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The Administrators of GO Marine Group Pty Ltd and GO Offshore Pty Ltd are pleased to announce the completion of the administration of the distressed oil and gas marine logistics provider which occurred on Friday, 22 December 2017.
The Australian entities were purchased by an investor group out of Hong Kong who are seeking to capitalise on the highly anticipated recovery of the oil and gas industry.
The investor group were the successful bidders following a global sale process which attracted interest from local and international industry participants and financial investors looking to also gain exposure to the recovery in the marine logistics sector.
After the appointment of Richard Tucker, John Bumbak and Scott Langdon as Voluntary Administrators on 20 October 2017, the GO Marine traded as normal with the support of unions, employees, customers and suppliers. Most importantly, the Go Marine continued to perform outstanding service to its multinational oil and gas customers.
Administrator, Richard Tucker had the following comments:
“We are particularly pleased at the outcome for Go Marine’s 200-plus dedicated staff. As a result of the sale, the employees now have the security of ongoing employment. We were especially mindful of securing this result and the sale in the lead up to December, ensuring all staff went into the festive season with clarity on their employment.”
“Ensuring each of the key stakeholders were pulling in the same direction and aligned to a common outcome was instrumental to achieving this outcome. Go Marine recently celebrated its momentous
10-year anniversary milestone and it is now well positioned for the future.”
GO Marine has benefited from both an operational and capital restructure which was executed through a Deed of Company Arrangement. The operational restructure consisted of a rationalisation of vessel numbers from 21 to 6 with the Group expecting to deliver a new vessel to a key customer in the coming weeks.
As a result of the restructure, GO Marine is now refocused on its core business of manning and crewing vessels and with robust financial position. Approximately 230 employees retained their jobs.
Richard Tucker, John Bumbak and Scott Langdon will remain as trustees of the creditors trust which was established as part of the Deed of Company Arrangement executed with the successful bidder to make distributions to creditors. Distributions are expected to be paid in Q2 of 2018.
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