Norwegian offshore vessel operator Sea1 Offshore has completed the vessels for shares swap with Kristian Siem and sealed a refinancing deal. The Christen Sveaas-led company has sold nine OSVs to Siem in exchange for his 35.7% shareholding and assumed $117.5m of existing debt as part of the deal struck in April this year. Sea1 has also, for some time, been in talks with banks regarding a refinancing of the debt that matures in December 2024. In a stock exchange filing Friday, the company said it had secured two new credit facilities, allowing it to repay $69m in debt due this year on seven of its ships. In addition, $20m has been directed towards the repayment of loans with longer maturities, which have also been amended to remove restrictions and undertakings imposed on the company in the 2021 restructuring. Following the sale Sea1, which changed its name from Siem Offshore in May, owns and operates a fleet of 17 vessels. The company also manages 12 units, including the nine vessels taken over by Siem. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsNorway