INDUSTRY NEWS
AND MORE GOOD NEWS…
DeepOcean Group Holding AS commences operations as independent european company following successful completion of debt for equity exchange
• Out-of-Court Restructuring Process Completed
• Provides $100 Million Facility for Working Capital Borrowing
• Subsidiaries Include DeepOcean, CTC, and Trico Shipping
• John R. Castellano named interim Chief Executive Officer
CTC ONWARDS
Following the out-of-court restructuring, Trico Supply AS and Trico Shipping AS, and subsidiaries including DeepOcean AS, and CTC Marine Projects Ltd, have been separated from Trico Marine and will operate as subsidiaries of DeepOcean Group. DeepOcean Group and its subsidiaries will continue to operate in the normal course.
CTC Marine’s Ultimate Trencher 1 (UT-1) on route to South Korea
AND UPWARDS CTC Marine’s multi-role support vessel Volantis has successfully completed cable replacement work at EMEC (European Marine Energy Centre) off the Orkney Islands in Scotland.
The vessel is now on route to Mokpo South Korea where it will carry out jet trenching operations utilising CTC’s UT-1 ultra trencher on the Jeju to Jindo HVDC power Link project. This follows on from CTC’s earlier award of the installation contract for this project which consists of two 102km bundled HVDC power and fibre optic cables.
CTC’s Maersk Responder will begin cable installation mid June with the Volantis joining shortly after to trench the cables.
HAUGESUND, NORWAY, May 13, 2011 —DeepOcean Group Holding AS, a new Norwegian private limited company, today announced that it has commenced operations as an independent company following the successful completion of an out-of-court restructuring of the former Trico Supply Group of Trico Marine Services, Inc.
DeepOcean Group also announced today that John R. Castellano has been named interim Chief Executive Officer of the Company, effective immediately. Mr. Castellano is a Managing Director of global business-advisory firm AlixPartners, LLP, and has been working with Trico Supply since June 2010. Mr. Castellano will be focused on completing DeepOcean Group’s transition from Trico Marine, and in developing a European corporate headquarters. DeepOcean Group is also well along in its search to identify additional individuals to serve on the Company’s Board of Directors, and expects to announce the first of these appointments in the near future. The current senior management teams of DeepOcean and CTC will remain in place.
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www.windenergynetwork.co.uk
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