Gulmar Offshore completes restructuringCompany News // December 9, 2011
Gulmar Offshore Limited has confirmed that it has reached agreement with its key stakeholders on the last step of its financial restructuring.
Following the successful delivery of the Gulmar flagships Gulmar DaVinci and Gulmar Atlantis, and the recruitment of a management team led by Patrick Chapalain, which has led the dramatic turnaround of Gulmar’s operations, Gulmar says it can now boast one of the more robust balance sheets in the industry with a low level of indebtedness and significant financial resources to fund future expansion.
Mr Chapalain said: “I am pleased that the implementation of this financial restructuring places Gulmar on a sound financial footing and provides us with the platform we require in order to compete in the market place and to serve our customers in the years ahead.
"I am grateful for the support of our lending banks and our key shareholder Oaktree Capital Management, who have demonstrated their ongoing commitment and support for Gulmar.
"The management and employees of Gulmar are now entirely focused on providing services of the highest quality and at the highest standards of safety and professionalism. All our vessels are now working and in particular our two new build vessels, Gulmar Atlantis and Gulmar Da Vinci, have had a very positive client reception.”
Oaktree Capital Management is one of the world’s largest private investment funds, with over US$79 billion of assets under management worldwide. Nicolas Mouté, Senior Vice President at Oaktree, said: “As a strong and supportive shareholder, we are pleased that this transaction allows Gulmar the opportunity to draw a line under the difficulties created by the challenging market environment of 2010-11 and to continue raising the bar in terms of service level and customer satisfaction.
"Gulmar has very successfully renewed its management team and operational capabilities in recent months and is now well positioned to build its reputation as one of the leading niche players in the offshore DSV and subsea engineering sector.”