DeepOcean Group Holding commences operations as independent companyCompany News // May 23, 2011
DeepOcean Group Holding Group 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.
Pursuant to the out-of-court restructuring, Trico Supply AS (Trico Supply) and Trico Shipping AS (Trico Shipping), and subsidiaries including DeepOcean AS (DeepOcean), and CTC Marine Projects Ltd (CTC), 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.
DeepOcean Group also announced 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.
“We are very pleased to begin operating DeepOcean Group as an independent company,” said Mr Castellano. “Through this successful process, we have been able to reduce DeepOcean Group’s total debt outstanding to approximately US$75 million, giving the company a more appropriate capital structure. Our increased financial flexibility and improved liquidity position will allow the company to take better advantage of improving market conditions and global growth opportunities, and position the company to be a stronger partner to our stakeholders going forward.”
Mr Castellano added: “I intend to work closely with the company’s dedicated employees to continue delivering consistent quality and excellent customer service. I thank all our employees for their hard work and contributions during this process.
"I also wish to thank our customers and vendors for their continued support through a complex restructuring.”