SINGAPORE (Oct 14): Marco Polo Marine, the embattled oil and gas services provider, announced that it has secured approval from the majority of noteholders to restructure its S$50 million 5.75% fixed rates notes.

At the meeting with the noteholders on Friday morning, 97.18% of noteholders representing 88.5% of the principal amount approved the resolution to restructure the debt.

Marco Polo Marine has now been granted an additional three years to redeem and pay for the notes. It has promised to pay an additional 1.5% interest per annum of the notes while maintaining the capital value of the notes. The company has also provided security with a second ranking mortgage over its shipyard in Batam, Indonesia.

“We are cautiously optimistic that the Group’s sound fundamentals will enable it to ride the economic storms raging in the sector,” says Sean Lee, chief executive officer, Marco Polo Marine.

“There are no significant concerns over the Group’s business model, financial fundamentals or long term business viability,” he adds.

Shares of Marco Polo Marine are trading flat at 8 cents.