Business 'Doctors' Honored for Work on Deep Ocean Group

Press Release
Wednesday, September 26, 2012

Business advisory specialists, AlixPartners, honored by TMA for 'International Turnaround of the Year' for their work at DeepOcean Group.

AlixPartners, the global business-advisory firm, has been honored by the Turnaround Management Association for its work, in concert with other advisors, at the company now known as DeepOcean Group Holding AS, previously the Trico Marine Group. The AlixPartners team, led by John Castellano, managing director, was cited for its contributions in the highly successful effort, which is the winner of the TMA's "Turnaround of the Year: International Company" award for 2012.

The Norwegian-registered DeepOcean Group is an integrated provider of subsea, trenching and marine-support vessels and services, including to the oil and gas industry, and has a global presence including in the North Sea, the United Kingdom, Mexico, Brazil, Southeast Asia and Australia. 

To execute the turnaround, the team had to overcome complex and contentious intercreditor negotiations and litigation, against a backdrop of a liquidity crisis brought on by a deteriorating operating environment, an extremely high debt burden ($1.4 billion in total) and rapidly increasing internal costs. 

Results included a consensual debt-for-equity exchange with 99.9% all noteholders tendering their notes for conversion, as well as the creation of a new credit facility with new equity-holders.

"AlixPartners' unique mix of resources for successfully tackling complex international assignments, as well as our expertise in the maritime industry, really shone through in this engagement," said Peter Fitzsimmons, president of the Americas at AlixPartners and co-lead of the firm's Turnaround & Restructuring Services unit. "In accomplishing so much, including the virtually unanimous debt-for-equity exchange, in this contentious cross-border case, our entire team at DeepOcean proved once again that AlixPartners is the firm clients can turn to worldwide to help them solve the thorniest of challenges."


Also recognized by the TMA for their work on the DeepOcean engagement were: John E. Mitchell, Vinson & Elkins LLP;  David Hilty, Houlihan Lokey; David Ying, Evercore; Andrew Rosenberg, Paul, Weiss, Rifkind, Wharton & Garrison LLP; Joel H. Levitin, Cahill Gordon Reindel LLP; Richard Sjøqvist, Bugge, Arentz-Hansen & Rasmussen; and Robert Dehney, Morris, Nichols, Arsht & Tunnell LLP.


Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Port of Vancouver CEO Coleman to Step Down

Todd Coleman, CEO of Port of Vancouver USA, step down from his position May 19, after 15 years with the port.   Coleman, a Professional Engineer, began his career with the port in 2001,

Jensen Debuts New Tractor Tug Design

Crowley Maritime Corp.’s Seattle-based naval architecture and engineering firm, Jensen Maritime, reports it has designed a new tractor tug for Vessel Chartering

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

Finance

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1017 sec (10 req/sec)