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
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