Sea Trucks Group Limited (in Liquidation) announces that the Sea Trucks Group’s accommodation and construction DP3 vessels (Jascon 25, Jascon 28, Jascon 31 and Jascon 34 (the “DP3 Vessels”)) have been transferred to a new owner, by bondholder appointed receivers.

Sea Trucks Group sells four accommodation and construction DP3 vessels as part of restructuring
Caption: Pipe Layer Jascon 34 - Image courtesy of jlgp

The Sea Trucks Group also transferred shares in associated operating companies, in a restructuring which was approved by the group’s bondholders. From the perspective of the Sea Trucks group, the impact of the restructuring is significant:

• the DP3 Vessels have been sold and are now owned by a new company with a vastly improved balance sheet, which will offer these DP3 Vessels to oil and gas companies worldwide

• following the restructuring the liquidators will focus all their efforts on pursuing repossession of the remaining Sea Trucks owned vessels located in Nigeria, most of which remain subject to preexisting security which is not affected by the restructuring

• the restructuring provides the liquidators with funding and the support of all key stakeholders to take the necessary steps to recover Sea Trucks owned vessels and resolve associated disputes, including pursuing recoveries in relation to potential acts of misfeasance committed by former directors and officers of Sea Trucks companies

• the DP3 Vessel sales have reduced the debt owed by Sea Trucks group under its secured bonds by $215m

Source: Sea Trucks