New financing agreement for DBB Jack-Up Services A/S

New financing agreement for DBB Jack-Up Services A/S

DBB Jack-Up Services A/S has, as earlier announced, secured a three-year charter agreement with Siemens Wind Power. J/U WIND SERVER is operating in the spot market until the three-year charter commences in March 2016.

The demand for offshore major component replacements is expected to increase strongly in 2016 and 2017 as many new offshore wind turbine farms come into operations. However the current market for offshore wind jack-ups is subject to short term overcapacity. In order to mitigate the risk of facing a situation of strained liquidity, DBB Jack-Up Services A/S has taken proactive steps to strengthen the financial position of the company.

The Guarantor DBB Jack-Up Services A/S has obtained subordinated loans of DKK 25.0m and increased its overdraft credit facility by DKK 20.0m. Furthermore, in agreement with existing financiers, the company has postponed instalments on loans by another DKK 9.2m.

All in all, management is very pleased with the new agreements which strengthen the company’s short to medium term cash position by a total of DKK 54.2m.

Read more of our latest news

21. november 2023
The interim financial report for Q3 2023 shows a solid result for ZITON, which keeps the EBITDA guidance for 2023...
15. november 2023
After a long sea voyage from Weihai in China via Singapore and the Suez Canal, the semi-submersible vessel FORTE arrived...
7. august 2023
On June 20th ZITON took over the jack-up vessel GUO DIAN TOU 001 (ex. TORBEN, ex. FRIEDERICH ERNESTINE) alongside in...
21. november 2023
The interim financial report for Q3 2023 shows a solid result for ZITON, which keeps the EBITDA guidance for 2023...
15. november 2023
After a long sea voyage from Weihai in China via Singapore and the Suez Canal, the semi-submersible vessel FORTE arrived...