International offshore service company Telford Offshore has recently expanded its order book by around US $15 million by taking on additional work with existing clients in Nigeria and Mexico.
"This will help ensure high utilization levels of the company’s fleet of DP3 vessels throughout the early part of 2020," the UAE-based global oil and gas firm said in a press release.
"Telford Offshore is adaptable to client requirements and operates in the most challenging environments, delivering safe access to and support of offshore worksites," it said.
Telford Offshore has successfully paid off US $77 million in tranche A senior notes due at the end of 2019 and has issued a new senior note expiring at the end 2021.
The offshore services company has also exchanged US $212 million of tranche B junior notes expiring in February 2024 for a US $214 million perpetual junior payment-in-kind (PIK) note.
As a result of these transactions, Telford enters 2020 with a much leaner balance sheet with significantly reduced leverage. The overall cost of the company’s debt has been reduced, which will improve its liquidity moving forward.
Ivan Coyard, CFO, Telford Offshore, said: “We are very pleased to have restructured our balance sheet in a difficult capital market for the oil and gas service industry. Our increased asset utilization and backlog coupled with this improved balance sheet position provides a more stable platform for growth in the challenging offshore services market. We would like to thank our investors for their continued support.”