Offshore contractor Oceanteam has initiated a financial restructuring process in a bid to meet the demands of a “challenging market situation”.
The Norwegian company said it is facing “serious financial restraints” due to its current capital cost and structure, “which is restricting its ability to develop in the interest of its stakeholders”.
Oceanteam said it is facing an immediate cash liquidity problem.
“Consequently the company has initiated dialogue with its banking group and will immediately do the same with its bondholders with the aim of establishing a revised capital structure and cost of capital supporting long-term growth of Oceanteam,” it said.
The company added that it is “reviewing all alternatives available” and will “detail this initiative in near future”.
Oceanteam is mainly involved in oil and gas but also works in the offshore wind sector.
It previously identified an ambition to make the latter some 30% of its business as part of efforts to cushion the impacts of the ongoing oil and gas downturn.
Image: Oceanteam
Oceanteam seeks financial lifeline
‘Cash liquidity' issues prompt restructuring at marine contractor
By EBS