Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday. The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding agreement by the end of April, the Oslo-listed firm added in a statement. "We are entering a period where global offshore activity is likely to be reduced with the impact of the COVID-19 virus and drop in the oil price," Chief Executive Lars Peder Solstad said. "A successful implementation of the restructuring will enable the company to better meet the challenges of the current markets and position the company well for the coming years."