Bibby Offshore Holdings Limited ("Bibby Offshore" or the "Group"), is delighted to announce that it has reached a comprehensive agreement on the recapitalisation of its balance sheet with noteholders who hold 80% of the £175 million 7.5% senior secured notes due 15 June 2021 (the "Notes") issued by its subsidiary Bibby Offshore Services Plc (the "Issuer"). The terms of the recapitalisation (when implemented, see below for details) will result in the Group having a substantially debt-free balance sheet with an equity injection of £50 million to enable it to consolidate and expand its position within the offshore inspection, repairs and maintenance and construction markets. At completion of the transaction, Bibby Line Group Limited ("BLG") will transfer its entire ownership in Bibby Offshore to the Group's noteholders.
