Struggling Australian outfit MMA Offshore has hired consultants from Deloitte as it battles a depleted balance sheet, according to The Australian newspaper.
MMA Offshore has been forced to sell numerous assets including up to 19 OSVs and in March it offloaded two supply bases, in Dampier and Broome, to Japan’s Toll Group.
The company reported a A$324m ($248m) loss for the first half of its financial year, and has failed to meet some of its debt obligations.
CFO Peter Raynor resigned two weeks ago while the original founder of the offshore firm no longer has any equity in the company.
MMA Offshore bought out Singapore’s Jaya Holdings in June 2014 for $495m, just as oil prices nosedived.