Oceanteam ASA is in the process of developing a restructuring plan to tackle ”serious financial restraints” caused by ”its current capital cost and structure, which is restricting its ability to develop in the interest of its stakeholders.”
The current capital cost and structure have caused immediate cash liquidity constraint for various reasons – some of temporary and some of permanent character, Oceanteam said.
The company said it needs financial flexibility to further advance the business while coping with the market circumstances.
Consequently, Oceanteam has initiated dialogue with its banking group and will immediately do the same with its bondholders with the aim of establishing a revised capital structure and cost of capital supporting the long term growth of the company.
The company is currently reviewing all alternatives available given the current market conditions and will detail this initiative in near future.
Oceanteam is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions.
Oceanteam is also the owner of KCI The Engineers, RentOcean, and Oceanteam Cable Solutions.