(Alliance News) - Oil field contractor Gulf Marine Services PLC has extended a covenant agreement until the end of February, it said on Thursday.
This is not the first time the covenant waivers have been extended, having in December been pushed to the end of January. The formal covenant waivers were signed in September, securing it some financial relief.
This agreement provided the firm with a rollover of an existing USD25 million facility.
UAE-based Gulf Marine said Friday the new extension will continue the rollover as well as access to bonding facilities until the end of February.
"The group continues in constructive dialogue with its lenders on a long-term solution to its capital structure," said Gulf Marine.
Shares were 1.1% lower on Friday in London at a price of 8.90 pence each.
By George Collard; georgecollard@alliancenews.com
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Gulf Marine Services (GMS)