SSC restructure completed

Following the registration, the company’s share capital is NOK 174,134,043.90, divided into 193,482,271 fully paid common shares, each with a par value of NOK 0.90.

The move follows the company’s plan to restructure its financing facility with its main lender DNB Bank ASA and enter into a new £30m revolving credit facility to allow the Company to fulfil its future growth targets. As part of this restructuring, the company received a £5m unsecured loan from its majority shareholder Northern Link Ltd.  The terms of this loan include an interest rate of 200bps above the primary lender's rate and certain repayment restrictions in relation to the company's gearing ratio, as defined within its financing facility with the primary lender. The loan and accrued interest is convertible in whole or part into shares of the company at the closing market price on 19 December 2012 of NOK 2.45 per share.