Offshore Services Company

The Situation

  • Integrated offshore construction and diving company that serviced the oil and gas industry and had expertise in offshore marine construction, such as construction of undersea pipelines and other similar structures
  • Company had sustained significant losses in West Africa and Mexico and was facing severe cashflow shortfalls
  • There was continuing default with company‚Äôs secured line of credit
  • Customers were slow to paying company, resulting in cash receipts coming in slower than expected

Role(s)

  • Chief Restructuring Officer

The Work

  • Assisted company in creating an operating model and 13-week cash flow forecast
  • Assisted in negotiations with secured lenders
  • Created communications protocol with key vendors to assist in managing liquidity and completing project milestones which enabled the company to collect its receivables
  • Negotiated sale of the assets of company

The Results

  • Successful sale was completed, saving jobs and company at a time when the marine construction industry was under severe price pressure and in decline
  • Used financial and operational resources within company to make cost-efficient and effective decisions in a short timeline and with significant liquidity constraints

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Overview

  • Energy
  • Interim Management

Engagement Team