Atlantic Offshore has sold most of its operations and subsidiaries to newly established company Aegopodium in a US$2.1 million (NOK 16.9 million) deal, after its own restructuring solution was rejected by stakeholders.
 |
|
The Ocean Sprite, owned by Atlantic Offshore Rescue. Image from Atlantic Offshore. |
“The last few months have been extremely challenging. In the past few weeks we have continued operations under guarantees from secured creditors in the subsidiaries and we are pleased that there is now finally a solution,” Roy Wareberg, Atlantic Offshore CEO said.
The deal will see Atlantic Offshore Rescue and Atlantic Offshore Aberdeen go into administration.
A subsidiary of Aegopodium, Newco, has purchased the shares in Atlantic Offshore Scotland and Atlantic Offshore Crewing Services in entirety. In addition, Newco also purchased the business and majority of the assets of Atlantic Offshore Rescue, including the ship management business. These sales will see the jobs of the 13 head office staff and all the seafarers jobs transfer to the acquirer in Aberdeen, Atlantic Offshore clarified.
Upon completion of the deal, Atlantic Offshore and the Norwegian Group companies consisting of Atlantic Offshore Beta, Atlantic Offshore Delta, and Team Atlantic will file for bankruptcy.
“The weak market will continue to be a challenge for several years, and we need to take further steps to ensure our continued competitiveness. Several contracts are up for extension later this year, and we will work hard to earn the trust of our customers and secure the value of our business,” said Wareberg, who will assume a similar role in the new company.
Atlantic Offshore said that by entering this deal with Aegopodium, the company has achieved a solution that will result in continuation of the industrial operations for the benefit of employees, customers, suppliers, and other relevant parties.
For more than a year, Atlantic Offshore had been pursuing several strategic options. In February, the board presented a restructuring solution, which was ultimately rejected by stakeholders.
Aegopodium is 100% owned by H Ogreid & Sonner.
Subscribe
