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.

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