Oceanteam BV goes into bankruptcyNews // October 16, 2009
Oceanteam ASA's wholly owned Dutch subsidiary, Oceanteam BV, has filed for bankruptcy and the company has been declared bankrupt by the District Court of Amsterdam. Oceanteam BV is based in Amsterdam and employes 11 people.
The bankruptcy of Oceanteam BV will not have operational impact on other Oceanteam entities.
As previously announced, Oceanteam BV is also involved in a contractual dispute with VOF Bouwcombinatie Egmond which has been under arbitratration since September 2006 and which is still under arbitration.
Apart from having an adverse affect on the organisation's need to focus on market challenges, the cost of arbitration has been and continues to be significant, and Oceanteam BV is no longer in the position to account for those costs, nor account for the outcome should it be against Oceanteam BV.
Oceanteam ASA has so far supported the funding of Oceanteam BV, but after due and careful consideration of all aspects of the matter, the board of Oceanteam ASA has now concluded that the support should stop in order not to interfere with the restructuring process.
Oceanteam group is continuing its restructuring programme and will focus on the provision of construction support vessels and related services and equipment.
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