Sea Trucks Group restructure following liquidation

STGL has transferred its accommodation and construction DP3 vessels to an unnamed new owner STGL has transferred its accommodation and construction DP3 vessels to an unnamed new owner

Following its liquidation Sea Trucks Group Limited (STGL) has transferred its accommodation and construction DP3 vessels to an unnamed new owner which services the oil and gas sectors.

The sale of the Jascon 25, Jascon 28, Jascon 31 and Jascon 34 DP3 vessel, which represent the majority of the value of STGL’s assets, has reduced the debt owed by Sea Trucks group under its secured bonds by $215m.

In addition to the vessel sales, the group has also transferred shares in associated operating companies, in a restructuring move approved by the group’s bondholders.

Focused effort

Following the restructuring, the liquidators said they will focus all their efforts on pursuing repossession of the remaining 33 Sea Trucks owned vessels located in Nigeria, most of which remain subject to pre-existing security, which is not affected by the restructuring.

The recovery of these vessels, the liquidators said, will allow it to take the necessary steps to resolve associated disputes, including pursuing recoveries in relation to potential acts of “misfeasance” committed by former directors and officers of Sea Trucks companies.

STGL is involved in various ongoing litigation proceedings in England and Nigeria involving West African Ventures Limited (WAV). One ongoing case includes a disagreement over the co-ownership of several vessels.

WAV has brought separate proceedings, which seek to assert that the STGL is party to an alleged “non-compete” agreement which it argues prevents it from operating in Nigeria and West Africa.

More information

The latest hearing in these proceedings in Nigeria took place on 16 January 2018. The hearing resulted in a postponement of the hearing for both preliminary objections and substantive matters to mid-February 2018.

Full details of the restructuring are provided in the Summons issued by STGL available from Stamdata

By Anne-Marie Causer

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