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Offshore Group Investment Limited completes restructuring, changes name

Offshore Group Investment Limited (OGIL) has completed its prepackaged Chapter 11 restructuring in the US and will change its name to Vantage Drilling International once the process has been completed.

The company is a subsidiary of Vantage Drilling, which delisted from the New York Stock Exchange in September 2015. The Houston-based company announced a number of deals in December to accommodate creditors, which included pushing OGIL into bankruptcy. Its prepackaged chapter 11 plan was confirmed by the United States Bankruptcy Court for the District of Delaware on January 15.

OGIL says it has eliminated more than $1.5bn of senior secured debt and most of its cash interest, and has received $75m in new exit financing through its Chapter 11 plan.

“Today marks the completion of a restructuring and recapitalization that allows the company to move forward with a solid financial foundation from which we expect to continue to operate successfully and grow,” Paul Bragg, OGIL’s CEO, said in a release.

“We now have the financial flexibility to continue to provide our customers with industry-leading expertise and safe, efficient drilling services, as is our norm.”

Vantage Drilling International, as the firm will soon be known, has constituted a new board of directors and two additional company directors, which Bragg said “will bring fresh perspective to the company”.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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