direct consequence of the poor market conditions” according to Viking, and the company will now commence negotiations with employees and unions to assess the crewing situation going forward with “the ambition to minimize lay-offs.” Late September Viking laid up three platform supply vessels, all of which were crewed by an external ship manager.