Havila Shipping has avoided bankruptcy at the eleventh hour after bondholders approved restructuring.
The move comes after the company received a notice to accelerate from secured bank lenders earlier this month.
Bondholders had previously rejected measures proposed by the Havila board which had been agreed to by its lenders.
The restructuring means the firm has a reprieve through until 2020.
It will replace NOK3.2billion of debt maturities in the period between 2017 and 2019 with around NOK67million of minimum fixed amortisation.
Earlier this month, the firm said it would lay up two vessels and one anchor handler resulting in 70 job losses.
Also in November, Havila was awarded contract extensions for the PSV Havila Aurora and for the Rapid Response Vessel (RRV) the Havila Troll.