Extends Songa Venus' Aussie drilling job
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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.
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