Subsea services company DeepOcean has completed the wind-down of its UK Cable Lay & Trenching business.
DeepOcean had in November 2020 said it had started a restructuring process in relation to three UK subsidiaries in its Cable Laying and Trenching business (the “CL&T Group”), "which will enable the CL&T Group to be wound down on a solvent basis."
Øyvind Mikaelsen, CEO of DeepOcean said at the time: "Despite our long-term commitment to the cable lay and trenching division, it has been loss-making for some time. We have invested and explored structural alternatives to turn around the business. However, the division is not sustainable and there is no prospect of it becoming profitable under current market conditions and with current contractual obligations.”
“Unfortunately, we have come to the difficult decision to propose an orderly wind-down of the business is the only viable option. This provides the greatest certainty to affected employees and facilitates protection for creditors. This allows the rest of the Group to move to a secure financial footing and continue to provide jobs and create value for stakeholders," he said at the time.
In a statement on Tuesday, DeepOcean said it has secured continued long-term financing from its lenders and owners, "securing a sound financial footing and strong platform for further growth."
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