Bergen Group yard sale falls through

Bergen Group yard sale falls through

Oslo: Bergen Group have said today that the sale of the company’s rig-service activity at Hanøytangen has fallen through.

The company had done a deal last month with Semco Maritime for the operational activity at the yard and with Hellik Teigen for the real estate. However, the deal was required to be completed by no later than 30 April 2015, and according to Bergen Group despite “dialogue between the sellers and the buyers during the weekend in an effort to close the transactions” it was not closed in time.

Bergen Group has said that in the interest of the company, it has now terminated the share purchase agreement with Hellik Teigen as well as the agreement with Semco Maritime.

To keep the yard running under Bergen Group’s ownership, the company has announced a fully subscribed bond loan of NOK 250m ($32.9m), which it said will be used to reduce current obligations, including syndicated loans and outstanding accounts payable.

“It is regrettable that we have not been able to conclude with two parties that we have worked with over many years. Nevertheless, Bergen Group has found it necessary to terminate the agreements and then establish an alternative solution that provides a required clarification for the group’s financial situation within the deadlines we deemed decisive for the group”, commented Magnus Stangeland, Bergen Group’s chairman of the board of directors.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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