Bibby Offshore has finalized the recapitalization of its balance sheet announced in December 2017.
The comprehensive agreement on the recapitalization of its balance sheet was approved by a majority of 98.7% of noteholders of the £175 million 7.5% senior secured notes, the company informed.
The recapitalization was finalized on Wednesday, January 17, and is effective immediately.
This will result in the group having a substantially debt-free balance sheet with an equity injection of £50 million to enable it to reach its full potential by consolidating and expanding its position within the offshore inspection, repairs and maintenance and construction markets.
Howard Woodcock, chief executive of Bibby Offshore, said: “The completion of the recapitalisation will be transformational for Bibby Offshore and is a major milestone for our business.
“The significant investment from the Group’s new owners and the improved capital structure will provide the financial platform for us to weather current market conditions and to build the Company with the full confidence of our customers, suppliers and employees.
“As the market improves, we will have the strength and flexibility to capitalize on new opportunities. Despite challenging market conditions, we have continued to secure new work and enjoyed the ongoing trust from all our customers, we have maintained service levels and are now ideally placed to do this into the future.
“I would like to once again thank the noteholders for their support during this process and for their significant financial investment in the group’s future success.”
The group was supported throughout the transaction by Ernst & Young as financial adviser, and Latham & Watkins (London) as legal adviser.