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Petrojack evaluates strategic options
Published 23.11.2009 11:21:51 by John Bradbury
Cash-strapped rig builder Petrojack ASA said it looking at all strategic options for the future of the company after declaring that new fund-raising efforts last month were unsuccessful.Oslo-listed Petrojack's financial situation has become critical as the company is due to repay $55 m in bond loans in April and May next year and says its cash flow will not be sufficient to service these repayments. Also cash-raising initiatives in the market have not been successful, and shareholders have declined to contribute new capital, the company declared today. Accordingly it has “..initiated a process to evaluate its strategic options and restructure its financial liabilities.” And the company adds: “Petrojack is thus in a distressed situation, where a restructuring of its financial liabilities, mainly its three secured bond loans, is necessary for Petrojack to ensure continued operations as a solvent company.” Furthermore the company says it will communicate with all its main financial creditors, and this week will holds talks with its bondholders through their trustee, Norsk Tillitsmann ASA. ![]() Extends Songa Venus' Aussie drilling jobSonga Venus will continue drilling down under after Songa Offshore and Shell development signed an agreement. ![]() Crane company gives a lift to SunriseAberdeen-based EnerMech has helped out Technip offshore Brazil by servicing pedestal cranes on board the Sunrise 2000 pipe-lay ship while it was docked in Rio de Janeiro. ![]() Noreco drills dry wellOperator Det norske oljeselskap has completed drilling of a dry exploration well. [Les mer ] • Exploration ![]() 110 million deal to Rolls RoyceRolls-Royce will supply engines and thrusters for the upgrade of a large crane barge for the American company J. Ray McDermott. ![]() Efficient SongaSonga Offshore reports that the majority of its vessel achieved a high operating efficiency in January. [Les mer ] • Company news ![]() "We can not interfere"Minister for Petroleum and Energy Terje Riis-Johansen is disappointed that Aker Solutions did not get the Goliat deal. [Les mer ] • Gov. & Ass. |
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Publisher: Offshore Media Group, Box 1335 Vika 0112 Oslo Editor in chief: Helge Keilen. Online editor: John Bradbury. Telephone: +47 22 83 83 68 | +47 56 31 40 20 | +47 51 56 42 80 Tips: redaksjonen@offshore.no |
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