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    Calecore in administration - blames Fugro

    Company News // March 26, 2015

    Caelcore Ltd in the UK has been placed in administration.

    In a statement, the company said: "Just weeks after Calecore Ltd reached agreement with its major creditors, Fugro BV petitioned for winding up of Calecore last week after having bluntly denied several creditor restructuring proposals. 

    "Experts are of the opinion that the current filing must be seen as a very aggressive move to limit their only credible integrated site survey competitor, Calecore.

    "Management believe this to be a reflection on their current internal issues including the new Boskalis shareholding and significant loss of market share in EMEA & Asia over the past 18 months and currently depressed market conditions.

    "Calecore Ltd had encountered a difficult position after US and EU sanctions against Russia resulted in later and lesser payments on a large and highly successful project in the Kara Sea for Exxon & Rosneft," said the statement.

    "Value Enhancement Partners BV, 50 per cent shareholder in Calecore, also compounded issues by withdrawing the majority of their loans upon final collection of Russian funds."

    The company's management said Fugro's move was "disappointing and contrary to expectations."

    "Our relationship [with Fugro] has been good, with detailed discussions last year on further co-]operation potential. These discussions encouraged an environment where Calecore subcontracted Fugro on one of our projects to provide additional capacity for Calecore whilst assisting in utilization of Fugro's flagship, Greatship Manisha, through  an idle period in the summer.

    "Whilst the Fugro's actions are not the root cause, they are a very disappointing catalyst to placing Calecore into an otherwise difficult but potentially manageable situation."

    The company's management is currently in discussion with its major stakeholders to develop a scenario which safeguards as much as possible of Calecore's assets and potential.

    This will involve placing the company into administration in the next few days. 

    Calecore said its key  objectives are to retain  employment for personnel, provide the best outcome for its creditors and to continue to offer its clients an alternative to the current limited number of credible suppliers. 

    An outcome to these discussions is anticipated in the next two weeks.

     

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