Subsea services player DeepOcean has completed the restructuring and wind down of its UK cable lay and trenching business.
The restructuring process, which started in November last year, involved DeepOcean 1 UK , DeepOcean Subsea Cables and Enshore Subsea .
Deepocean said that through the completion of the wind down and with further secured long-term financing from its lenders and owners, the company is now on a sound financial footing with a strong platform for further growth.
Øyvind Mikaelsen , CEO of DeepOcean welcomed the approval of 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.
“The company can now move forward with a sound financial footing, and our strategy and ambition to be the leading, globally recognised, locally differentiated, subsea services provider remains,” Mikaelsen concluded.