Royal Wolf Holdings has succumbed to pressure experienced by clients in the resources industry, with Titan Energy Services announcing it had entered into a binding agreement for the restructure of existing hire contracts relating to camp accommodation in Queensland.

This included the cancellation and hand back of a substantial number of hire units, reflecting 50 per cent of the previous monthly billing value. Royal Wolf also said there would be payment deferrals on remaining units and outstanding invoices until September 1, 2015 which were subject to a 10 per cent per annum interest charge.