February 9, 2018 / 9:52 AM / 2 months ago

Rig firm Fred. Olsen Energy talking to lenders over some financial commitments

OSLO, Feb 9 (Reuters) - Rig firm Fred. Olsen Energy said it was in discussions with its creditors about some of its financial commitments as it reported a smaller operating loss in the fourth quarter than expected.

“The company is in discussions with its financial creditors,” Fred. Olsen Energy said in a statement on Friday, adding that it was aiming to find a solution before a deadline of June 30.

Suppliers to the oil industry have taken the brunt of the downturn in the sector as oil companies have slashed spending. An oversupply of rigs has added to the pain by lowering day rates for rig hire.

Seadrill, one of the world’s largest offshore drilling rig operators, filed for bankruptcy in September after a steep drop in crude prices caused drastic cutbacks in investment by oil companies. (Reporting by Ole Petter Skonnord, writing by Gwladys Fouche; Editing by Jon Boyle)

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