Golden Energy Offshore asks bondholders to waive financial covenant

By Marisa Wong

Morgantown, W.Va., Aug. 31 – Golden Energy Offshore Service AS is requesting a waiver of a financial covenant from holders of its senior secured callable bonds due 2017, according to a notice from bond trustee Nordic Trustee ASA.

Specifically, the issuer is asking bondholders to waive, for the second quarter of 2015 up to but excluding Dec. 31, its requirement to comply with the bond agreement’s provision to obtain market valuation reports semiannually.

The valuations apply to the company’s two platform supply vessels, the Energy Scout and the Energy Swan.

Bondholders will vote on the proposal at a meeting to be held on Sept. 14 in Oslo.

The resolution requires votes from the holders of two-thirds of the bonds represented at the meeting. At least half of the bonds must be represented at the meeting in order to form a quorum.

The company has received commitments to vote in favor of the proposal from the holders of about 41% of the bonds.

The offshore services company is based in Alesund, Norway.

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