In the wake of disparaging comments carried in the mainstream media Vroon Group has insisted it is on track to conclude agreements with its banks in the coming months. While admitting its OSV division had been “heavily impacted” by the “severe downturn” in the oil and gas markets, the Dutch outfit said its other ship divisions were performing in line with expectations.
“Since late 2016, Vroon has been in discussion with its banking and finance partners to address the financial consequences of this situation. These discussions have progressed in a constructive atmosphere and the Board expects to reach agreements in the course of the summer,” Vroon said in a statement.
Last year Vroon produced a positive cash flow, but made various impairment charges on the book value of vessels that led to negative net results, for the first time in the company’s history.
“Vroon’s balance sheet remains sound. The Board has taken, and will continue to take, measures to support the Company’s financial condition. Vroon expects this, in combination with ongoing revenue enhancement actions and cost-saving programmes, to see the Company through the current market downturn,” the company stressed.