Norway’s Petromena to hire adviser for bondholders

LONDON, Feb 3 (Reuters) – Norwegian oilfield services group Petromena ASA (PMENA.OL) has agreed to hire a financial adviser to represent its bondholders, the company said on Tuesday.

Amidst a sharp downturn in the rig-building market, Petromena has been in talks with its creditors — owed $590 million — so that it can secure $300 million of additional finance to pay for the completion of its first ultra-deepwater drilling rig, due for delivery later this year.

The additional financing was part of an outline deal agreed in January where bondholders would take charge of marketing the three rigs Petromena currently has under construction.

But Petromena said in a statement that it had failed to reach final agreement on a deal with its bondholders. However, the company did agree to hire a financial adviser to represent the bondholders.

The financial adviser will provide services to the trustee Norsk Tillitsmann on behalf of all the bondholders, Petromena said.

These services include conducting due diligence on Petromena, its subsidiaries and advising the trustee in its negotiations with the company and other stakeholders, the company added.

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