Financially troubled Danish crew transfer vessel operator World Marine Offshore (WMO) has been declared bankrupt.
According to the State Gazette, a court in Esbjerg took the company under bankruptcy proceedings earlier this week following a petition on January 6.
John Sommer Schmidt of the law firm Gorrissen Federspiel, who is the trustee of the estate, is looking to sell the company and its assets. He told local media that years of losses, major changes in the management, disagreements among the owners and a large claim in the US were among the reasons for the bankruptcy.
UAE-based liftboat operator Gulf Marine Services (GMS) said Friday it had outstanding receivables from WMO of about €4m under a contract to support the construction and development of a major offshore wind farm in France, due to complete in Q1 2023.
“The group is currently investigating the intentions of the trustee of the bankruptcy with regard to the contract and will be taking the various necessary steps to recover the funds outstanding, and protecting its rights as a creditor. It is not yet clear how much of the outstanding €4m GMS will be able to recover, the company said in London filing.
World Marine Offshore established itself in the CTV market back in 2012 and currently has about 10 vessels operating in Europe and four in Taiwan. In 2021, the company formed an offshore wind joint venture with Taiwanese dry bulk shipping operator U-Ming Marine, and in April last year ordered two crew transfer vessels and bareboat chartered a similar pair from Umoe Group, with three of the four vessels fixed to Ørsted.
