Norshore Atlantic

16. April 2015
Norshore Atlantic
Today, Norshore Atlantic B.V and Norshore Holding AS (the «Norshore Group») announces that the Norshore
Group expects Norshore Atlantic B.V to be in breach of the Minimum Free Liquidity Covenant during the early
part of week 17-2015, and the Norshore Group has informed the Nordic Trustee about this.
The Norshore Group and 1) the largest shareholder of the Norshore Group, 2) shareholder loan lenders and 3)
the financial advisor to the Norshore Group have been working on a corporate restructuring proposal (the
“Restructuring”), with the aim of strengthening the Norshore Group's financial flexibility and ability to operate in
the current poor offshore markets. Various elements are currently being considered, including, in various types
and forms, 1) debt payment holidays, 2) equity injection, 3) bond buyback, 4) shareholder debt conversion 5)
bond conversion and 6) changes to the interest rate. The Restructuring may consist of 1) one, 2) more than one,
3) none of the above of the above elements.
The Norshore Group has made proposals to a group of bondholders (together assumed to be holding above 2/3
of the outstanding principal of the bond with ISIN: NO 001070418.2 issued by Norshore Atlantic B.V.) regarding
a potential restructuring / rescheduling and/or amortisation in respect of the bonds, but the discussions have not
resulted in any agreement or understanding regarding the Restructuring. The Norshore Group is considering the
options available to it at this stage and will continue to engage the various stakeholders. There can be no
assurances that any elements of the Restructuring will be successfully completed, or when the process will be
successfully completed, if at all.
Please refer to the Monthly update from 8. April 2015 for an operational update concerning the Company and
Norshore Atlantic B.V.
DNB Markets act as financial advisor to the Company, and advokatfirmaet Wikborg, Rein & Co act as
Norwegian legal counsel to the Company.
For further information:
Petter H. Tomren, CEO Norshore Holding AS, tel: +47 932 19 215
Arnstein Hernes, CFO Norshore Holding AS, tel: +47 974 06 241
About Norshore:
Norshore is a drilling contractor headquartered in Bergen, Norway. Norshore was established in 2007 and has
developed a riser-less drilling concept using field proven drilling technology. The company’s goal is to support
the global oil and gas market by providing innovative and cost efficient services from its environmental friendly
multi purpose drilling vessels to oil companies around the world.
Please see www.norshore.com for more information about the company.
Norshore Holding AS
Straume Teknologisenter
5353 Straume
Norway
P: +47 55 09 35 00
F: +47 55 09 35 01
VAT: 992 569 247
www.norshore.com