The Eastern Caribbean Supreme Court in the High Court of Justice British Virgin Islands has placed Sea Trucks Group Limited into provisional liquidation, and appointed Chad Griffin of FTI Consulting LLP and Ian Morton of FTI Consulting (BVI) Limited as Joint Provisional Liquidators.
Sea Trucks operates in Nigeria as West African Ventures (WAV), which is a subsidiary of the Group.
However, the appointment is only to the company, being the group holding company, as the underlying operating/asset owning companies or subsidiaries are not subject to insolvency proceedings.
Collectively the company and the subsidiaries are referred to as the Group.
According to a statement by the company, the provisional liquidation of the company has no impact on the operations of the Group, as the management team remains in control of operations and it is business as usual for the Group.
Joint Provisional Liquidator of the company, Chad Griffin said the provisional liquidation would provide stability and court protection, to create a platform to maximise value.
â€œWe will be working closely with the Groupâ€™s directors and management team to understand the affairs of the company,â€ Griffin said.
Executive Chairman of the Group, Tom Ehret has also noted that the appointment of Provisional Liquidators â€œhas no impact on the Groupâ€™s operations; the management team remain at the helm and look forward to working with our loyal customers to continue to develop our successful trading relationshipsâ€.
â€œFundamentally, the Sea Trucks Group is and remains a strong and viable business, well positioned in its markets. We are excited about its prospects and will continue to service clients to the expected high standards,â€ Ehret said.
Sea Trucks Group is an international group of companies that provides offshore installation, accommodation and marine support services to the oil and gas industry worldwide, employing a multinational workforce. Sea Trucks operates from five locations around the world offering a wide range of services, from offshore accommodation, pipe laying, offshore construction to SURF and marine support.