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Shipping investor to take stake in ailing Oceanteam

Thu 12 Apr 2018 by David Foxwell

Shipping investor to take stake in ailing Oceanteam
Oceanteam has been in turmoil for several months, most recently leading to the departure of its CEO and several board members

Struggling offshore services company Oceanteam ASA has reached a preliminary agreement with shipping investor Keesjan Cordia to take a substantial shareholding in the company and strengthen its board of directors.

Mr Cordia, who has long been involved in the offshore industry as the former owner and chief executive of Seafox Contractors, has agreed to commit Nkr20M (US$2.6M) in the form of shareholder’s equity. An extraordinary general meeting of shareholders in the company has been summoned for 13 April 2018 to vote on the plan.

Mr Cordia said “Oceanteam is an interesting platform for consolidation in the offshore oil and gas and renewables industry.

“When approached by the board I recognised the immediate need for the company to be steered into calmer waters, both financially and organisationally. I am pleased to offer to invest in this Norwegian/Dutch offshore entity and to provide my support in the restructuring and revitalisation of the company.

“With most bondholders in full support of the restructuring, I trust that the next bondholders’ meeting and the EGM will vote in favour of the solution.”

Oceanteam board member Diederik Legger said Mr Cordia’s commitment would provide “a healthy, long-term perspective for Oceanteam.” He said that, after the capital injection the company will be financially sound, with two large construction support vessels under contract, reliable industrial partners and a stable and promising business in Oceanteam Solutions, which services the offshore renewables industry.

Recent weeks have seen Oceanteam’s chief executive, Haico Halbesma, and several other board members leave the ailing company. The company has also faced issues with its auditors and at one time seemed to face liquidation.

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