Problem Solved – Out of a Bond Default Comes Offshore Accommodation IS

Marine Subsea AS defaulted on its high-yield bonds that were used to finance two state-of-the-art well-intervention vessels, which were subject to a forced sale earlier this year. Notwithstanding these problems, the company has historically been successfully involved in the accommodation barge market in West Africa creating an opportunity to restructure Marine Subsea, which was left with three offshore accommodation vessels, African Installer, African Worker and African Lifter and one semi-accommodation rig under construction. The latter was financed with two bond loans, Series I and Series II, where the former has security in the barges and the latter in the rig. The current outstanding debt under Series I and II is $295 million and $80.5 million respectively.

Written by: marinemoney | Categories: Freshly Minted, The Week in Review | December 15th, 2011 | Add a Comment

NYMAR Live from the NYSE.

The new year’s first serious shipping gathering in NY took place under the aegis of the NY Maritime Association at the New York Stock Exchange. It was an animated audience that filled the Stock Exchange’s stately hall, though we noted the Exchange’s head of events was relieved that unlike Marine Money Week in 2008 he did not have to contend with 150 more guests than NY City fire codes allowed.

Peter Shaerf, AMA Capital partner and President of NYMAR welcomed the crowd and Bob Gruendel, Partner at DLA Piper brought us to the point of Gazing into the Future through the Crystal Ball and wisely at that point turned to Peter Georgiopoulos, Chairman of Genmar, Genco and Aegean, Duncan Neiderauer, NYSE, CEO and Harvey Pitt currently CEO of Kalorama Partners, but former Head of the US Securities and Exchange Commission.