Norway’s Saga Oil says unable to service debt
OSLO, Feb 18 (Reuters) – Norwegian Saga Oil (SAGO.NFF) said on Wednesday the future of its operations was uncertain as it was unable to service its debt.
“There are considerable uncertainties with continued operations,” Saga Oil’s board said in a statement. “This is due to weak earnings, weak liquidity and the fact that the company is unable to service its loan commitments.”
Saga Oil, an unlisted company which has energy assets in Russia, said it owed 165 million Norwegian crowns ($23.5 million) and was in breach of terms on all debt.