Sea Production grace period extended to allow deadline extension vote

By Caroline Salls

Pittsburgh, May 10 - Sea Production Ltd.'s grace period for the completion of specified actions under the loan agreement for its senior secured callable bond issue 2007/2012 will be extended to May 16, according to a notice from bond trustee Norsk Tillitsmann ASA.

The trustee said the company has a deadline under the loan agreement for the granting of new security, and a bondholders' meeting has been called to extend this deadline.

The grace period will be extended to allow the bondholders to make the relevant decisions at their meeting, the notice said.

Sea Production makes floating production storage and offloading (FPSO) units and floating storage and offloading (FSO) units. The company is based in Oslo.

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