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.
