Offshore vessels provider Gulf Marine Services has signed a formal waiver agreement with its banks to provide the company with the rollover of its existing $25m working capital facility and access to bond facilities.
GMS said this will “underpin liquidity and support the growth of its business” until the end of 2019.
The company added that it is continuing its dialogue with its lenders on a long-term solution to its capital structure, which is focused on agreeing by the end of 2019 an amendment and extension to its existing facilities.
These comprise a term loan, the working capital facility and a performance bond facility.
“This will address the group’s future loan repayment profile, as well as continued access to working capital and performance bonds, and its financial covenant tests going forward,” the company said.
GMS executive chairman Tim Summers said: “This agreement is an important step towards providing a long-term sustainable financing structure for the business as we continue to deliver our strategic repositioning plan.”