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Offshore Support Journal

New owner for Sea Truckís DP3 accommodation and construction units

Tue 13 Feb 2018 by David Foxwell

New owner for Sea Truckís DP3 accommodation and construction units
Sea Trucks has transferred ownership of a number of vessels such as Jascon 25 to another, as yet unnamed, company

Sea Trucks Groupís accommodation and construction vessels Jascon 25, Jascon 28, Jascon 31 and Jascon 34, all DP class 3 vessels, have been transferred to a new owner by bondholder appointed receivers. 

Sea Trucks Group, which is in liquidation, said the company had also transferred shares in associated operating companies in a restructuring which was approved by the groupís 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 the vessels to offshore oil and gas companies worldwide.

Following the restructuring, the liquidators will focus their efforts on pursuing repossession of the remaining Sea Trucks-owned vessels in Nigeria, most of which remain subject to pre-existing 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 sale of the DP3 vessels has reduced the debt owed by Sea Trucks group under its secured bonds by US$215M.

Sea Trucks group remains the owner of 33 vessels, including one DP3 vessel, all of which are currently located in Nigeria. However, the DP3 units which have been transferred represent the majority of the value of the groupís assets. Sea Trucks and its subsidiaries will continue to exist in order to recover their assets, and to that end, will pursue current and prospective legal actions.

Sea Trucks Group and its subsidiaries are involved in various ongoing litigation proceedings in England and Nigeria involving West African Ventures (WAV) Ltd being a Nigerian sister company that until December 2016 effectively served as the Nigerian operating arm of the group. 

 

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