Restructuring of bond debt issued by Island Offshore Shipholding L.P. (KY) — NOK 700 million

Carnegie acted as joint financial adviser to Island Offshore Shipholding in the restructuring of its NOK 700 million senior unsecured bond issue originally due to mature in April 2019. This included an extension of the debt maturity to October 2018 (NOK 470m) and April 2016 (NOK 230m), a reduction of cash interest payable and an easement of financial covenants. Island Offshore is a privately owned company offering a range of complex services to the offshore industry, operating a modern and versatile fleet of 29 vessels. April, 2016