Cordia Supports Oceanteam Restructuring and Re-Vitalizing

Oceanteam has reached an agreement with Keesjan Cordia to take a substantial shareholding in the company and to strengthen the board of directors.

Keesjan Cordia, former owner and CEO of Seafox, has agreed to commit NOK 20 million in shareholders’ equity, which is to be voted on during an extraordinary general meeting (EGM) on April 13, 2018.

Keesjan Cordia said: “When approached by the board of the company, I recognized the immediate need for the company to be steered into calmer waters, both financially and organizationally. Therefore, I am pleased to offer to invest in this Norwegian/Dutch offshore entity and to provide my support in the restructuring and re-vitalizing of the company. I am confident the banking consortium will be constructive in facilitating the required flexibility, going forward.

“With a majority of the bondholders in full support of the restructuring, I trust that both the bondholders’ meeting and the company’s EGM will vote in favor of this solution to take the company out of the crisis in which it is currently operating.”

Diederik Legger, Oceanteam board member, added: “Mr. Cordia, former owner and CEO of Seafox, is a reputable offshore entrepreneur who we would be honored to welcome in Oceanteam. Still subject to the bondholders’ meeting and approval by the shareholders in the upcoming EGM, Cordia’s commitment to the company will provide a healthy, long term perspective for Oceanteam. After the capital injection the company will be financially sound, with two large JV CSV’s on strong contracts with reliable industrial partners and paired with a stable and promising Solutions business, servicing the offshore renewable industry.”

The company also noted that the board will, inter alia, recommend the transaction with Cordia and his nomination to Oceanteam’s board to the EGM.

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