Bibby Offshore Holdings has completed the recapitalisation of its balance sheet in a move that now sees noteholders own the company.
Noteholders of Bibby Offshore’s £175m 7.5% senior secured notes approved the restructuring which saw them inject £50m ($69.5m) into the company via a rights offering.
Bibby Offshore says it now has a substantially debt-free balance sheet which will enable it to reach its full potential.
Howard Woodcock, chief executive of Bibby Offshore, commented: “The completion of the recapitalisation will be transformational for Bibby Offshore and is a major milestone for our business. The significant investment from the Group’s new owners and the improved capital structure will provide the financial platform for us to weather current market conditions and to build the Company with the full confidence of our customers, suppliers and employees.
“As the market improves, we will have the strength and flexibility to capitalise on new opportunities. Despite challenging market conditions, we have continued to secure new work and enjoyed the ongoing trust from all our customers, we have maintained service levels and are now ideally placed to do this into the future.”
Bibby Offshore says it is now looking to consolidate and expand its position within the offshore inspection, repairs and maintenance and construction markets.