BY MARK ITSIBOR
Sea Trucks Group Limited has clarified the issue of the appointment Chad Griffin of FTI Consulting LLP and Ian Morton of FTI Consulting (BVI) Limited as Joint Provisional Liquidators, (the “Joint Provisional Liquidators”).
Dousing the fears and negative speculations around the development, the company said the temporary appointment is only to the Company, being the group holding company. The company explained that subsidiaries are not affected by the new appointment.
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.
“The underlying operating/asset owning companies (the “Subsidiaries”) are not subject to insolvency proceedings,” the mother company said in a joint statement. Collectively the Company and the Subsidiaries are referred to as the “Group”.
It emphasised that “the provisional liquidation of the Company has no impact on the operations of the Group, the management team remains in control of operations and it is business as usual for the Group.”
Commenting on the development, Chad Griffin, Joint Provisional Liquidator of the Company says “the Provisional Liquidation will provide stability and Court protection, to create a platform to maximise value. We will be working closely with the Group’s directors and management team to understand the affairs of the Company.”
On his part, Executive Chairman of the Group, Tom Ehret confirmed that “the appointment of Provisional Liquidators has no impact on the Group’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 relationships.
“Fundamentally, 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.”
An Eastern Caribbean Supreme Court in the High Court of Justice British Virgin Islands had placed Sea Trucks Group Limited into provisional liquidation, appointing Griffin and Morton consulting firms as heads for the group company in the mean time.