DeepOcean winds down UK cable lay and trenching business

Norway’s DeepOcean has finalised the restructuring and wind down of its UK cable lay and trenching business, as announced in November last year.

The company says the wind down together with further secured long-term financing has put the company on a sound financial footing with a strong platform for further growth.

Øyvind Mikaelsen, CEO of DeepOcean, commented: “We are pleased that the plan for a solvent wind-down, which was based on a difficult, but necessary decision following a long period of sustained losses for the division, has been approved. The company can now move forward with a sound financial footing, and our strategy and ambition to be the leading, globally recognized, locally differentiated, subsea services provider remains.”

The wind down process saw Havila Shipping terminate the contract for subsea vessel Havila Phoenix, with the companies later reaching a settlement.

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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