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    Remedial Offshore assets to be auctioned

    News // March 17, 2010

    Marine Log magazine reports that Remedial (Cyprus) PCL has exclusively appointed Clarkson Offshore to manage the sale and auction process for substantially all of the assets owned by Remedial and its subsidiaries.

    On February 17, 2010, Remedial filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York and the sale of Remedial's assets are subject to the court's approval.

    Remedial Offshore was formed in 2006 to satisfy demand for heavy well intervention and workovers in offshore fields. The aim was to create a new type of stable, robust, mobile work platform to support the full range of remedial well services offshore.

    Marine Log said the assets offered for sale will include: (i) the Remedial ESV Solution at Cosco Shipyards in Qidong, China and due for delivery in April, the Remedial ESV Guardian at Yantai Raffles Shipyard in Yantai, China and due for delivery later in 2010; (ii) two workover rigs each to be deployed on an ESV once completed, located at Advanced Rig Services yard near Houston, Texas; (iii) equipment and spare parts to be used for the ESVs and other equipment purchased by Remedial in anticipation of constructing additional vessels; and (iv) shares in the operating subsidiary, Remedial Offshore Limited.

     

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