March 14, 2010
Remedial Offshore assets to be auctioned
Remedial (Cyprus) PCL ("Remedial") has exclusively appointed Clarkson Offshore to manage the sale and auction process for substantially all of the assets owned by Remedial and its subsidiaries. On February 17, 2010, Remedial filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York and the sale of Remedial's assets are subject to the court's approval.
Remedial Offshore was formed in 2006 to satisfy demand for heavy well intervention and workovers in offshore fields. The aim was to create a new type of stable, robust, mobile work platform to support the full range of remedial well services offshore. Remedial claimed its design "leap-frogs" current lift-boat technology by employing a jack-up drilling rig design (not a barge) as the hull for its self-propelled ESV (elevating support vessel) units,
The Remedial assets offered for sale will include: (i) the Remedial ESV Solution at Cosco Shipyards in Qidong, China and due for delivery in April, the Remedial ESV Guardian at Yantai Raffles Shipyard in Yantai, China and due for delivery later in 2010 (collectively, the "ESVs"), (ii) two workover rigs each to be deployed on an ESV once completed, located at Advanced Rig Services yard near Houston, Texas; (iii) equipment and spare parts to be used for the ESVs and other equipment purchased by Remedial in anticipation of constructing additional vessels; and (iv) shares in the operating subsidiary, Remedial Offshore Limited.
Remedial says the ESVs "have been designed to provide the offshore industry with a new, efficient approach to well intervention and construction support in water depths up to 100 meters. When compared to a standard jackup, crane barge or lift-boat, the ESVs have the operating benefits of a jackup, a design optimized for the service/support required offshore, and, a DP1 rated thruster system for self-propulsion and positioning on location."
The assets will be offered for sale as one complete project, although offers for individual equipment package contracts may be considered. Bids for the assets must be received by April 9, 2010, with a hearing for the Bankruptcy Court to consider the highest and best offer scheduled to take place on April 22, 2010. Any sale is subject to the approval of the Bankruptcy Court.