A court in the British Virgin Island has appointed Chad Griffin of FTI Consulting LLP and Ian Morton of FTI Consulting Limited as Joint Provisional Liquidators of Sea Trucks Group Limited.
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 Eastern Caribbean Supreme Court in the High Court of Justice British Virgin Islands placed the company on provisional liquidation on 5 May 2017, a statement said on Monday.
According to the statement, the appointment of the liquidators “is only to the Company, being the group holding company. The underlying operating/asset owning companies (the “Subsidiaries”) are not subject to insolvency proceedings. Collectively the Company and the Subsidiaries are referred to as the “Group”.”
Chad Griffin, Joint Provisional Liquidator of the Company, said that the Provisional Liquidation will provide stability and Court protection, to create a platform to maximise value.
He said, “We will be working closely with the Group’s directors and management team to understand the affairs of the Company.”
Tom Ehret, Executive Chairman of the Group, said that the appointment of Provisional Liquidators has no impact on the Group’s operations.
He said, “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.”