Go Marine Files for Administration
Australian offshore support vessel owner-operator Go Marine Group Pty Ltd has filed for administration after suffering a $50 million financial collapse, The West Australian reported.
A notice filed with the Australian Securities and Investment Commission showed that Go Marine and its subsidiary Go Offshore Pty Ltd filed for administration on October 20.
The board of Australia's only integrated marine oil and gas logistics provider appointed administrators from KordaMentha last Friday to the company, which is owned by Singapore’s Otto Marine.
Administrator Richard Tucker said it had secured debt and mezzanine finance $50 million (A$65 million). It was unclear at this stage what unsecured creditors were owed.
The administrators are scheduled to hold their first meeting with Go Marine’s creditors on November 1.