- Energy services firm Gulf Marine Services has signed an extension to the agreement relating to the covenants to be tested with reference to its 30 June 2019 half year financial results.

The extension will sustain the company's rollover of its existing $25m working capital facility, as well as access to bonding facilities to underpin liquidity and support commercial growth, in each case until the end of January 2020.

The group continues in constructive dialogue with its lenders on a long-term solution to its capital structure.

The focus is to agree an amendment and extension to existing facilities; the term loan, the working capital facility and the performance bond facility.

This will restructure the profile of the group's future loan repayments, as well as provide continued access to working capital and performance bond facilities.

Tim Summers, executive chairman, said: 'This extension to our existing agreement is a necessary procedural step as we move forward in discussions with our lending banks.'

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